경제정책 불확실성이 기업성과에 미치는 영향: ESG 등급의 조절 효과

초록

[Purpose] This study examines the impact of economic policy uncertainty (EPU) on firm performance (ROA) and the moderating effect of ESG ratings, using data from 3,674 listed firms in South Korea (2011－2021) sourced from KIS－Value, the Bank of Korea Economic Statistics System, and TS2000. [Methodology] EPU is categorized into monetary, fiscal, trade, and foreign exchange policy uncertainty, and the robustness of the results is tested using a panel two－stage least squares (2SLS) model with instrumental variables. [Findings] All four types of EPU(MPU, FPU, TPU, FEPU) negatively affect firm performance, while ESG ratings mitigate these adverse effects, demonstrating their moderating role. Instrumental variable tests confirm the reliability and consistency of the findings. [Implications] This study highlights the need for stable and predictable policy environments to reduce the negative impact of EPU and emphasizes the strategic importance of ESG management in enhancing corporate stability and performance under uncertainty.

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