기업의 이윤효율과 ESG 성과 및 재무지표의 관계
The Relationship between Corporate Profit Efficiency and ESG Performance and Financial Indicators
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초록
본 연구의 목적은 한국의 KOSPI200 기업의 이윤효율을 측정하고 ESG, E, S, G 4개의 성과지수와 재무지표가 기업의 이윤효율에 미치는 영향을 살펴보고자 함이다. 이를 위하여 이윤효율과 그 결정요인을 동시에 추정하는 동시모형과 이를 분리하는 분리모형을 제시한다. 두 모형에서 측정한 이윤효율은 동시모형이 결정요인의 영향으로 분리모형보다 높게 나타났다. 이윤효율의 결정요인에서는 비슷하게 ESG, E, S, G 성과지수, 기업규모, 부채비율, ROA, 배당수익률이 영향을 미치는 것을 확인할 수 있다. ESG의 지수가 높을수록 이윤효율도 높았다. 대기업이 중견ㆍ중소기업보다 이윤효율은 크게 높았다.
Abstract
The purpose of this study is to measure the profit efficiency of KOSPI200 companies in Korea and to examine the impact of ESG, E, S, G four performance indices and financial indicators on the profit efficiency. To this end, we propose a simultaneous model that estimates the profit efficiency and its determinants simultaneously and a separate model that separates them. The profit efficiency measured by the two models showed that the simultaneous model was higher than the separate model due to the influence of the determinants. In the determinants of profit efficiency include factors such as ESG, E, S, G performance indices, company size, debt ratio, ROA, dividend yield were found to affect the decision of profit efficiency. The higher the ESG index, the higher the profit efficiency. Large companies had much higher profit efficiency than small and mediumsized companies.
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