가치창출만을 목표로 하던 과거의 전통적 방식의 경영이 현대에는 기업의 지속적인 성장의 필수요건으로서 기업의 사회적 책임(CSR: Corporate Social Responsibility)을 중요시하고 있다. 사회적 책임 중 하나로 윤리적 책임은 법으로 강제되지는 않으나 도덕적으로 기업이 윤리적 행동을 스스로 행하는 것을 의미하는 것으로, 이에 기업 외부의 윤리적 책임과 내부의 윤리적 책임으로 구분할 수 있다. 본 연구는 기업 외부의 윤리적 책임으로 환경적 책임(ECSR: Environment Corporate Social Responsibility)이 내부의 윤리적 책임인 경영자의 이익조정 간의 관계에서 재무성과의 조절효과를 실증분석하였다.
2011～2016년 동안 온실가스종합정보센터에 온실가스 배출량이 공시된 기업을 대상으로 회귀분석을 수행한 결과, 온실가스 배출량이 재량적 발생액에 정(+)의 영향을 미치는 것으로 확인되었다. 또한 온실가스 배출량과 재량적 발생액 간의 관계에서 ROA가 부(-)의 영향을 미치는 것으로 확인되었다. 이는 온실가스 배출이 많을수록 경영자가 이익조정을 하지만 ROA가 높다면 이익조정을 행하는 것을 완화할 수 있음을 의미한다.
본 연구는 비재무적 정보로서 국내에 아직 많은 선행연구가 이루어지지 않은 온실가스 배출량을 사용하여 이익조정에 대한 분석을 제공하는 것에 의의가 있다.
The traditional management of the past has only aimed at creating value. Today, corporate social responsibility (CSR) is a prerequisite for the continuing growth of corporations. As one of the social responsibilities, ethical responsibility is not enforced by law but means that the company conducts ethical behavior morally on its own. This can be divided into external ethical responsibility and internal ethical respon- sibility. This study examines the relationship between external corporate social responsi- bility (ECSR) and internal corporate ethical responsibility management. This paper empirically analyzes the moderating effects of financial performance on the relation- ship. Regression analysis will be conducted for companies with GHG emissions published in the GHG Information Center during 2011-2016. The results show that GHG emissions have positive (+) impact on discretionary accruals. In addition, ROA is negative moderating effect on the relationship between GHG emissions and discretionary accruals. This means that as the GHG emissions increase, the manager does earnings management. higher ROA eases, the earnings management. This study provides an analysis of earnings management. using GHG emissions that have not yet been widely studied in Korea as nonfinancial information.
The traditional management of the past has only aimed at creating value. Today, corporate social responsibility (CSR) is a prerequisite for the continuing growth of corporations. As one of the social responsibilities, ethical responsibility is not enforced by law but means that the company conducts ethical behavior morally on its own. This can be divided into external ethical responsibility and internal ethical respon- sibility. This study examines the relationship between external corporate social responsi- bility (ECSR) and internal corporate ethical responsibility management. This paper empirically analyzes the moderating effects of financial performance on the relation- ship. Regression analysis will be conducted for companies with GHG emissions published in the GHG Information Center during 2011-2016. The results show that GHG emissions have positive (+) impact on discretionary accruals. In addition, ROA is negative moderating effect on the relationship between GHG emissions and discretionary accruals. This means that as the GHG emissions increase, the manager does earnings management. higher ROA eases, the earnings management. This study provides an analysis of earnings management. using GHG emissions that have not yet been widely studied in Korea as nonfinancial information.
