ESG 경영과 기업의 지속가능성을 위한 실증 연구

• 영문명: An Empirical Study on ESG Management and Corporate Sustainability
• 발행기관: 한국무역연구원
• 저자명: 김희숙(Hee-Sook Kim) 윤소라(So-Ra Yoon) 이성실(Sung-Sil Lee)
• 간행물 정보: 『무역연구』제21권 제2호, 353~374쪽, 전체 22쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2025.04.30

국문 초록

Purpose - This research aims to empirically analyze the impact of ESG management on cost of capital. As the importance of ESG disclosure increases, understanding its financial implications has become crucial for firms seeking long-term sustainability and competitive advantage. Specifically, this study examines whether ESG ratings influence both the cost of equity and the cost of debt, providing valuable insights for corporate decision-makers and policymakers. Design/Methodology/Approach - Using ESG rating data from the KCGS and financial data from Fn-Guide, this study conducts a panel regression to investigate the relationship between ESG ratings and cost of capital. The data consist of firms from 2014 to 2023, covering various industries. The study also examines the effects of individual ESG components(E,S,G) on cost of capital to provide a more detailed assessment of ESG performance. Findings - This study finds that firms with higher ESG ratings tend to significantly lower both cost of debt and cost of equity; specifically, the ratings in the social (S) and governance (G) areas show the strongest impact in reducing the cost of capital. These findings highlight the financial benefits of robust ESG management and its role in mitigating information asymmetry in capital markets. Research Implications - The results of this paper can contribute to suggestions that ESG activities should be considered not merely as regulatory compliance, but as strategic investment. By strengthening ESG management, companies can secure capital under more favorable conditions in the capital market, which can lead to long-term corporate value and sustainable growth.

목차

Ⅰ. 서론

Ⅱ. ESG 공시의 이론적 배경 및 평가기관

Ⅲ. 선행연구의 검토 및 실증적 의문점

Ⅳ. 연구설계 및 표본의 선정

Ⅴ. 실증분석 결과

Ⅵ. 결론

References

키워드

Corporate Governance Corporate Sustainability Cost of Capital ESG Management