Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 53, No. 3, pp.631-659
ISSN: 1226-1874 (Print)
Print publication date 30 Jun 2024
Received 29 Jan 2024 Revised 23 Feb 2024 Accepted 21 Mar 2024
DOI: https://doi.org/10.17287/kmr.2024.53.3.631

ESG 성과를 고려한 연기금의 투자전략 변화가 기업가치에 미치는 영향에 대한 연구

이민호 ; 유재욱 ; 최이선 ; 민지홍
(주저자) 건국대학교
(교신저자) 건국대학교
(공저자) 건국대학교
(공저자) 국가녹색기술연구소
A Study on the Impact of Changes in Pension Fund’s Investment Strategy Considering ESG Performance on Corporate Value
Min-ho Lee ; Jae Wook Yoo ; Lee Sun Choi ; Ji-Hong Min
(First Author) Konkuk University lmh3394@naver.com
(Corresponding Author) Konkuk University jwyoo@konkuk.ac.kr
(Co-Author) Konkuk University biicii@naver.com
(Co-Author) National Institute of Green Technology jihongmin02@gmail.com


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

투자환경의 불확설성으로 이해관계자들은 지속가능성을 고려하며 ESG에 대한 인식이 변화하고 있다. 공적연기금이자 기관투자자인 국민연금은 기금고갈 시점을 늦출 수 있는 방안을 모색하기 위해 기존의 채권 중심의 투자에서 주식 투자로 확대해가고 있다. 「국민연금기금 책임투자 활성화 방안」이라는 제도적 변화를 통해 기관투자자의 역할을 수행한다면 경제전반에 직간접적인 영향을 미칠 수 밖에 없으며 이를 위해 본 연구는 그룹별 분석결과를 제시하고 전후효과를 비교분석하여 투자전략 변화의 영향을 진단함으로써 기업의 대응 방안을 모색하고자 하였다. 연구결과 ESG와 기업가치의 관계에 있어 국민연금 투자지분율의 매개효과가 제도적 변화 이전보다 이후 크게 나타나 기업은 ESG의 필요성이 증가하였다. 추가로 분석의 강건성을 확보하기 위해 제조업과 비제조업으로 분류하여 기업이 속한 산업별로 대응해야 할 방안을 제시하였다.

Abstract

Due to the uncertainty of the investment environment, stakeholders are considering sustainability, and their perception of ESG is changing. The National Pension Service, a public pension fund and institutional investor, is expanding from bond-based investments to equity investments in order to find ways to delay the depletion of funds. Fulfilling the role of institutional investors through institutional changes such as the “Plan to Promote Responsible Investment of the National Pension Fund” will inevitably have a direct or indirect impact on the overall economy, and to this end, this study aims to find ways for companies to respond by presenting the results of analysis by group and diagnosing the impact of changes in investment strategies by comparing and analyzing the before-and-after effects. As a result of the study, the mediating effect of the investment equity ratio of the National Pension Plan on the relationship between ESG and corporate value was greater after the institutional change than before the institutional change, and the need for ESG increased by companies. In addition, in order to ensure the robustness of the analysis, it was categorized into manufacturing and non-manufacturing sectors, suggesting measures to respond to each industry to which the company belongs.

Keywords:

ESG, Responsible Investment, Change in Investment Strategy, National Pension Investment Ratio, Corporate Value

키워드:

책임투자, 투자전략 변화, 국민연금 투자지분율, 기업가치

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∙ 저자 이민호는 2021년 건국대학교 경영전문대학원(MBA)을 졸업했으며, 건국대학교 경영학과 전략 및 국제경영 전공에서 박사과정을 진행중에 있다. 주요 연구분야는 지속가능경영, ESG, 기업지배구조이다.

∙ 저자 유재욱은 2005년 미국 워싱턴 주립대학교 칼슨경영대학에서 경영전략 전공으로 경영학 박사학위를 취득하였다. 이후 삼성경제연구소에서 수석연구원으로 근무하였으며, 현재는 건국대학교 경영대학 전략경영 전공 교수로 재직 중이다. 주요연구분야는 지속가능경영, ESG, 경쟁역학, 성장전략과 혁신전략이다. 2023년 한국전략경영학회 회장을 역임하였다.

∙ 저자 최이선은 현재 건국대학교 사회과학대학 응용통계학 전공 강의초빙교수로 재직 중이다. 동국대학교 통계학과 학사, 석사, 건국대학교 경영학 박사를 취득하였다. 24년 동안 여러 대학에서 통계학 강의 및 연구방법론을 강의하고 있으며, 주요연구분야는 전략경영, 경영연구방법 등이다.

∙ 저자 민지홍은 건국대학교에서 전략 및 국제경영 전공으로 석사 및 박사를 취득하였으며, 현재 국가녹색기술연구소 연구원으로 재직중이다. 주요 연구분야는 ESG, CSR, 기업가정신, 기술혁신 등이다.