기업특성변수의 수준과 변동이 ESG 등급평가에 미치는 영향|RISS 상세보기

다국어 초록 (Multilingual Abstract)

Recently, as more companies adopt ESG management strategies, ESG evaluation agencies are evaluating and disclosing ratings for companies' ESG activities. In addition to the relationship between ESG activities and corporate value and future performance, research is being actively conducted on the financial and non-financial characteristics of companies with high ESG ratings. Most of the preceding studies that have studied the financial characteristics of companies that acquire high ESG ratings have considered only the level of financial factors for a specific year. However, in evaluating an item for an entity, it is fundamental that the figures for a particular year as well as the details of the changes are considered. Considering these points, this study analyzed the level of corporate characteristic variables that affect ESG ratings and how their fluctuations play a role in ESG rating evaluation.
For empirical analysis, ESG ratings of the Korea ESG Standards Institute and corporate financial data provided by the listing association database were extracted for manufacturing industries listed on the KOSPI and KOSDAQ market, and analyzed using a total of 3,696 company-year samples from 2012 to 2021. According to the results, ESG evaluation agencies are considering not only the level of corporate financial characteristic variables for a specific year but also the details of their changes.
By expanding the results of previous studies, these results suggest that in establishing or implementing long-term strategies for ESG management activities companies can send more positive signals to market participants if they continue to carry out ESG activities over the long term rather than actively carrying out ESG activities only in a specific year.

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참고문헌 (Reference)

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