보험회사의 ESG경영과 사업효율성 간 관계에 관한 연구
A Study on the Association between Corporate ESG Policy and Business Efficiency of Insurance Companies
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본 연구는 국내 보험사의 사업효율성을 분석하고 ESG 경영활동 평가 결과와 사업효율성 간 관계성을 살펴보았다. 최근 10년간(2012~2021년) 국내 보험사의 재무 정보와 ESG 경영활동 평가점수를 기반으로 자료포락분석(Data Envelopment Analy-sis) 및 국소 회귀(local regression) 방법을 통해 평가한 결과, ESG 총점 기준으로 평가점수가 높은 보험사의 효율성 수치가 상대적으로 낮게 형성되는 경향을 관찰하였다. 기술 및 규모효율성 결과 모두에서 이러한 경향이 관찰되며, 이는 ESG 경영활동이 보험사의 사업효율성 측면에서 지난 10년간 긍정적인 효과를 내고 있지 않다는 실증적 평가가 가능하다. 본 결과를 통해 보험사 ESG 경영활동이 사업효율성 측면에서 단기적으로는 보험사업의 비효율성이 증가하는 방향으로 결과가 나타날 수 있음을 추론할 수 있다. 이는 보험회사에서 ESG 경영 전략을 위한 조직의 구성 및 관리에 수반되는 비용의 지출 등으로 인해 단기적으로 사업효율성이 악화할 수 있다는 점을 시사한다. 본 연구는 기존 연구에서 확인하지 않았던 보험사의 ESG 경영활동과 사업효율성 간 관계성을 살펴보았다는 측면에서 기존 연구에 기여할 수 있다.
Abstract
We examine the association between business efficiency of Korean insurers and their ESG policies that are of interest for quality evaluation of how their ESG efforts are effective. Using the data envelopment analysis (DEA) and local regression with insurer-specific financial information and the largest ESG score data of the Korean market for the period between 2012 and 2021, we find that relatively higher scored insurers in terms of ESG total score tend to have relatively lower efficiency. This tendency is commonly identified in both technical and size efficiency indices. It implies that insurers’ ESG policies may not result in effectiveness, shown by the empirical data of the recent decade in Korean insurance companies. Our results further suggest that insurers’ ESG policies may lead to an increase in business inefficiency in the short-term. That is, the costs by implementing ESG business strategy could worsen business efficiency. This study can contribute to the literature by providing evidence of an anecdotal relationship between business efficiency and corporate ESG policies.
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