Title Page
Abstract
Contents
Chapter 1. Introduction 8
1.1. Research background and purpose 8
1.2. Scope of the study 12
1.3. Methodology 15
Chapter 2. Literature Review 17
2.1. Theoretical framework 17
2.2. Relationship between EP and FP 17
1) Previous studies on the relationship between EP and FP 17
2) Previous studies on the relationship between EP and FP during the COVID-19 pandemic 19
3) Previous studies on the effect of EP on FP of industrywide subsectors facing the environmental risk. 19
2.3. Differentiation of research 20
Chapter 3. Hypothesis and Methodology 22
3.1. Hypothesis setting 22
3.2. Multivariate regression model for panel data 23
Chapter 4. Panel Regression Results 27
4.1. Descriptive Statistics 27
4.2. Empirical Results 31
1) Comments on fixed-effects regression 31
2) H₁-1 testing and comments 31
2) H₁-2 testing and comments 37
3) H₁-3 testing and comments 39
Chapter 5. Conclusion 41
5.1. Summary and Implications of Research 41
5.2. Limitations and Future Research Projects 42
References 44
국문초록 47
〈Table 1〉 Panel Data: Number of Sample Firms 13
〈Table 2〉 Subsectors of Manufacturing Industry 13
〈Table 3〉 Descriptive Statistics 28
〈Table 4〉 Correlation Matrix 30
〈Table 5〉 Relationship between EP and FP 32
〈Table 6-1〉 Relationship between EP and ROA 33
〈Table 6-2〉 Relationship between EP and ROA 34
〈Table 7-1〉 Relationship between EP and Tobin's Q 36
〈Table 7-2〉 Relationship between EP and Tobin's Q 36
〈Table 8〉 Relationship between EP and FP of Pre and Post COVID-19 38
〈Table 9〉 Relationship between EP and FP relating to Environmental Risk 39