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  1. Article ; Online: Climate Risk, Stock Crash Risk, and Greenhouse Gas Emission Trading Scheme

    Su-In Kim / Yujin Kim

    SAGE Open, Vol

    Evidence From Korea

    2023  Volume 13

    Abstract: This study examines the relationship between climate risk and stock crash risk and the moderating effect of greenhouse gas emission trading scheme (ETS). Numerous studies have tested stock price crash risk measured by the negative skewness of return ... ...

    Abstract This study examines the relationship between climate risk and stock crash risk and the moderating effect of greenhouse gas emission trading scheme (ETS). Numerous studies have tested stock price crash risk measured by the negative skewness of return distributions in the areas of internal governance mechanism. While interest in environmental performance for sustainable growth of firms has increased, there are no studies on the effect of climate risk on stock crash risk. Thus, we find that climate risk (a firm’s greenhouse gas emissions and energy consumption) increases stock crash risk, and the positive effect of climate risk on stock crash risk is weakened after introduction of the emission trading scheme. This study theoretically extends the literature on the empirical determinants of stock crash risk, and practically provides investors with proven information about whether climate risk is worth considering during investment decisions. Furthermore, at the level of government policy, we can suggest that a monitoring system is needed to mitigate potential information asymmetry problems in firm with high climate risk.
    Keywords History of scholarship and learning. The humanities ; AZ20-999 ; Social Sciences ; H
    Subject code 332
    Language English
    Publishing date 2023-11-01T00:00:00Z
    Publisher SAGE Publishing
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  2. Article ; Online: Environmental Risk and Credit Ratings, and the Moderating Effect of Market Competition

    Yujin Kim / Su-In Kim

    International Journal of Environmental Research and Public Health, Vol 19, Iss 5341, p

    2022  Volume 5341

    Abstract: This study examines the relationship between environmental risk and corporate bond credit ratings, and the moderating effect of market competition. We focus on Korean firms that are facing increasing risk of environmental crisis after the COVID-19 ... ...

    Abstract This study examines the relationship between environmental risk and corporate bond credit ratings, and the moderating effect of market competition. We focus on Korean firms that are facing increasing risk of environmental crisis after the COVID-19 pandemic. Recently, the Korean government has been controlling businesses while promoting policies to transform the economy into a low-energy, low-carbon economy. We find that a firm’s greenhouse gas emission and energy consumption, which are direct indicators of environmental risk, are negatively associated with bond credit ratings. We also report that the negative effect of environmental risk on credit ratings is stronger in firms with low market competition. This study contributes to prior research by improving the understanding of the effect of environmental risk on credit ratings. In particular, it is significant to examine the effect of environmental risk, measured as direct environmental performance not affected by green washing, on credit rating. Therefore, we shed light on environment-oriented management beyond the determinants of credit ratings, which have been discussed in previous studies. We also suggest that policymakers need to manage market competition in terms of environmental justice, given that market competition has a significant moderating effect on the relationship between environmental risk and credit ratings.
    Keywords environmental risk ; credit ratings ; market competition ; HHI (Herfindahl-Hirschman Index) ; Medicine ; R
    Subject code 339
    Language English
    Publishing date 2022-04-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  3. Article ; Online: Startup of Demo-Scale Anaerobic Digestion Plant Treating Food Waste Leachate

    Seung Gu Shin / Su In Kim / Seokhwan Hwang

    International Journal of Environmental Research and Public Health, Vol 19, Iss 6903, p

    Process Instability and Recovery

    2022  Volume 6903

    Abstract: A demo-scale (600 m 3 working volume) anaerobic digester treating food waste leachate was monitored during its startup period. The operation strategy was adjusted twice (i.e., three distinct phases) during the operation to recover the process from ... ...

    Abstract A demo-scale (600 m 3 working volume) anaerobic digester treating food waste leachate was monitored during its startup period. The operation strategy was adjusted twice (i.e., three distinct phases) during the operation to recover the process from instability. During the first phase, the organic loading rate (OLR) > 2.7 kg chemical oxygen demand (COD)/m 3 ∙day corresponded to volatile fatty acid (VFA) accumulation along with a decreasing pH, resulting in the drop in biogas yield to 0.43 ± 0.9 m 3 /kg COD in . During phase 2, fast recovery of this process was aimed at using a sequencing batch operation. One batch cycle (5 to 2 days) consisted of the combined drawing and feeding step (5 h), the reacting step (91 to 17 h), and the settling step (24 h). The duration of the reacting step was determined for each cycle such that (1) the biogas production ceased before the cycle end and (2) the residual VFA concentration was < 1 g/L. In total, 11 cycles were operated with a gradual increase in biogas yield to 0.55 m 3 /kg COD in with the absence of any sign of system disturbance. After phase 2, the digester was fed at the designed OLR of 4.1 ± 0.3 kg COD/m 3 ∙day. The biogas yield was elevated to 0.58 ± 0.2 m 3 /kg COD in during phase 3 with the residual VFA concentration maintained at 2.2 ± 0.6 g/L. Methanogen populations, as determined by real-time PCR, did not change significantly throughout the period. These results imply that the adaptation of this process to the OLR of ca. 4 kg COD/m 3 ∙day was not due to the increase in methanogen population but due to the elevation of its activity. Overall, this study suggests that the sequencing batch operation with adjustable cycle duration can be one successful recovery strategy for biogas plants under system instability.
    Keywords food waste leachate ; anaerobic digestion ; organic loading rate ; sequencing batch reactor ; recovery ; real-time PCR ; Medicine ; R
    Subject code 333
    Language English
    Publishing date 2022-06-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  4. Article ; Online: The Effect of Corporate Governance on Earnings Quality and Market Reaction to Low Quality Earnings

    Hyejeong Shin / Su-In Kim

    Sustainability, Vol 11, Iss 1, p

    Korean Evidence

    2018  Volume 102

    Abstract: This study investigates whether corporate governance mechanisms are associated with earnings quality, especially accurate earnings reporting, and whether investors react differently to inaccurate earnings according to governance strength. Earnings ... ...

    Abstract This study investigates whether corporate governance mechanisms are associated with earnings quality, especially accurate earnings reporting, and whether investors react differently to inaccurate earnings according to governance strength. Earnings accuracy is one of the key factors affecting a firm’s sustainability in the sense that reported earnings provide information about a firm’s long-term sustainability and further are directly associated with a firm’s cost of capital. In this paper, we employ the independence of the board of directors (BOD) and foreign ownership as governance mechanisms associated with the earnings gap between audited and unaudited earnings. Using 1976 non-financial firm-year observations listed on the Korea Stock Exchange from 2013 to 2016, we find that the gap between unaudited earnings and actual earnings is smaller for firms with independent BODs and foreign ownership, suggesting that earnings accuracy is higher for firms with effective corporate governance. This study also examines how investors react to the earnings gap. Stock returns to the earnings gap are less negative for firms with independent BODs and are more negative as foreign ownership increases, implying that each mechanism of corporate governance has different effects.
    Keywords board of directors ; foreign investors ; earnings quality ; market reaction ; Environmental effects of industries and plants ; TD194-195 ; Renewable energy sources ; TJ807-830 ; Environmental sciences ; GE1-350
    Subject code 331
    Language English
    Publishing date 2018-12-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  5. Article ; Online: The Market Sentiment Trend, Investor Inertia, and Post-Earnings Announcement Drift

    Heejeong Shin / Hyejeong Shin / Su-In Kim

    Sustainability, Vol 11, Iss 18, p

    Evidence from Korea’s Stock Market

    2019  Volume 5137

    Abstract: We investigated whether post-earnings announcement drift (PEAD) in the Korean stock market is related to investor inertial behavior under a directional trend in market sentiment. Given that investors tend to procrastinate due to their belief in the ... ...

    Abstract We investigated whether post-earnings announcement drift (PEAD) in the Korean stock market is related to investor inertial behavior under a directional trend in market sentiment. Given that investors tend to procrastinate due to their belief in the persistence of the current market’s condition and thus underreact to earnings information, we examined whether this investor inertia influences the drift in stock price following an earnings announcement. Our findings show that when the market sentiment continues to shift upwardly (downwardly) over the pre- and post-earnings announcement period, positive (negative) drift occurs. Note that these results are robust to control for the effect of market sentiment at a specific point in time. We suggest that investors do not fully respond to new earnings information due to investor inertial behavior under the market sentiment with a consistent trend. Overall, our study sheds light on a determinant of PEAD as one of the market anomalies in terms of investors’ cognitive bias by documenting the relation between PEAD and investor inertia.
    Keywords market sentiment ; investor inertia ; post-earnings announcement drift ; trend of market sentiment ; cognitive bias ; Environmental effects of industries and plants ; TD194-195 ; Renewable energy sources ; TJ807-830 ; Environmental sciences ; GE1-350
    Subject code 332
    Language English
    Publishing date 2019-09-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  6. Article ; Online: Organizational Slack, Corporate Social Responsibility, Sustainability, and Integrated Reporting

    Su-In Kim / Hyejeong Shin / Heejeong Shin / Sorah Park

    Sustainability, Vol 11, Iss 16, p

    Evidence from Korea

    2019  Volume 4445

    Abstract: This paper examines whether organizational slack is associated with firms’ voluntary disclosure of corporate social responsibility (CSR), sustainability, and integrated reporting. This is an empirical research study using archival data based on a sample ... ...

    Abstract This paper examines whether organizational slack is associated with firms’ voluntary disclosure of corporate social responsibility (CSR), sustainability, and integrated reporting. This is an empirical research study using archival data based on a sample of public firms listed on the Korea Exchange from 2005 to 2016. We manually collected CSR reports, sustainability reports, and integrated reports (IRs) that were published during our sample period. We found that human resource slack was highly related to the publication of corporate social responsibility, sustainability, and integrated reports. Firms initiating such disclosure in their industry groups were likely to have slack in permanent employees as well as financial slack. Additionally, integrated reporting, which is a recent improvement in the delivery of financial and non-financial information, was positively associated with an excess number of regular employees. This study provides evidence that slacks in regular employees are related to a greater degree of voluntary disclosure via standalone CSR or sustainability reporting as well as integrated reporting. These findings suggest that slacks or excess human resources play a crucial role in voluntary corporate disclosure.
    Keywords organizational slack ; corporate social responsibility ; sustainability ; integrated reporting ; Environmental effects of industries and plants ; TD194-195 ; Renewable energy sources ; TJ807-830 ; Environmental sciences ; GE1-350
    Subject code 333 ; 690
    Language English
    Publishing date 2019-08-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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