The impact of ESG performance on corporate cost stickiness = ESG 성과가 기업의 원가 경직성에 미치는 영향

국문 초록 (Abstract)

지속 가능한 발전에 대한 전 세계적 관심이 높아지는 가운데, ESG는 각국 정부와 사회 전반이 주목하는 핵심 이슈로 부상하고 있다. 중국의 「제14차 5개년 계획 강요」에서는 새로운 발전이념의 이행 중요성을 강조하며, 고품질 발전을 경제· 사회 발전의 중심 주제로 설정하고 녹색· 저탄소 전환을 적극적으로 추진할 것을 제안하였다. 이러한 배경 속에서 환경(Environment), 사회(Social), 지배구조(Governance)를 포괄하는 ESG는 지속가능성을 평가하는 핵심 기준으로 자리 잡고 있다.
중국 경제 구조의 조정과 공급 측 개혁이 심화되는 가운데, 기업이 효율적으로 비용을 절감하는 것은 중요한 과제로 대두되고 있다. 특히 원가 경직성 기업의 비용 관리 효율성에 영향을 미치는 핵심 요인으로, 학계와 실무계 모두에서 높은 관심을 받고 있다. 그러나 ESG 성과가 원가 경직성에 미치는 영향을 실증적으로 분석한 연구는 아직 미비한 실정이다.
이에 본 연구는 ESG 성과 이론과 원가 경직성 이론을 결합하여, ESG 성과가 기업의 원가 경직성에 미치는 영향을 분석하였다. 연구 표본은 2015년부터 2023년까지의 중국 A주 상장기업 17,246개 관측치를 대상으로 하며, 이해관계자 이론, 평판 이론, 정보비대칭 이론, 대리이론, 거래비용 이론, 불완전계약 이론 및 지속가능성 이론을 기반으로 연구 모형을 구축하였다. 고정효과 모형을 활용하여 가설을 실증 검증하였으며, 산업 특성, 기업 속성 및 지역 분포 등의 이질적 요인을 고려하여 관계의 차이를 분석하였다.
분석 결과, ESG 성과는 자원 활용 효율성과 비용 통제 능력을 향상시켜 기업의 원가 경직성을 완화하는 효과가 있는 것으로 나타났다. 또한 조정비용, 대리비용, 경영자의 과도한 자신감 등이 이러한 관계에 영향을 미치는 매개요인이 되고 있으며, 특히 비제조업 부문에서 ESG 성과의 긍정적 효과가 더욱 뚜렷하게 나타났다.
본 연구는 ESG 성과가 단순한 사회적 책임을 넘어 비용 관리 수준 향상에 실질적으로 기여할 수 있음을 실증적으로 입증하였으며, ESG의 경제적 귀결에 대한 이해를 확장하고 기업의 지속 가능한 비용 관리 전략 수립에 유의미한 시사점을 제공한다.

다국어 초록 (Multilingual Abstract)

In the context of growing global attention to sustainable development, ESG has become a central point of focus for governments and stakeholders worldwide. China’s 14th Five-Year Plan emphasizes the importance of implementing the new development philosophy and positions high-quality development as the guiding theme for economic and social progress. It also calls for a comprehensive green and low-carbon transition. Within this strategic framework, ESG—covering environmental, social, and governance dimensions—has emerged as a key evaluative standard. The ESG philosophy advocates sustainable and green development, aligning closely with China’s new development paradigm of “innovation, coordination, greenness, openness, and shared prosperity,” as well as the national “dual carbon” goals and the broader vision of “Chinese-style modernization.”
As China continues to adjust its economic structure and advance supply-side structural reforms, how enterprises can effectively reduce costs has become a significant managerial challenge. Cost stickiness, as a critical factor affecting cost management efficiency, has attracted widespread attention in both academia and practice. Although numerous scholars have examined cost stickiness and the impact of ESG performance on corporate outcomes, relatively little research has examined the relationship between corporate social responsibility and cost stickiness. Studies that specifically investigate how ESG performance affects cost stickiness are even scarcer.
Addressing this research gap, this study integrates ESG performance theory with cost stickiness theory and adopts ESG performance as the analytical entry point to examine its influence on cost stickiness. By doing so, the study provides valuable insights and practical guidance for enterprises in formulating and implementing cost-reduction strategies, thereby offering meaningful implications for real-world corporate management.
This study constructs a research framework using 17,246 samples from Chinese listed companies between 2015 and 2023, based on stakeholder theory, reputation theory, information asymmetry theory, principal-agent theory, transaction cost theory, incomplete contract theory, and sustainability theory. Within this framework, this study examines the relationship between environmental, social, and governance performance and cost stickiness, as well as potential transmission mechanisms. It formulated a set of verifiable assumptions based on this.
From both theoretical and empirical perspectives, the paper analyzes the impact of ESG performance on cost stickiness. A fixed-effects model is employed to empirically test the proposed hypotheses. Furthermore, the study explores the heterogeneity of this relationship across different industry characteristics and regional distributions.
The empirical results indicate the following: First, strong ESG performance enables firms to utilize resources more efficiently and strengthen cost control, thereby effectively mitigating cost stickiness. Second, cost adjustment, agency costs, and managerial overconfidence act as mediating mechanisms in the relationship through which ESG performance influences cost stickiness. In addition, the mitigating effect of ESG performance on cost stickiness is more pronounced among non-manufacturing firms, non–heavily polluting industries, and firms located in the central region of China.
The findings of this study demonstrate that ESG performance can enhance corporate cost management capabilities and provide new pathways for cost control. This research also expands the literature on the economic consequences of ESG and carries important practical implications. Finally, based on the empirical conclusions, the study offers actionable recommendations for both enterprises and government authorities.
The contributions of this study are threefold. First, by examining the impact of ESG performance on cost stickiness and uncovering its specific transmission mechanisms, this paper enriches the literature on the determinants of cost stickiness and provides new evidence on how firms can effectively reduce cost stickiness. Second, the study extends the literature on the economic consequences of social trust by broadening ESG-related research into the domain of internal cost management. It further deepens the understanding of the relationship between ESG performance and cost stickiness from the perspectives of persistence and asymmetry. This also offers new insights for research aiming to mitigate cost stickiness.
Overall, this study not only contributes to the literature on cost behavior by proposing new directions for cost control but also expands the scope of research on the economic consequences of ESG and highlights the practical significance of proactive ESG engagement.

목차 (Table of Contents)

• Ⅰ. Introduction 1
• 1. Research Background and Issue 1
• 1) The Research Background 1
• 2) The Issues 5
• 2. Research Objectives and Significance 7
• 1) Research Objectives 7
• 2) Research Significance 8
• (1) Theoretical Significance​ 8
• (2) Practical Significance​ 10
• 3. Research Contents and Methods 12
• 1) Research Content 12
• 2) Research Methods 15
• (1) Literature Review 15
• (2) Normative Research Method​ 16
• (3) Empirical Research Method 16
• Ⅱ. Concept Definitions,Theoretical Basis, Literature Review 19
• 1. The Concept Definition 19
• 1) ESG Performance 19
• (1) E(Environment) 20
• (2) S(Social) 21
• (3) G(Corporate Governance) 21
• 2) Cost Stickiness 22
• 3) Adjustment Costs 25
• 4) Agency Costs 26
• 5) Managerial Overconfidence 26
• 2. Theoretical Foundation 27
• 1) Stakeholder Theory 27
• 2) Reputation Theory 29
• 3) Information Asymmetry Theory 31
• 4) Agency Theory 33
• 5) Transaction Cost Theory 36
• 6) Incomplete Contract Theory 38
• 7) Sustainable Development Theory 40
• 3. Literature Review 42
• 1) ESG Performance Literature Review 42
• (1) The Connotation of ESG Performance 42
• (2) Factors Influencing ESG Performance 44
• (3) Economic Consequences of ESG Performance 45
• 2) Literature Review on Cost Stickiness 48
• (1) Existence of Cost Stickiness 48
• (2) Causes of Cost Stickiness 51
• (3) Factors Influencing Cost Stickiness 54
• (4) Economic Consequences of Cost Stickiness 55
• 3) Research on Corporate ESG Performance and Cost Stickiness 57
• 4) Literature Review 59
• Ⅲ. Study Design 62
• 1. Theoretical Analysis and Research Hypotheses 62
• 1) The Impact of ESG Performance on Corporate Cost Stickiness 62
• 2) Corporate ESG Performance and the Mediating Mechanism of Cost Stickiness 63
• (1) Adjustment Costs 63
• (2) Agency Costs 66
• (3) Managerial Overconfidence 69
• 2. Variables and Measurement Methods 72
• 1) Dependent Variable (Explained Variable) 72
• 2) Independent Variable (Explanatory Variable) 74
• 3) Mediating Variable 76
• (1) Adjustment Costs 76
• (2) Agency Costs 76
• (3) Managerial Overconfidence 77
• (4) Control Variables 78
• (5) Measurement Methods 79
• 3. Research Model 81
• 1) Regression Model of ESG and Cost Stickiness 81
• 2) Mediating Effect Model of ESG and Cost Stickiness 81
• 4. Sample Selection and Data Sources 82
• 1) Sample Selection 82
• 2) Data Sources 84
• Ⅳ. Empirical Test and Analysis 85
• 1. Descriptive Statistical Analysis 85
• 2. Correlation Analysis 87
• 3. Regression Analysis of the Impact of ESG Performance on Cost Stickiness 90
• 4. Regression Analysis of the Mediating Role of Adjusted Costs 92
• 1) The Direct Effect of ESG on Cost Stickiness 93
• 2) The Impact of ESG on Adjustment Costs 93
• 3) The Intermediary Role in Adjusting Costs 93
• 5. Regression Analysis of the Mediating Role of Agency Costs 95
• 1) The Relationship between ESG Performance and Cost Stickiness 95
• 2) The Impact of ESG Performance on Agency Costs (MFR) 95
• 3) The Intermediary Role of Agency Costs 95
• 6. Regression Analysis of the Mediating Role of Overconfidence in Managers 97
• 1) The Direct Relationship Between ESG Performance and Cost Stickiness 97
• 2) The Impact of ESG Performance on Managerial Overconfidence 97
• 3) The Intermediary Role of Overconfidence Among Managers 98
• 7. Alternative Approach to Mediation Effect Tests 99
• 8. Endogeneity Tests 100
• 1) Instrumental Variables Method 100
• 2) Propensity Score Matching (PSM) 101
• 3) Subsample Regression 103
• 4) Shortening the Time Window 103
• 9. Robustness Tests 105
• 1) Reverse Causality Treatment 105
• 2) Replacing Core Explanatory Variable 105
• 3) Standard Error Correction 105
• 4) Lagged Explanatory Variables 106
• 10. Heterogeneity Analysis 107
• 1) Industry Attribute Heterogeneity Analysis 107
• 2) Analysis of Heterogeneity by Ownership Type 109
• 3) Regional Heterogeneity Analysis 111
• Ⅴ. Conclusion 113
• 1. The Results of This Study 113
• 2. Implications 116
• 1) Theoretical Contributions 117
• 2) Practical Implications 117
• 3) Policy Implications 118
• 3. Future Research Directions 119
• Reference 121
• ABSTRACT 133
• 摘要 136