ESG 성과가 총요소생산성에 미치는 영향

The Effect of ESG Performance on Total Factor Productivity

Purpose - This study examines the impact of ESG performance on the total factor productivity (TFP) of Korean listed companies. Design/methodology/approach - The study analyzes data from Korean listed companies between 2012 and 2020, using ESG evaluation scores from the Korea Corporate Governance Service (KCGS). TFP was estimated using the Levinsohn and Petrin (2003) method. Findings - Higher ESG performance is positively correlated with increased TFP. Among ESG factors, environmental (E) and governance (G) scores have the most significant impact on TFP. The positive effect of ESG on TFP is more pronounced in pollution-intensive industries, suggesting that ESG investments can mitigate financial constraints and enhance innovation. Research implications - This study highlights the importance of ESG investments in improving corporate productivity and long-term sustainability. It provides empirical evidence that ESG efforts can contribute to corporate growth by increasing operational efficiency and easing financial limitations.