Effects of Non-financial Information Disclosure on Firm Performance and Firm Value (기업 비재무정보(ESG) 공시가 재무성과와 기업가치에 미치는 영향)

Yun Kyung Kim (김윤경)

doi:10.22954/ksrs.2020.29.1.002

Effects of Non-financial Information Disclosure on Firm Performance and Firm Value

Journal of Regulation Studies
2020, 29(1), pp.35-59
DOI : 10.22954/ksrs.2020.29.1.002
Publisher : 한국규제학회
Research Area : Social Science > Public Administration
Received : June 16, 2020
Accepted : June 29, 2020
Published : June 30, 2020

Yun Kyung Kim ¹

¹한국경제연구원

Accredited

ABSTRACT

This study examines the effects of ESG disclosure which provides firms’ non-financial information on firm performance and firm value. By using Korean listed firms during 2011-2017 with Bloomberg ESG Disclosure Score, we find that only disclosure on Governance is negatively associated with return on assets but the effects of total ESG, Environment and Social information are not statistically significant. Furthermore, none of ESG Disclosure has a statistically significant relationship with firm value. Results imply that disclosure of non-financial information does not improve corporate financial performance and the market does not perceive ESG information as important as financial information.

KEYWORDS

Non-financial Information, Disclosure, ESG, Firm performance, Firm Value

Citation status

* References for papers published after 2023 are currently being built.

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Journal of Regulation Studies 2023 KCI Impact Factor : 0.78

Effects of Non-financial Information Disclosure on Firm Performance and Firm Value

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Citation status

* References for papers published after 2023 are currently being built.

Journal of Regulation Studies 2023 KCI Impact Factor : 0.78

Effects of Non-financial Information Disclosure on Firm Performance and Firm Value

ABSTRACT

KEYWORDS

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