국민연금 기금 책임투자와 외부 ESG 평가와의 관계에 관한 연구

Abstract

ESG evaluation information is important in making investment decisions by shareholders and stakeholders in a situation where the evaluation system and evaluation results of ESG evaluation institutions, including the National Pension Fund, have not been established. This study empirically analyzed the relation between assets considering responsible investment by the National Pension Fund, a representative public pension fund, and the ESG evaluation results of the Korea Corporate Governance Institute, an external ESG evaluation agency. All stocks required to be disclosed in public by the NPF for 4 years from 2016 to 2019, in accordance with both the Financial Investment Services and Capital Markets Act requiring disclosure of stocks with a stake of 5% or more and the NPF’s internal regulation, Guideline for National Pension Fund Management, providing that invested securities considering responsible investment factors should be disclosed, are subject to the study and the results are as in the following. Firstly, in the ESG evaluations by the KCGS, the stocks subject to public disclosure for 4 consecutive years from 2016 to 2019 by the NPF according to both the Act and the NPF’s regulation are significant with ESG evaluations results by the KCGS. Secondly, among the stocks required to be made public by the NPF for 4 successive years in the same regard, the stocks of which the NPF had increased its stake sequentially over the same period are significant with ESG evaluations by the KCGS than those of which it had not. This study analyzes individual stocks invested by the NPF in consideration of responsible investing factors and empirically verifies that the NPF's perspectives on responsible investment are statistically significant with the ESG evaluation results of the KCGS. It provides empirical implications for subsequent research on the establishment of a standardized ESG evaluation system and a consistant ESG evaluation method.