| 해운기업의 ESG 경영이 재무성과와 경영의사결정에 미치는 영향에 관한 연구 |
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김경환, 임상섭 |
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한국해양대학교 항해융합학부 교수 |
| Effects of ESG Management on Financial Performance and Managerial Decision in Shipping Companies |
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Kyunghwan Kim, Sangseop Lim |
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Professor, Division of Navigation Convergence Studies, Korea Maritime and Ocean university, Busan 49112, Korea |
Correspondence:
Kyunghwan Kim, Tel: 051)410-4237,
Email: limsangseop@kmou.ac.kr
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Received: 10 February 2025 • Revised: 20 February 2025 • Accepted: 20 February 2025 |
| Abstract |
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Recently, ESG management for sustainability has become essential across industries. In particular, due to environmental regulations addressing marine pollution and climate crisis along with green logistics expansion, it has become an unavoidable challenge for shipping and logistics companies. However, conflicting opinions exist on whether its non-financial characteristics can significantly impact firm value based on financial performance or managerial decision. This study analyzed ESG management’s impact on these aspects, focusing on shipping and logistics companies using Economic Value Added (EVA) and the Current Asset Composition Ratio (CACR). Results indicated that ESG management of listed companies was not significant for EVA. However, environmental (E) investments reduced liquidity, whereas social (S) aspect had an opposite effect, influencing short-term decisions. For logistics companies, environmental (E) investments positively affected liquidity more than non-logistics firms, while the social (S) aspect negatively impacted EVA. Compared to non-shipping companies, higher investments in the environmental (E) and social (S) sectors reduced EVA for shipping companies. Furthermore, ESG investments in shipping companies did not lead to significant changes in CACR. |
| Key Words:
ESG, shipping companies, financial performance, firm value, managerial decision, panel analysis |
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