경영자의 ESG 활동이 자기자본비용에 미치는 영향 = The Effect of ESG on Cost of Capital

다국어 초록 (Multilingual Abstract)

This study analyzed the effect of managerial socially responsible activities on capital cost. In order to analyze corporate social responsibility and corporate performance, Proxy for Corporate Social Responsibility was measured using the ESG evaluation model of Korea Corporate Governance Service using the environment (4 index), society (10 index) (8 index), we used a total of 23 variables to investigate the effect of detailed business strategies on corporate value. The results of the empirical analysis are as follows. First, the ESG score show that the capital cost of the current period was high or not, but the cost of equity capital is decreased consistently. Second, for firms with high environment score, the cost of equity capital increased during the period, but the result show that the cost of equity capital, which reflects information on corporate CSR activities, decreased. Third, in firms with a high social score (S-SCORE), as in the previous results, the cost of capital increase during the period, while the cost of capital decrease in the following period. Lastly, if the corporate governance score (G-SCORE) is high, the cost of equity capital increases in the current and next periods, unlike expected. This study can contribute to the importance of corporate social responsibility activities to companies and stakeholders by examining the impact of corporate non - financial information on CSR activities.

참고문헌 (Reference)

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