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ESG 경영성과, 경영환경 불확실성과 감사보수

ESG Management Performance, Business Environment Uncertainty and Audit Fees

박삼복|이결
한국상업경영학회 (The Korean Academy of Business Management)|2024.08|상업경영연구 (Korean Journal of Business & Management)|제38권 제4호|pp. 255-285|DOI 10.34274/krabe.2024.38.4.011

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ESG 경영성과경영환경 불확실성감사보수ESG Management PerformanceBusiness Environment UncertaintyAudit Fees
주제분류경영학

초록

본 연구는 기업의 ESG 경영성과와 감사보수의 관계를 실증분석하고, 경영환경 불확실성이 ESG 경영성과와 감사보수의 관계에 미치는 영향을 살펴보았다. 기업의 ESG 경영성과가 좋을수록 기업의 위험과 이익조정 할 동기가 감소한다는 선행연구결과에 따라, ESG 경영성과가 좋을수록 감사보수는 감소할 것으로 예측하였으며 경영환경 불확실성에 따라 ESG 경영성과가 감사보수에 미치는 영향은 차별적일 것으로 예측하여 분석하였다. 분석기간은 2012년부터 2021년까지이고, 중국 상장기업을 대상으로 하였다. 본 연구의 실증분석결과는 다음과 같다. 첫째, ESG 경영성과와 감사보수는 음(-)의 방향으로 유의하였다. 이는 기업의 ESG 경영성과가 좋을수록 감사보수는 감소한다는 것을 의미한다. 둘째, ESG 경영성과와 경영환경 불확실성의 상호작용변수는 감사보수와 유의한 음(-)의 관계가 나타났다. 이는 감사인은 감사보수를 정할 때 높은 경영환경 불확실성에 직면한 기업의 ESG 경영성과를 더 많이 고려한다는 것을 의미한다. 본 연구는 감사보수의 결정요소로서 ESG 경영성과에 주목하여 살펴보았다는 데 의의가 있다. 또한, 처음으로 ESG 경영성과와 감사보수의 관계에서 경영환경 불확실성에 따른 효과를 차별적으로 검증했다는 게 선행연구와 차별성을 갖는다. 즉, 경영환경 불확실성이 높은 상황에서는 ESG 경영이 얻는 효익이 더 클 수 있다는 것을 시사한다. 연구결과는 경영환경 불확실성이 일상화된 세계적인 자본시장에서 경영자뿐만 아니라 투자자와 규제기관 등에게도 유용한 시사점을 제공할 것으로 판단된다.

Abstract

This study empirically analyzed the relationship between a company's ESG management performance and audit fees and examined the impact of business environment uncertainty on the relationship between ESG management performance and audit fees. According to previous research results that show that the better a company's ESG management performance, the less motivated the company is to adjust its risks and profits, it was predicted that the better the ESG management performance, the lower the audit fee. Depending on the uncertainty of the business environment, the audit fee will vary depending on the uncertainty of the business environment. The impact was predicted to be discriminatory and analyzed. The analysis period was from 2012 to 2021, and it targeted Chinese listed companies. The empirical analysis results of this study are as follows. First, ESG management performance and audit fees were significant in the negative (-) direction. This means that the better a company's ESG management performance, the lower the audit fee. Second, the interaction variable between ESG management performance and business environment uncertainty showed a significant negative relationship with audit fees. This means that auditors take more into consideration the ESG management performance of companies facing high business environment uncertainty when setting audit fees. This study is significant in that it focuses on ESG management performance as a determining factor in audit fees. In addition, it is different from previous studies in that it is the first to differentially verify the effect of business environment uncertainty in the relationship between ESG management performance and audit fees. In other words, this suggests that the benefits of ESG management can be greater in situations where business environment uncertainty is high. The research results are expected to provide useful implications not only to managers, but also to investors and regulators in the global capital market, where business environment uncertainty is commonplace.

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