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Jinsoo Kim
Department of Accounting, Jeju National University, 102 Jejudaehak-ro, Jeju-si 63243, Korea

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Journal article
Published: 30 November 2020 in Sustainability
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This study aims to investigate the relationship between company reputation and the implied cost of capital in Korean companies from 2003 to 2016, based on research by Cao et al. (2015). In addition, we would like to examine the effect of tax avoidance. Company reputation increases corporate sustainability and enables sustainable management. In this study, Brandstock Top Index (BSTI), which represents Korea’s top 100 brands, was used as an interest variable representing company reputation. To examine the relationship between company reputation and implied cost of capital, the multiple linear regression analysis was conducted using various measures of implied cost of capital as a dependent variable. As a result of empirical analysis, company reputation and implied cost of capital showed a significant negative relationship. The higher the company’s reputation, the less information asymmetry in the stock market, indicating that the implied cost of capital decreases. A significant negative relationship between company reputation and implied cost of capital was not found in a group that was aggressive in tax avoidance. The contributions of this study are as follows. First, we presented the empirical result that company reputation and implied cost of capital were negatively related in Korea. It showed empirically the importance of company reputation in the Korean stock market. Second, in addition to the relationship between company reputation and implied cost of capital, prior research was expanded considering tax avoidance.

ACS Style

Imhyeon Kim; Jinsoo Kim; Jeongyeon Kang. Company Reputation, Implied Cost of Capital and Tax Avoidance: Evidence from Korea. Sustainability 2020, 12, 9997 .

AMA Style

Imhyeon Kim, Jinsoo Kim, Jeongyeon Kang. Company Reputation, Implied Cost of Capital and Tax Avoidance: Evidence from Korea. Sustainability. 2020; 12 (23):9997.

Chicago/Turabian Style

Imhyeon Kim; Jinsoo Kim; Jeongyeon Kang. 2020. "Company Reputation, Implied Cost of Capital and Tax Avoidance: Evidence from Korea." Sustainability 12, no. 23: 9997.

Hypothesis
Published: 07 May 2018 in Sustainability
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An increasing number of firms around the world are applying corporate sustainability management (CSM) to their business operations, and the research interest on the effect of CSM in terms of the capital market benefit has grown rapidly under the different research settings across various countries. This study investigates whether CSM contributes to increasing firm value and improving the market response to earnings disclosure, using Korean firms as the sample. The test results show that firms with CSM reporting outperform the other firms in terms of Tobin’s Q and the market-adjusted stock returns over a year. Further, investors respond more strongly to the earnings announcement events of the CSM firms than the non-CSM firms, which is more likely to be attributed to the enhanced corporate disclosure practice of the CSM firms than an improvement in earnings quality. Our findings indicate that the shareholders of firms with CSM reporting can enjoy relatively higher market valuations and enhanced information content of earnings disclosures. In conclusion, the results show that the CSM activities in pursuit of a harmonious relationship with the various stakeholders bring different forms of market benefits to shareholders as well.

ACS Style

Joonhyun Kim; Jinsoo Kim. Corporate Sustainability Management and Its Market Benefits. Sustainability 2018, 10, 1455 .

AMA Style

Joonhyun Kim, Jinsoo Kim. Corporate Sustainability Management and Its Market Benefits. Sustainability. 2018; 10 (5):1455.

Chicago/Turabian Style

Joonhyun Kim; Jinsoo Kim. 2018. "Corporate Sustainability Management and Its Market Benefits." Sustainability 10, no. 5: 1455.