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ESG 위원회와 재무분석가 이익예측정확성 ：이사회 독립성과 경영자 연령을 고려하여

ESG Committee, Analyst Forecast Accuracy, and Governance Characteristics

최준혁|김새로나
한국세무회계학회 (Kata(Korean Association Of Tax & Accounting))|2023.12|세무회계연구 (Tax Accounting Research)|제78호|pp. 119-153

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참고문헌

키워드

이사회 독립성ESG 위원회board independenceESG committee재무분석가 이익예측정확성경영자 연령financial analyst forecast accuracymanagerial age

초록

[연구목적] 최근 ESG 경영의 본격화와 더불어 다수 기업들이 지배구조 차원에서 ESG 경영을 반영하기 시작했고, 그 결과는 ESG를 관장하는 이사회 내 하위 위원회 설치로 이어지고 있다. 본 연구는 한국 기업들의 기존 ESG 데이터를 바탕으로, ESG 위원회로 확인되는기업의 ESG 경영 및 지배구조가 정보이용자들의 정보환경에 어떤 영향을 미치는지를 재무분석가의 이익예측정확성에 대한 영향을 통해 확인해 본 연구이다. [연구방법] 2016년부터 2020년까지 코스피와 코스닥에 상장된 12월 결산 기업(금융업 제외)의 사업보고서 공시자료를 이용하여, ESG 위원회의 존재가 재무분석가 이익예측정확성에 미치는 관계가 지배구조(이사회의 독립성 및 경영자 연령)의 영향 하에서 어떻게 달라지는지에 대한 회귀분석을 실시하였다. [연구결과] 실증 결과는 다음과 같다. ESG 위원회가 재무분석가 이익예측정확성에 미치는영향은 이사회 독립성이 높은 집단에서는 긍정적으로, 이사회 독립성이 낮은 집단에서는 부정적으로 나타났다. 이는 순효과를 기대할 수 있는 ESG 경영은 경영자의 독단을 잘 견제할수 있는 좋은 지배구조의 뒷받침 하에서만 가능해진다는 것을 보여준다. 또한, 경영자 연령을 고려했을 때에는 경영자 연령이 높은 집단에서만 이 양(＋)의 순효과가 나타나, 안정지향적인 성향과 같은 경영자의 인구통계학적 특성도 ESG 경영에 영향을 주는 지배구조 요인일수 있음을 알 수 있었다. [연구의 시사점] 본 연구는 국내외에 ESG 위원회의 효과에 대한 연구가 ESG 성과와 ESG 공시에 대한 효과를 제외하면 많지 않은 상황에서 재무분석가에 대한 영향을 살폈고, 특히지배구조를 동시에 고려하여 좋은 지배구조의 중요성을 확인했다는 면에서 선행연구에 대한 기여도를 가진다. ESG 경영이 순효과를 가진다는 측면과 ESG 경영을 뒷받침하는 지배구조의 중요성 측면을 함께 확인했다는 점은 경영자와 규제 당국 모두에게 정책적 시사점을 제공하리라 보여진다.

Abstract

[Purpose] Recently companies have begun to reflect ESG management in their governance structure, which has led to the establishment of subcommittees within the board of directors to oversee ESG. Based on the existing ESG data of Korean companies, this study examines how the ESG management and governance of companies represented by ESG committees and Board/CEO characteristics affect users’ information environment through the accuracy of financial analysts’ earnings forecasts. [Methodology] OLS Regression tests were conducted using annual report disclosures of companies listed on KOSPI and KOSDAQ from 2016 to 2020. [Findings] We found that the impact of ESG committees on financial analysts’ earnings forecast accuracy is positive when board independence is high and negative when board independence is low. This result implies that effective ESG management is only possible under good overall corporate governance. In addition, when considering the age of managers, the net effect is positive only in the group with older managers, suggesting that the demographic characteristics of managers may also be a governance factor that affects ESG management. [Implications] This study contributes to the literature by examining the effect of ESG committees on financial analysts in a situation where there are not many studies on the effect of ESG committees, except for the effects on ESG performance and ESG disclosure. Moreover, this study contributes to the literature by confirming the importance of the combined effect of corporate governance. This study provides policy implications for managers and regulators regarding the net effect of ESG management and the importance of general corporate governance in supporting ESG management.

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