RE100 이니셔티브 참여에 영향을 미치는 요인: 한국 기업을 중심으로

This study examines the determinants of corporate participation in the Renewable Energy 100 (RE100) initiative among South Korean companies using a random effects panel probit model. By analyzing panel data from 2020 to 2022, this study integrates global and domestic RE100 member companies, Carbon Disclosure Project disclosures, and corporate financial data to identify key drivers influencing participation. The dependent variable is RE100 membership status, while independent variables include sales revenue, energy consumption, classification as an energy-intensive industry, K-RE100 member companies, return on equity, and environmental, social, and governance report publication. The findings indicate that a 1% increase in sales revenue raises the likelihood of RE100 participation by 2.54%, underscoring financial capacity as a significant enabler. Additionally, a 1% rise in energy consumption increases participation likelihood by 2.61%, suggesting that energy-intensive companies strategically adopt RE100 to enhance sustainability and regulatory compliance. Marginal effects analysis demonstrates the substantive significance of these variables, complemented by a log-linear probit model to address variable distribution characteristics. Both service and manufacturing sectors show positive associations with RE100 participation, possibly reflecting differences in sector-specific cost structures and market exposure. Furthermore, the temporal trend shows a steady increase in participation, emphasizing the growing influence of policy incentives and stakeholder expectations. This study contributes to the literature by providing empirical evidence for policy formulation to enhance corporate RE100 participation and offers strategic implications for corporate sustainability and renewable energy adoption.