기업의 지배구조 수준에 따른 환경(E), 사회(S) 성과와 기업가치 간의 관계

The Relationship Between Environmental (E) and Social (S) Performance and Firm Value Based on Corporate Governance

Purpose - This study examines the relationship between ESG performance and firm value, and investigates how environmental and social performance affects firm value based on the level of corporate governance. Design/methodology/approach - This study empirically analyzes the relationship between ESG performance and firm value using ESG ratings from KCGS for firms listed on the KOSPI and KOSDAQ from 2013 to 2021. It also examines how environmental and social performance affects firm value based on the level of corporate governance, using four key categories of the KCGS governance model as proxy variables. Findings - First, ESG and Environmental performance were found to have a significant negative (-) correlation with firm value. Second, when Board leadership is excellent, the negative impact of environmental performance on firm value is somewhat mitigated. Third, when the level of the Audit organization is weak, Environmental and Social performance were found to have a negative impact on firm value. Research implications or Originality - This study supports previous research that the impact of ESG performance on firm value varies based on the level of corporate governance and further suggests that the establishment of a Board of directors and the strengthening of the Audit organization should be prioritized to improve corporate value through improving the environmental and social performance of the company.