ESG 경영이 기업성과, 경쟁력 및 기업가치에 미치는 장기적 영향

초록

This study investigates the impact of ESG (Environmental, Social, and Governance) management on corporate performance, firm value, and market competitiveness using data from companies listed on the KOSPI and KOSDAQ markets in South Korea between 2009 and 2023, along with ESG ratings provided by the Korea Institute of Corporate Governance and Sustainability (KCGS). To address the issue of endogeneity among key financial variables, the Arellano-Bond Dynamic GMM method was employed. In addition, Panel Ordinal Logit Models were used to analyze the long-term lagged effects of firm-level characteristics, and Panel Instrumental Variables (IV) Regression was applied to examine the bidirectional relationship between ESG adoption and financial performance. First, the results show that prior to ESG adoption, corporate performance (ROA) and competitiveness (Market Share) were negatively affected, while firm value (Tobin’s Q) showed mixed effects—positive in some years but mostly negative. Second, ESG scores had a positive effect on firm value after adoption, while negatively influencing performance and competitiveness. Third, the effect of ESG management adoption tended to turn positive in the year immediately preceding the adoption. Fourth, Tobin’s Q was positively influenced consistently from five years prior to the adoption year, with the magnitude of impact increasing as the adoption year approached. These findings suggest that while firms may experience short-term burdens in terms of performance and competitiveness during the initial phase of ESG management, market value and overall performance tend to improve as ESG practices are fully implemented. This underscores the importance of ESG adoption timing and financial preparedness, and highlights the need for firms to approach ESG management from a long-term strategic perspective. Furthermore, by examining the dynamics of financial indicators surrounding ESG rating changes, this study offers valuable insights for firm-specific strategic ESG implementation.

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