글로벌 기술 기업들의 지속 가능 경영을 위한 노력과 재무 성과에 관한 연구 - ESG 점수와 재무 성과 관계 분석의 관점에서
A study on the sustainable management efforts and financial performance of global technology companies: from the perspective of analyzing the relationship between ESG scores and financial performance
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초록
생성형 AI, 자율주행, 로봇 등 첨단기술이 고도로 발달함에 따라 기술이 사회 및 경제에 미치는 영향이 점점 커지고 있다. 이에 그 핵심적 주체인 기술 기업의 성장과 발전의 중요성이 부각되는 반면, 그들의 지속가능경영 및 사회적 책임에 대한 요구도 증가하고 있다. 이 연구는 기술 기업의 ESG 및 각각의 E, S, G의 점수가 재무적 성과에 어떠한 영향을 미치는지 분석하는 것을 목표로 한다. 이를 위해 세계적으로 가장 많이 사용되는 ESG 데이터 중 하나인 LESL Data & Analytics (이전 Refinitiv 혹은 Thomson Reuters ASSET4) 자료를 활용하여, 2015년부터 2022년까지 기술 산업으로 분류된 59개국의 399개 기술 회사의 ESG 점수 및 재무 데이터를 고정 효과 패널 회귀분석으로 분석하였다. 그 결과, ESG와 ESG 결합 점수(ESG combined score)는 ROA와 Tobin's Q에 모두 유의미하게 부정적인 영향을 미침이 검증되었다. 특히, S는 ROA에 유의미한 부정적 영향을, G는 Tobin's Q 수치에 유의미한 부정적 영향을 끼쳤다. 이는 기술 기업에서의 ESG, S, G를 위한 노력이 부정적인 재무 성과를 초래할 수 있음을 시사한다. 이에 기술 기업은 재무 성과 관리를 위해 ESG, 특히 S와 G를 최적화하거나 효율적으로 관리하며 성장과 지속 가능성에 대한 전략을 수립해야 할 것이다. 또한 AI시대를 맞이하여 정책 입안자는 이러한 기술 기업의 특성과 상황을 고려한 현실적이고 구체적인 기술 정책 및 규율 수립 및 운영이 절실히 요구된다.
Abstract
This study aims to analyze how ESG performance and scores in each of the E (Environmental), S (social), and G (Governance) pillars affect the financial performance of technology companies. Utilizing one of the most widely used ESG data sources worldwide, LESL (previously Refinitiv / Thomson Reuters ASSET4), data from 399 technology companies across fifty-nine countries from 2015 to 2022 were analyzed using fixed effects panel regression. The findings indicate that ESG and ESG Combined scores have a significantly negative impacts on both Return on Assets (ROA) and Tobin's Q. Specifically, the S scores show significant negative impacts on ROAs, and the G scores have significant negative effects on Tobin's Q numbers. This suggests that the efforts of E, S, and G in technology companies might lead to negative economic outcomes in the short term due to the extensive investment and dispersion of resources. Particularly in the era of AI, where data privacy and management are critical, the need for efforts in S and G areas is increasing. These results imply that both companies and governments need to pay more attention and exert more effort in reality, considering the potential negative impacts on economic performance.
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