기업집단의 특성을 고려한 ESG 경영이 기업가치에 미치는 영향에 관한 연구 = A Study on the Effect of ESG Performance on Firm Value Considering Business Group Characteristics

다국어 초록 (Multilingual Abstract)

This study examines the structural relationships among financial soundness, ESG performance, and firm value for firms listed on the KOSPI market, with particular attention to the moderating role of chaebol characteristics, a distinctive feature of Korean corporate governance.
The empirical analysis is based on 3,768 firm-year observations from 2012 to 2024. To reduce potential endogeneity concerns, key explanatory variables are lagged by one period (t-1). When constructing interaction terms, orthogonalized residuals are employed to alleviate multicollinearity.
Several findings emerge from the analysis. Chaebol firms exhibit significantly higher ESG levels than non-chaebol firms, a pattern associated with greater resource availability and higher public visibility. Financial soundness, measured by operating cash flow, is positively related to ESG performance regardless of firm type, while no evidence is found that chaebol firms respond more sensitively to financial conditions. This suggests that ESG management has become
a broadly shared managerial requirement rather than a firm-type-specific strategy. However, the relationship between ESG and firm value differs across
firm types. For chaebol firms, ESG performance alone is not associated with higher Tobin’s Q. Only ESG activities supported by strong financial soundness show a positive association with firm value, consistent with a signaling interpretation in which the market assigns credibility to ESG engagement when it is accompanied by substantial resource commitment. Overall, the results highlight financial soundness as a key mechanism supporting the sustainability of ESG management and
suggest that, particularly for chaebol firms, financial capacity plays an important role in determining whether ESG investments are perceived as substantive rather than symbolic.

목차 (Table of Contents)

• 제1장 서론 1
• 1. 연구배경 1
• 2. 연구목적 3
• 제2장 이론적 배경 및 선행연구 5
• 1. ESG 경영과 기업가치 5
• 2. 자원기반관점과 재무적 건전성 6
• 3. 기업집단(재벌)의 특성과 ESG 7
• 4. 선행연구 8
• 제3장 가설설정 및 연구방법 14
• 1. 연구가설 설정 14
• 2. 연구모형 19
• 3. 변수의 정의 21
• 4. 표본 선정 25
• 제4장 분석결과 28
• 1. 기술통계량 28
• 2. 상관관계 분석 30
• 3. 가설검증 및 분석 결과 32
• 3.1 기업집단 특성에 따른 ESG 경영 수준 차이 32
• 3.2 재무적 건전성이 ESG 경영 수준에 미치는 한계효과 분석 33
• 3.3 ESG 경영과 재무적 건전성이 기업가치에 미치는 영향 36
• 제5장 결론 및 시사점 42
• 1. 연구 결과 요약 및 시사점 42
• 2. 연구의 한계 및 향후 연구 방향 44
• 참고문헌 45