• International Journal of Quality Innovation
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• 제9권2호
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• pp.57-77
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• 2008

The $21^{st}$ century is a new century of environmental protection. Environmental protection is one of the most important subject matters yet to come. Moreover, as the public pays more attention to environmental problems, enterprises should increase their investment in environmental management. Therefore, determining the investment level for environmental management and allocating the investment to associated environmental management activities has become a major task. The principal and agent theory and sales response functions are used for analysis in this research. The allocation of capital investment in environmental management is found to have significant impact on the aggregate sales response, aggregate profit and investment level. Therefore, in preparing the budget for environmental management, enterprises should focus on investment allocation decisions, determine the investment level and allocation method using integrated means, and apply submarket data in the allocation decision-making process. In other words, in setting the investment level, executive management should take managers' willingness into consideration. In allocating capital investment, managers should identify the optimal allocation method based on submarket characteristics.

• 아태비즈니스연구
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• 제12권4호
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• pp.63-86
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• 2021

Purpose - The purpose of this study is to explore the impact of the application of accounting conservatism on the investment efficiency of listed companies in China under the background of the current rising environmental uncertainty. Design/methodology/approach - This study collected 14,934 observations of A-share listed companies in Shanghai and Shenzhen from 2013 to 2020, and analyzed the data by means of moderating effect test and multiple regression analysis. Findings - The results show that environmental uncertainty deteriorates the company's investment efficiency. The higher the level of environmental uncertainty, the more prone to over-investment and under-investment. Accounting conservatism plays moderating role between environmental uncertainty and investment efficiency. Among them, the moderating effect of conditional conservatism is to alleviate under-investment of the company under high financing constraints and the over-investment, while it intensifies the under-investment under low financing constraints. The moderating effect of unconditional conservatism is to alleviate the under-investment. Research implications or Originality - This study finds out the internal mechanism of accounting conservatism affecting investment efficiency, which not only helps to understand about the value of accounting conservatism standards, but also helps to improve the investment efficiency of listed companies.

• 한국중재학회지:중재연구
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• 제24권1호
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• pp.25-44
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• 2014

Conflict between transnational environmental issues and foreign investment in capital-importing states can be commonly found. Actually, several investor-state dispute arbitration cases like Bilcon v. Canada, S.D. Myers v. Canada, and Metalclad v. Mexico concerned environmental matters. States are worried about their measures for securing the environment might be deemed to go against international investment agreements and foreign investors also are anxious because of excessive regulations. Against this backdrop, stakeholders attempt to strike a balance between securing foreign investment and preserving the environment. This article argues that the investment chapter of the Korea-US FTA tries to solve environment-investment collision in investor-state disputes. Before analyzing the provisions of the investment chapter most relevant to environmental issues, this article points out the most typical types of environmental clauses included in international investment agreements. The investment chapter of the Korea-US FTA has provisions which effectively prevent measures from becoming useless when those measures are legitimate measures relevant to environmental matters. This does not mean that the Korea-US FTA completely solves the conflict between environmental issues and the protection of foreign investment, but still it paves the way for a prudent solution which would hash out this thorny problem.

• 상하수도학회지
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• 제23권3호
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• pp.315-320
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• 2009

This study found that introduction of environmental systems and increased environmental investment have a major impact on K company's sustainable development. The analysis indicated that the environmental investment variable has a close relationship with production quantity, sales, and the amount of sludge treatment variables in K company. However, all other variables including the cost of disinfection chemicals, and the expenditure of sludge treatment have no relationship with the environmental investment variable. Additionally, short-term results show that the company's environmental expenditure variable is conversely related with the environmental performance variable.

• 한국콘텐츠학회논문지
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• 제22권8호
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• pp.287-296
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• 2022

본 연구의 목적은 정부 보조금과 R&D 투자가 중국 환경보호 기업의 이윤 증가에 미치는 영향을 검증하는 것이다. 이를 위한 연구 방법은 161개 중국 환경보호 기업을 대상으로 중국 CSMAR 데이터베이스를 활용하여, 805개의 샘플을 채취한 통계자료를 이용해 실증 분석하였다. 분석 결과는 아래와 같다. 첫째, 정부 보조금은 중국 환경보호 기업의 이윤 증가에 긍정적 영향을 미쳤다. 둘째, 정부 보조금은 중국 환경보호 기업의 R&D 투자에 긍정적 영향을 미쳤다. 셋째, R&D 투자가 중국 환경보호 기업의 이윤 증가에 대한 긍정적인 영향을 미쳤다. 넷째, 정부 보조금을 통한 R&D 투자는 중국 환경보호 기업의 이윤 증가에 미치는 영향에 대하여 부분적인 매개효과를 갖고 있다. 본 연구에서는 연구 결과를 바탕으로 중국 환경보호 기업에 대한 정부 보조금이 확대되고, 기업이 R&D 투자에 치중함으로써, 중국 환경보호 기업의 이윤 증가를 촉진시키는 방안을 제시하였다.

• 환경정책연구
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• 제10권2호
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• pp.61-92
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• 2011

제조업을 중심으로 분석한 환경관련투자 효율성의 주요 연구 결과는 다음과 같다. 내부수익률과 편익의 현재가치를 가변비용절감부문, 투자비용절감부문, 임대수입부문으로 분해함으로써 기존 연구의 범위를 확장했다. 그리고 단기총비용과 임대수입의 역할을 탐구하여 편익의 현재가치는 편익의 크기만을 나타내는 반면, 내부수익률은 효율성의 존재여부를 나타냄을 발견했다. 그리고 내부수익률과 시장이자율을 비교하는 투자효율성 방법론으로 환경관련투자와 관련된 투자효율성과 편익을 분석함으로써 사후 비용편익분석을 수행했다. 그 결과 환경투자, 공해방지투자 모두 비효율적인데, 공해방지투자가 환경투자보다 더 비효율적임을 발견했다.

• 자원환경지질
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• 제41권5호
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• pp.475-484
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• 2008

본 연구에서는 국가위험도 및 국가신용등급 현황을 파악하고, 이들 지표와 광물자원개발 투자와의 관계를 분석하여 해외 광물자원개발투자를 위한 지표를 도출하고자 했다. 이를 위해 국가위험도와 광물자원부존국과의 관계를 분석하였고, OECD 국가신용등급을 적용한 자원개발 투자 위험도와의 상관성을 검토하였다. 실제 광물자원 투자사업 시 국가위험도 역할이 중요한 변수로 제공되는 국가는 자원지수는 양호하나 국가위험도가 글은 국가들이다. 따라서 해외광물자원 투자 시 자원지수와 국가위험도와의 관계에 대한 신중한 검토는 사업 투자 여부 선정을 위한 필수요건이다.

• International Journal of Computer Science & Network Security
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• 제21권2호
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• pp.93-102
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• 2021

This paper aims to study the influence of environmental attitudes on the choice of non-professional investors. It highlights the role of environmental performance assurance on investment judgments. This choice is due to the motivation and importance that investors place on the disclosure of environmental information. The main purpose of the research is focused on the empirical approach justified by the use of a questionnaire addressed to 200 non-professional investors. The results show that attitudes towards the environment do not correlate with the importance that gives this category of investors to the environmental information.. Subsequently, the results prove that the disclosure of an environmental assurance report has a positive impact on investment judgments independently of their appreciation of the environmental information concerning that of financial order.

• 자원ㆍ환경경제연구
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• 제12권4호
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• pp.579-609
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• 2003

본 연구는 외국인 직접투자가 환경오염물질 배출에 어떠한 영향을 미칠지 이론적으로 분석하였다. 또한 외국인 직접투자를 외생변수로 처리했을 때 그 증감에 따른 오염배출억제노력의 'J' 곡선이 어떻게 변하는지와 환경오염배출의 뒤집어진 'U' 곡선이 어떻게 변하는지를 제약조건하의 효용 극대화 모델을 사용하였다. 그 결과 이론적으로 외국인 직접투자 효과를 단순화된 최적성장모델에 포함시켰을 때 환경오염물질 배출은 줄어들었고 오염물질 배출억제 노력은 증가된 것으로 나타났다. 이는 외국인 직접투자가 배출억제 노력과 경제성장의 관계를 나타내는 'J' 곡선을 왼쪽 방향으로 기울게 만들며, 경제성장과 환경오염물질의 관계를 나타내는 역 'U' 곡선의 최고점을 낮추는 역할을 하는 것을 보여주고 있다. 즉, 생산을 같은 수준으로 유지했을 때 외국인 직접투자가 존재했을 때의 공해방지 노력이 더 높아지고 공해배출의 최고점이 낮아짐을 보였다.

• 환경영향평가
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• 제11권2호
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• pp.93-107
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• 2002

The choice of big public investment project needs an appropriate feasibility analysis before it is implemented, bemuse a rot wisely chosen one would bring about big and longrun societal costs. But the feasibility analysis for the big public investment project in Korea has been done without linking the economic benefits and environmental damages. Consequently social conflicts arose frequently during and after project implementation, owing to such concerns asincreasing costs and serious ecological damages. The recent social conflict over the Saemangeum Project is a typical case. This reclamation project began in 1991 and finished 60% of the whole process in 1999, when its feasibility was again assessed under the public pressure by the joint assessment team consisting of both citizen's and government's professionals. Even the assessment report by this joint team could not show the convincing results owing to the improper assessment procedure and failure to set proper feasibility criteria. This paper pointed out the limitations of our current procedure of feasibility assessment and identified the concrete problems that atosee during the recent reassessment process of the Saemangeum reclamation project by the joint team. In order to improve the current problem-ridden practices, it is concluded by the policy recommendation for establishing a right feasibility assessment procedure for the public investment projects.