지속가능경영과 자본시장의 역할 : 투자자 유형에 따른 ESG 성과와 기업가치 관련성

Sustainable Management and the Role of Capital Markets: The Relationship Between ESG Performance and F irm Value by Investor Type

Purpose: The purpose of this paper is to analyze the impact of ESG (Environmental, Social, and Governance) performance on firm value and to examine how this relationship varies depending on investor type—specifically, institutional and individual investors. This study presents three hypotheses: First, ESG performance has a positive effect on firm value. Second, institutional investors strengthen the positive relationship between ESG performance and firm value. Third, individual investors do not significantly moderate the relationship between ESG performance and firm value. Research design, data, and methodology: This study employs panel regression analysis using data from 7,774 firm-year observations of non-financial manufacturing firms listed on the Korea Exchange from 2013 to 2022. Tobin’s Q was used as a proxy for firm value, ESG scores were obtained from the Korea Corporate Governance Service (KCGS), and investor type was measured using annual trading ratios. Control variables included financial indicators such as ROA, RET, LEV, CFO, firm size, and others. SAS was used for all statistical analyses. Results: The results of the study are as follows. First, ESG performance has a statistically significant positive effect on firm value. Second, the interaction between ESG performance and institutional investor trading ratio shows a positive and significant effect, confirming the moderating role of institutional investors. Third, the interaction between ESG performance and individual investor trading ratio is not statistically significant, suggesting that individual investors are less sensitive to ESG information in valuing firms. Implications: This study provides evidence that the relationship between ESG performance and firm value is moderated by investor type. Firms with a high proportion of institutional investors may benefit more from ESG initiatives, as these investors recognize and reward ESG efforts. Policymakers should also consider enhancing ESG disclosure quality and encouraging investor education to bridge the gap in ESG valuation behavior between institutional and individual investors.