기후변화 요인이 우리나라 유통 및 운송산업 주식시장에 미치는 영향 분석

Abstract

Purpose: In this study, we analyzed the impact of climate change on investor decisions in the stock market and KOSPI and KOSDAQ markets. These studies are conducted in the field of behavioral finance and analyze the impact of climate and weather changes on investors' psychological state in the asset market. In other words, we will examine whether this phenomenon appears in the Korean stock market due to the influence of biased characteristics related to investor bias on the asset market. Research design, data, and methodology: As a model for the empirical analysis of this study, we used a random intercept model that takes into account the time covariates among the Longitudinal and multilevel mixed effect models. In other words, in this study, we examined weather factors such as temperature, precipitation, wind speed, and daylight ratio, as well as the impact on PM-10 and Korea's KOSPI and KOSDAQ's profitability and transaction volume, and KOSPI and KOSDAQ markets are divided into industries as a whole and distribution and transportation industries. Conclusions: The KOSPI index for all industries shows a negative relationship in which monthly average precipitation, heat wave occurrence, and particulate matter concentration increase. In the case of the distribution industry, the increase in the average number of heat wave occurrence and particulate matter has a negative impact on the stock index, and the increase in the average number of heat wave occurrence in the transportation equipment and warehousing industry has a negative impact on the stock index and the negative impact on the distribution industry. In the KOSDAQ market, the rise in average temperature is advantageous to the stock index, but the increase in average heat wave occurrence and deviation between precipitation and particulate matter have a negative impact on the stock index.