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기업의 소유구조와 ESG공시품질

Ownership Structure and ESG Disclosure Quality

최미화
한국세무회계학회 (Kata(Korean Association Of Tax & Accounting))|2022.12|세무회계연구 (Tax Accounting Research)|제74호|pp. 27-45

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키워드

인과관계causality기업가치ownership structurefirm value기업소유구조ESG disclosure qualityESG 공시품질

초록

[연구목적]본 연구는 ESG 공시 품질에 영향을 미치는 요인으로 기업의 소유구조 측면을 알아보고, 이러한 ESG공시품질의 기업가치 관련성을 검증하고자 한다. [연구방법]기업의 소유구조변수로는 대주주지분율 및 외국인투자자 지분율을 사용하며, ESG 공시품질과 이들 소유구조변수들의 양방향간 관련성을 검증하고자 패널데이터를 이용하여 그랜저 인과관계 검정(Granger causality test)을 한다. 또한 ESG공시품질과 기업가치와의 관련성을 알아보기 위하여 고정효과모형을 이용한 패널데이터분석을 실시한다. [연구결과]기업의 소유구조 특성과 ESG공시품질의 관계는 대주주지분율 및 외국인 투자자 지분율 모두가 ESG 공시 품질에 유의미한 영향을 나타냈으며, ESG공시품질은 기업가치에 긍정적 영향을 나타냄을 확인할 수 있었다. [연구의 시사점]본 연구는 ESG 공시품질에 영향을 미칠 수 있는 기업의 소유구조 특성을 규명하고 이들의 양방향 간의 관련성 분석을 시도하였다. 더불어, ESG공시품질이 기업가치에 긍정적인 영향을 미칠 수 있음을 확인한 시초 연구라는 측면에서 의미가 있다.

Abstract

[Purpose]This study aims to investigate the effect of ownership structure on the quality of ESG disclosure and the effect of ESG disclosure quality on firm value. [Methodology]ESG disclosure quality and ownership structure(Largest shareholder’s equity ratio, Foreign investor’s equity ratio) are tested by Granger causality test using panel data. In addition, a fixed effect model is used to analyze the relationship between ESG disclosure quality and corporate value. [Findings]Corporate ownership structure variables have a significant effect on the quality of ESG disclosure. Also, the quality of ESG disclosure had a positive effect on corporate value. [Implications]This study identified the ownership structure characteristics that can affect the quality of ESG disclosure. This study attempted to analyze the causal relationship between ESG disclosure quality and ownership structure variables. In addition, there is a contribution in terms of being the first study to try that ESG disclosure quality can have a positive effect on firm value.

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