コーポレートガバナンス群別の温室効果ガス排出に関する研究：韓国海運企業の証拠

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:ガバナンスと環境パフォーマンスの因果的関連を分解・相対ウェイト分析で示す実証手法が参考になる。

🏢実務担当者:取締役会の監督強化とIMO規制対応が排出削減と財務耐性の両立に寄与することを示唆。

🏛政策担当者:海運の脱炭素政策において、企業統治の質を考慮した規制・インセンティブ設計が有効となり得る。

Using a comprehensive sample of publicly listed Korean shipping companies over the period 2013–2025, including the COVID-19 pandemic, this study investigates the determinants of changes in greenhouse gas (GHG) emissions by employing a decomposition model. The empirical results indicate that the COVID-19 pandemic disproportionately deteriorated the performance of firms with weak corporate governance, as reflected in firms with weak corporate governance, as reflected in their financial characteristics such as cash liquidity and return on assets (ROA), etc. Specifically, firms with weaker governance experienced more severe declines in profitability and retained earnings, accompanied by substantial increases in risk exposure and cash flow volatility. Moreover, these firms continued to maintain relatively high levels of GHG emissions even after the COVID-19 pandemic, suggesting the presence of excessive emissions that cannot be fully explained by changes in firm fundamentals. In contrast, shipping companies with stronger corporate governance responded more proactively to changes in the external business environment, particularly the environmental regulations introduced by the International Maritime Organization (IMO), and adjusted their GHG emissions accordingly. To further identify the relative contribution of governance-related factors, this study orthogonalized the explanatory variables and conducted a relative weight analysis. The results reveal that the relative importance of Return on Assets (ROA) was substantially greater among firms with stronger corporate governance, and these firms also achieved significantly greater reductions in GHG emissions. Furthermore, the analysis shows that approximately 81.5% of the variation in GHG emissions can be explained by differences in firm characteristics within the high-governance group. Overall, although the COVID-19 pandemic adversely affected the financial performance of Korean shipping companies, firms with stronger corporate governance achieved superior decarbonization outcomes, including greater reductions in GHG emissions, despite declining financial performance. These findings suggest that sound corporate governance plays a critical role in enhancing environmental performance and promoting proactive decarbonization strategies in the shipping industry.

• semanticscholar https://doi.org/10.17825/klr.2026.36.4.123first seen 2026-09-17 05:23:54 · last seen 2026-09-22 05:10:42