The Impact of Environmental, Social, and Governance Practices on Foreign Direct Investment in Mongolia’s Mining Sector = 환경, 사회 및 거버넌스 관행이 몽골 광업 부문의 외국인 직접 투자에 미치는 영향

국문 초록 (Abstract)

이 논문은 환경(Environmental), 사회(Social), 지배구조(Governance) 즉 ESG 관행이 몽골 광업 부문으로의 외국인직접투자(FDI)에 어떠한 영향을 미치는지를 분석한다. 신뢰할 수 있는 정량적 ESG 지표가 제한적이기 때문에, 본 연구는 서술적 추세 분석을 보조적으로 활용한 질적 비교 연구 설계를 채택한다. 1차 자료는 정부 규제기관 관계자, 광산 기업 경영진, 외국인 투자자, ESG 컨설턴트, 시민사회 대표를 대상으로 한 반구조화 인터뷰에서 수집되었다. 이러한 자료는 국가 통계, 규제 보고서, 국제기구 자료 등 2차 자료로 보완되었다.

연구 결과, ESG는 투자 흐름을 직접적으로 결정하는 수치적 요인이라기보다는 주로 거버넌스 신호로 기능하는 것으로 나타났다. 투자자들은 신뢰할 수 있는 ESG 프레임워크를 규제 안정성과 정치적 위험 감소의 증거로 해석하는 반면, 제도적 분절성과 취약한 집행은 투자자 신뢰를 약화시키는 요인으로 작용한다. 외국 자본이 참여한 대형 광산 기업들은 국제적 ESG 기준을 점차 내부화하고 있는 반면, 많은 국내 기업들은 여전히 ESG를 자선 활동이나 홍보·이미지 관리 차원의 활동으로 인식하고 있다. 본 논문은 보다 일관된 규제, 단계적 의무 공시, 그리고 독립적 검증을 통한 ESG 거버넌스 강화가 책임 있는 장기 외국인 투자자들에게 몽골의 투자 매력을 제고할 수 있다고 결론짓는다.

다국어 초록 (Multilingual Abstract)

This thesis examines how Environmental, Social, and Governance (ESG) practices influence foreign direct investment (FDI) in Mongolia’s mining sector. Due to the limited availability of reliable quantitative ESG indicators, the study adopts a qualitative comparative research design supported by descriptive trend analysis. Primary data are collected through semi-structured interviews with government regulators, mining executives, foreign investors, ESG consultants, and civil-society representatives, and are supplemented by secondary sources including national statistics, regulatory reports, and publications from international organizations. The findings indicate that ESG functions primarily as a governance signal rather than as a direct numerical determinant of investment flows. Investors tend to interpret credible ESG frameworks as evidence of regulatory stability and reduced political risk, while fragmented institutional arrangements and weak enforcement mechanisms undermine investor confidence. Large mining companies with foreign participation have increasingly begun to internalize international ESG standards, whereas many domestic operators continue to view ESG mainly as a form of philanthropy or public-relations activity. The thesis concludes that strengthening ESG governance—through more coherent regulation, mandatory but phased disclosure requirements, and independent verification—can enhance Mongolia’s attractiveness to responsible, long-term foreign investors.

목차 (Table of Contents)

• I. INTRODUCTION ............................................................................................ １
• 1.1 Background ..................................................................................................... １
• 1.2 Mongolia’s National Context ....................................................................... ５
• 1.3 Problem Statement ......................................................................................... ８
• 1.4 Research Objectives ....................................................................................... ９
• 1.5 Research Questions .................................................................................... １０
• 1.6 Significance Of The Study ........................................................................ １１
• 1.7 Scope And Limitations .............................................................................. １２
• II. LITERATURE REVIEW ........................................................................... １３
• 2.1 ESG And FDI: Theoretical Linkages ....................................................... １３
• 2.3. ESG In The Mining Sector ...................................................................... ２４
• 2.4. ESG And Fdi In Mongolia’s Mining Sector .......................................... ２８
• 2.5 Research Gap And Conceptual Framework ............................................ ３１
• III. NATIONAL AND SECTORAL CONTEXT ......................................... ３３
• 3.1 Mongolia’s Economy And Fdi Landscape .............................................. ３３
• 3.2 Overview Of Mongolia’s Mining Sector ................................................ ３６
• 3.3 ESG Landscape In Mongolia .................................................................... ４１
• 3.4 Mining Governance And Regulatory Environment ............................... ４４
• 3.5 ESG Reporting Standards And Frameworks .......................................... ４７
• IV. METHODOLOGY ..................................................................................... ４９
• 4.1. Research Philosophy And Design ........................................................... ４９
• 4.2 Data Collection Procedures ....................................................................... ５０
• 4.3 Analytical Strategy ..................................................................................... ５５
• 4.4 Reliability, Validity, And Reflexivity ....................................................... ５７
• 4.5 Ethical Considerations And Limitations ................................................. ５８
• 4.6 Summary ...................................................................................................... ５９
• V. FINDINGS AND DISCUSSION ............................................................... ６１
• 5.1 Overview ..................................................................................................... ６１
• 5.2 Institutional And Regulatory Capacity .................................................... ６１
• 5.3 Corporate Esg Practices And Disclosure ................................................ ６４
• 5.4 Investor Perceptions And Decision Drivers ............................................ ６６
• iii
• 5.5 Cross-Theoretical Integration ................................................................... ６９
• 5.6 Chapter Summary ....................................................................................... ７２
• VI. CONCLUSION .......................................................................................... ７３
• 6.1 Summary Of Key Findings ....................................................................... ７３
• 6.2 Theoretical And Practical Implications ................................................... ７４
• 6.3 Policy Recommendations .......................................................................... ７６
• 6.4 Limitations And Future Research ............................................................ ７９
• 6.5 Final Reflection .......................................................................................... ８０
• Bibliography ...................................................................................................... ８１