Corporate ESG Performance and Foreign Direct Investment : Evidence from a Multi-Level Perspective on Internationalization and Managerial Governance = 기업 ESG 성과와 해외직접투자 : 국제화 및 경영진 지배구조를 고려한 다층적 관점의 실증연구

국문 초록 (Abstract)

본 논문은 환경·사회·지배구조 성과가 국가와 기업이 해외직접투자의 유치 대상으로서 가지는 매력도에 미치는 영향을 분석한다. 본 논문 전반에서 환경·사회·지배구조 성과는 ESG 성과로, 해외직접투자는 FDI로 지칭한다. 본 논문은 유입형 FDI에 대한 기존 실증연구가 제한적이며, 선행연구에서 국제화가 주로 통제변수로 처리되어 왔다는 한계에 주목한다. 이에 따라 ESG 성과, 국제적 통합, 경영진 지배구조를 연결하는 다층적 연구 틀을 제시한다. 정당성 이론, 자원기반관점, 제도이론, 자원의존이론 및 최고경영진 이론을 바탕으로, ESG 성과가 정보비대칭을 완화하는 신뢰성 있는 신호이자 제도적 불확실성하에서 외국인 투자자의 신뢰를 강화하는 전략적 역량으로 기능한다고 논의한다.
본 논문은 두 개의 상호보완적 실증연구로 구성된다. 연구 I은 2005년부터 2023년까지 96개국 패널자료를 이용하여 국가 ESG 성과가 FDI 유입을 촉진하는지를 검증한다. 또한 GDP 대비 FDI 스톡으로 측정한 국제화 심도와 FDI 원천국 다양성으로 측정한 국제화 폭이 이 관계를 강화하는지를 분석한다. 가설 검증과 강건성 확인을 위해 계층적 OLS, 고정효과 패널모형, 성향점수매칭과 이중차분법을 결합한 분석, 분위수 분석을 사용하였다. 이러한 성향점수매칭 이중차분 분석은 PSM-DID로 지칭한다. 분석 결과, 국가 ESG 성과가 높을수록 FDI 유입이 증가하며, 이러한 효과는 글로벌 투자 네트워크에 더 깊고 넓게 통합된 국가에서 더욱 뚜렷하게 나타났다.
연구 II는 분석 수준을 기업으로 전환하여 2018년부터 2024년까지 중국 A주 상장기업을 대상으로 분석한다. 1,430개 기업의 31,005개 기업-연도 관측치를 사용하여 기업 ESG 성과가 유입형 전략적 외국인 투자 규모와 관련되는지, 그리고 이 관계가 경영진의 해외 배경, 경영진 평균 연령, 산업 규제 의존도에 의해 어떻게 조절되는지를 검증한다. 고정효과 패널회귀 결과, 기업 ESG 성과는 외국인 투자 매력도를 높이는 것으로 나타났다. 이 효과는 경영진이 해외 경험과 높은 경영 성숙도를 보유할 때 강화되지만, 산업의 규제 의존도가 높을수록 약화된다. 이는 해당 산업에서 ESG 성과가 실질적 경쟁역량보다는 규제 준수 지향적 신호로 해석될 수 있음을 시사한다.
종합하면, 두 연구는 ESG 성과가 FDI 매력도 제고에 기여하지만 그 효과의 크기는 거시적 국제화 조건과 기업 수준의 경영진 및 제도적 조건에 따라 달라진다는 다층적 증거를 제시한다. 본 논문은 국가 수준과 기업 수준의 ESG 기반 자본 유치 논리를 통합하고, 국제화 심도와 폭을 구분하며, 경영진 지배구조를 핵심 경계조건으로 제시함으로써 국제경영 및 지속가능금융 연구에 기여한다. 또한 정부는 신뢰할 수 있는 ESG 제도와 다양한 투자 네트워크를 구축해야 하며, 외국 자본을 유치하려는 기업은 실질적인 ESG 역량을 축적하고 국제 경험을 갖춘 리더십을 통해 이를 효과적으로 전달해야 함을 시사한다.

다국어 초록 (Multilingual Abstract)

This dissertation examines how environmental, social, and governance performance shapes the attractiveness of countries and firms as destinations for foreign direct investment. Throughout the dissertation, environmental, social, and governance performance is referred to as ESG performance, and foreign direct investment is referred to as FDI. Responding to the limited evidence on inbound FDI and to the tendency of prior studies to treat internationalization mainly as a control variable, the dissertation develops a multi-level framework linking ESG performance, international integration, and managerial governance. Drawing on legitimacy theory, the resource-based view, institutional theory, resource dependence theory, and upper echelons theory, it argues that ESG performance functions both as a credibility signal that reduces information asymmetry and as a strategic capability that strengthens foreign investors’ confidence under institutional uncertainty. The dissertation consists of two complementary empirical studies. Study I investigates whether national ESG performance attracts FDI inflows across 96 countries from 2005 to 2023. It further examines whether internationalization depth, measured by FDI stock relative to GDP, and internationalization breadth, measured by the diversity of FDI source countries, amplify this relationship. Hierarchical OLS, fixed-effects panel models, propensity-score matching combined with difference-in-differences, and quantile analysis are used to test the hypotheses and assess robustness. This propensity-score matching difference-in-differences approach is referred to as PSM-DID. The results show that stronger national ESG performance is associated with higher FDI inflows, and that this effect is more pronounced in countries that are more deeply and broadly integrated into global investment networks. Study II shifts the analysis to the firm level and examines Chinese A-share listed companies from 2018 to 2024. Using 31,005 firm-year observations from 1,430 firms, it tests whether firm-level ESG performance is associated with larger inbound strategic foreign investment and whether this association is conditioned by executive overseas background, executive average age, and industry regulatory dependence. Fixed-effects panel regressions indicate that corporate ESG performance enhances foreign investment attractiveness. This effect is strengthened when executive teams possess overseas experience and greater managerial maturity, but it is weakened in industries with higher regulatory dependence, where ESG performance may be interpreted as more compliance-oriented and less portable across ownership contexts. Together, the two studies demonstrate cross-level evidence that ESG performance enhances FDI attractiveness, conditional on country-level internationalization and firm-level managerial and institutional factors. By integrating macro- and firm-level explanations, distinguishing internationalization depth from breadth, and highlighting managerial governance, the dissertation advances international business and sustainable finance research while offering policy and managerial implications for ESG-driven capital attraction.

목차 (Table of Contents)

• Chapter 1 Introduction 1
• 1.1 Research Background 1
• 1.2 Research Gap and Question 2
• 1.3 Two-Study Research Design 3
• 1.4 Contributions and Structure 4
• Chapter 2 Literature Review 6
• 2.1 Conceptual Foundations of ESG and FDI 6
• 2.1.1 Defining ESG Performance in Corporate Contexts 6
• 2.1.2 Theoretical Perspectives on ESG 8
• 2.1.2.1 Legitimacy Theory 8
• 2.1.2.2 Resource-Based View （RBV） 10
• 2.1.2.3 Institutional Theory 12
• 2.1.2.4 Resource Dependence Theory 14
• 2.1.2.5 Upper Echelons Theory 16
• 2.1.3 Foreign Direct Investment: Definitions and Types 17
• 2.1.3.1 Greenfield vs. Brownfield Investments 17
• 2.1.3.2 Cross-Border Mergers and Acquisitions 18
• 2.1.3.3 Outbound vs. Inbound FDI 20
• 2.1.4 Integrating ESG and FDI Concepts 22
• 2.2 Global Trends in ESG and International Investment 24
• 2.2.1 Evolution of ESG Standards and Metrics 24
• 2.2.2 Globalization and Corporate Internationalization 26
• 2.2.3 Emerging Patterns in Cross-Border M＆A Activity 28
• 2.2.4 Regional Differences in ESG-FDI Linkages 30
• 2.3 Mechanisms Linking ESG to FDI Attractiveness 32
• 2.3.1 ESG as a Trust-Building Signal 32
• 2.3.1.1 Reducing Information Asymmetry 32
• 2.3.1.2 Enhancing Corporate Reputation 33
• 2.3.1.3 Signaling Commitment to Sustainability 37
• 2.3.2 ESG as a Strategic Asset 39
• 2.4 Moderating Factors in the ESG-FDI Relationship 40
• 2.4.1 Internationalization 40
• 2.4.1.1 Depth of Global Operations 40
• 2.4.1.2 Breadth of Geographic Coverage 42
• 2.4.1.3 Exposure to Global Legitimacy Pressures 43
• 2.4.2 Institutional Embeddedness 45
• 2.4.2.1 Government Influence at the Industry Level 45
• 2.4.2.2 Regulatory Environments in Host Countries 45
• 2.4.3 Managerial International Experience 46
• 2.5 Host-Country Dynamics and ESG-FDI Interaction 48
• 2.5.1 Emerging Economy Perspectives 48
• 2.5.2 Chinese Context in Inbound FDI 48
• 2.5.2.1 Characteristics of A-Share Listed Firms 48
• 2.5.2.2 Foreign Acquirer Strategies in China 53
• 2.5.2.3 Government-Industry Relationships 53
• 2.6 Empirical Evidence on ESG and FDI 54
• 2.6.1 Foreign Investor Attraction to ESG Leaders 54
• 2.6.2 Sectoral Variations in ESG-FDI Links 55
• Chapter 3 Integrated Theoretical Framework and Hypotheses 57
• 3.1 Overview 57
• 3.2 Signal and Strategic Asset: The Baseline Mechanism 61
• 3.2.1 Signaling Theory 62
• 3.2.2 Institutional Theory 64
• 3.2.3 Synthesising the Baseline: ESG Performance and FDI Attractiveness 67
• 3.3 Country-Level Moderators: Internationalization Depth and Breadth 74
• 3.4 Firm-Level Moderators: Managerial Heterogeneity and Industry Regulatory Dependence 75
• 3.4.1 Senior Managers’ Overseas Background 78
• 3.4.2 Senior Managers’ Average Age 79
• 3.4.3 Industry Regulatory Dependence 80
• 3.5 Linking the Two Studies 83
• Chapter 4 Study Ⅰ: ESG Performance and FDI Attractiveness from an International Perspective 84
• 4.1 Study Overview 84
• 4.2 Methodology 85
• 4.2.1 Data Source and Sample 85
• 4.2.2 Data Analysis Method 89
• 4.3 Results 96
• 4.3.1 Descriptive Statistics 96
• 4.3.2 ESG Effects and Moderation 98
• 4.3.3 Addressing Unobserved Heterogeneity: Fixed-Effects Panel Model 103
• 4.3.4 Robustness and Extended Analysis 105
• 4.3.4.1 Policy Effect Evaluation （PSM-DID） 106
• 4.3.4.2 Heterogeneous Effects 108
• 4.4 Discussion 110
• Chapter 5 Study Ⅱ: ESG Performance and FDI Attractiveness from the Perspective of the Host Country 118
• 5.1 Study Overview 118
• 5.2 Methodology 119
• 5.2.1 Data Collection and Research Sample 119
• 5.2.2 Variable Measurement 121
• 5.2.3 Data Analysis Method 131
• 5.3 Results 134
• 5.3.1 Descriptive Statistics 134
• 5.3.2 Correlation Analysis 136
• 5.3.3 Regression Analysis 139
• 5.3.3.1 Main Effect 140
• 5.3.3.2 Control Variables 143
• 5.3.4 Robustness Tests 145
• 5.4 Discussion 148
• Chapter 6 Conclusion 151
• 6.1 Research Gaps and Future Directions 151
• 6.1.1 Inbound vs. Outbound FDI and ESG Effects 151
• 6.1.2 Integration of Institutional and Managerial Moderators 153
• 6.1.3 Firm Heterogeneity Across Countries and Industries 154
• 6.2 Contextual Factors Shaping ESG–FDI Outcomes 156
• 6.2.1 Regulatory Influence 156
• 6.2.2 Ownership Structures 158
• 6.2.3 Market Orientation 160
• 6.3 Emerging Topics Post-2020 162
• 6.3.1 Impact of Global Crises on ESG–FDI Links 162
• 6.3.2 Technological Disruption and ESG Signaling 164
• 6.3.3 Evolving Investor Expectations 165
• 6.4 Synthesis and Original Contributions 168
• 6.5 Concluding Statement 173
• Reference 177