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은행의 비재무적 ESG 경영활동이 기업성과에 미치는 영향 : 국내 73개 금융기관 비교

A Research on the Effect of Non-financial ESG Activities on the Firm Performance : Evidence from 73 Domestic Financial Institutions

한재훈|양오석
한국전문경영인학회|2022.10|전문경영인연구 (Journal of CEO and Management Studies)|제25권 제3호|pp. 211-240|DOI 10.37674/CEOMS.25.3.11

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참고문헌

키워드

기업성과ESGFirm Performance은행산업Banking Industry비재무적 속성Non-financial AttributesFinancial Attributes재무적 속성

초록

본 연구는 은행의 ESG 경영활동이 기업성과에 미치는 영향을 고찰하였다. 국내 73개금융기관의 ESG 경영활동에 관한 2016년~2021년 시계열 자료를 사용하여 일반 재무항목으로 구성된 재무속성과, ESG 총점 및 개별 부문별 연간 점수로 구성된 비재무적 속성이 재무성과에 미치는 영향을 실증분석하였다. 실증분석에 사용된 경험적 자료는 한국기업지배구조원에서 연구목적으로 제공한 연간 시계열 자료이며, 금융기관 구성은 금융지주 7개사, 일반은행 11개사, 증권사 20개사, 투자은행 3개사, 캐피탈 10개사, 선물 3개사, 금융투자 5개사, 카드사 6개사, 저축은행 6개사, 공공금융기관 2개사 등이다. 분석 결과발견된 주요 사실은 다음과 같다. 첫째, 재무속성 가운데 순이자마진은 양(+)의 관계를보이며 재무성과를 개선시키고, 비용효율성 역시 재무성과를 개선시키는 관계를 갖는다. 둘째, 비재무속성 가운데 환경(E) 부문은 재무성과를 하락시키는 비용 개념으로 작용하고, 사회(S) 부문은 재무성과를 개선시키는 편익 개념으로 기능한다. 반면 지배구조(G) 부문은 통계적으로 유의한 관계가 나타나지 않으며, ESG 총괄점수 역시 유의한 관계가없는 것으로 나타났다. 이러한 특징은 다른 금융기관 유형에서는 나타나지 않는 은행산업만의 현상인 것으로 나타났다. 이로써 은행에 관한 ESG 법·제도·규제는 일반기업과구별하여 공급망 관리차원에서 관련 대기업과 중소기업의 ESG 리스크를 관리하는 동시에자체적인 ESG 경영을 균형적으로 추진할 수 있도록 개선되어야 한다는 시사점을 얻을수 있다.

Abstract

This study examines the effect of banks' ESG management activities on corporate performance. Using time series data from 2016 to 2021 year on ESG management activities of 73 domestic financial institutions, an empirical analysis was performed for exploring the effect of financial attributes composed of general financial items and non-financial attributes composed of ESG total scores and annual scores for individual sectors on financial performance. The empirical data used in the empirical analysis are annual time series data provided by the Korea Corporate Governance Service for research purposes. The composition of financial institutions is 7 financial holding companies, 11 commercial banks, 20 securities companies, 3 investment banks, and 10 capital companies, 3 futures companies, 5 financial investment companies, 6 credit card companies, 6 savings banks, and 2 public financial institutions. The main findings found as a result of the analysis are as follows. First, among financial attributes, net interest margin shows a positive relationship to improve financial performance, and cost effectiveness also has a relationship to improve financial performance. Second, among non-financial attributes, the environmental (E) sector functions as a cost concept that lowers financial performance, and the social (S) sector functions as a benefit concept that improves financial performance. On the other hand, there was no statistically significant relationship in the governance structure (G) sector, and the overall ESG score was also found to have no significant relationship. This characteristic was found to be a phenomenon unique to the banking industry that does not appear in other types of financial institutions. This suggests that banks' ESG laws, systems, and regulations need to be improved so that they can manage ESG risks of related large companies and SMEs in a supply chain management dimension, while at the same time promoting their own ESG management in a balanced way.

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