ESG 등급과 기업의 재무적 성과
A Casual Relationship between Firms’ ESG Activities and Financial Performances
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초록
E, S, G와 기업의 재무적 성과 사이의 인과관계를 살펴보았다. 분석결과 S와 G의 경우기업의 재무적 성과와 통계적으로 유의미한 양의 상관관계를 나타내었다. 반면, 전년도기업의 재무적 성과가 좋았던 경우 기업의 S와 G 관련 활동은 감소하는 것으로 나타났다. 세부항목별로 살펴보면 S에서는 협력사에 대한 활동이 왕성한 기업의 재무적 성과가 높은것으로 나타났으며, G에서는 감사위원회와 공시의 점수가 높은 기업의 재무적 성과가 높은것으로 나타났다.
Abstract
We analyze the causal relationship between a company's ESG rating and financial performance. We find a statistically significant positive correlation between the company's financial performance and ratings in the S and the G. On the other hand, when the company's financial performance was good in the previous year, the company's rating in the S went down. Looking at the detailed items in the S, companies with active supply chain management showed high financial performance. In the G, companies with high scores in audit committee activity and corporate information disclosure showed strong financial performance.
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