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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 53, No. 4, pp.971-995
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2024
Received 06 Feb 2024 Revised 15 Apr 2024 Accepted 23 Apr 2024
DOI: https://doi.org/10.17287/kmr.2024.53.4.971

COVID-19 팬데믹 기간에도 ESG 경영과 ESG 경영 수준의 변동은 기업 가치를 증대시켜 주는가?

유정은 ; 손성진
(주저자) 삼성전자서비스/ CS혁신그룹장, 단국대학교 경영학석사 proyje@hanmail.net
(교신저자) 단국대학교 경영학부 교수 phdssj@dankook.ac.kr
Can ESG Management and the Volatility of ESG Management Levels During the COVID-19 Pandemic Lead to Enhanced Firm Value?
Jung-eun Yu ; Sung-jin Son
(First Author) Head of Group, CS Innovation Group, Samsung Electronics Service: Master of Business Administration, Dankook University proyje@hanmail.net
(Corresponding Author) Professor, Department of Business Administration, Dankook University phdssj@dankook.ac.kr


Copyright 2024 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 코로나19 팬데믹 기간(2020-2022년)동안 ESG 경영과 그 변동이 기업가치를 개선할 수 있는지 전망이론을 적용하여 분석하였다. 패널회귀분석을 통해 고정효과 모형을 적용한 결과, ESG 점수와 변동이 ROA와 ROE에 유의한 영향을 미치지 않은 반면, ESG 변동은 Tobin Q에 긍정적인 영향을 미쳤다. 또한, 국내 상장기업의 약 32.7%가 우수한 재무성과를 보이며 양호한 ESG 성과를 나타냈다. 반면, 경제적 가치는 높지만, 사회적 가치는 낮은 기업의 비중도 29.1%에 달했다. 이는 코로나19를 비롯한 다양한 요인들의 부정적 이슈로 인해 ESG 점수가 B 이하로 떨어진 기업이 전년 대비 5배 이상 급증한 것에 기인한 것으로 분석된다. 본 연구는 코로나19 팬데믹과 같은 특수한 환경에서도 기업이 부정적인 이슈를 완화하고 긍정적인 측면을 강화하면 기업가치를 개선할 수 있다는 새로운 증거를 제시하고 있다.

Abstract

This study investigated whether ESG management and its volatility could enhance firm value during the COVID-19 pandemic (2020-2022), considering prospect theory. Panel regression analysis, applying a fixed-effect model, revealed that while ESG scores and their volatility did not significantly impact ROA and ROE, ESG volatility had a positive effect on Tobin Q. Additionally, approximately 32.7% of Korean listed companies demonstrated excellent ESG performance with satisfactory financial results. However, companies with high economic value but low social value also accounted for 29.1%. These are attributed to various factors, particularly the COVID-19 pandemic, which caused significant disruption and led to a more than five-fold increase in the number of companies experiencing ESG scores dropping below B due to negative challenges compared to previous years. This study provides new evidence that companies can improve financial performance amidst unique environmental circumstances, such as the COVID-19 pandemic, by mitigating negative issues and bolstering positive aspects to enhance corporate value.

Keywords:

Corporate Social Responsibility, ESG, Firm Value, Sustainability, Prospect Theory

키워드:

사회적 책임, ESG, 기업가치, 지속가능성, 전망이론

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∙ 저자 유정은은 현재 삼성전자서비스에 재직 중이다. 한양사이버대학교 영어학과를 졸업하였으며, 단국대학교 대학원에서 ESG 경영학을 전공해 경영학석사를 취득하였다. 주요 관심 분야는 ESG 경영과 탄소 중립 정책 등이다.

∙ 저자 손성진은 단국대학교 경영학부 회계학 전공 교수로 재직 중이다. 서강대학교 대학원에서 경영학박사학위를 취득하였다. 주요 연구 분야는 지속가능경영, 사회적 책임경영, 경영혁신과 성과관리시스템 등이다.