ESG 리스크와 재무성과 및 기업 가치 간 관계 분석

Abstract

This study investigates the impact of environmental, social, and governance (ESG) risk on corporate financial performance and firm value. In contrast to prior research that has primarily emphasized the positive effects of ESG engagement, this paper focuses on ESG risk scores to highlight the adverse consequences of insufficient risk management. Using a sample of 60 major listed firms in Korea and abroad, data were obtained from Sustainalytics, FNGuide, Bloomberg, and KRX filings. Multiple regression and logistic regression analyses were employed to test the proposed relationships. The empirical findings reveal that higher ESG risk scores are significantly associated with lower financial performance indicators—return on assets (ROA), return on equity (ROE), and operating profit margin—as well as with a decline in firm value measured by Tobin's Q. Among these, the negative association with Tobin's Q was the most pronounced, suggesting that investors perceive firms with elevated ESG risk as having weaker growth potential and financial stability. Moreover, the logistic regression results demonstrate that firms with higher ESG risk are substantially less likely to achieve superior financial performance (ROA ≥ 10%). Overall, this study underscores the critical role of ESG risk management in enhancing both short-term profitability and long-term firm value, while also strengthening investor confidence. By shifting the focus from ESG activities to ESG risk and employing robust econometric approaches, this research offers novel academic contributions and provides actionable insights for sustainable management strategies and policy development.