기업의 ESG 활동이 기업가치에 미치는 영향: 파리기후협약과 경영전략의 조절효과를 중심으로

Abstract

The importance of ethical and democratic management of companies is being emphasized as the social evils caused by unethical behavior caused by excessive profit-seeking of companies become extreme. In addition, the importance of corporate social responsibility (CSR) is being highlighted not only as the public's perception of quantitative growth increases, but also the rapid development of social networks and the influence of civic groups or NGOs. Based on Miles and Snow (1978), this study attempts to verify the effect of management strategies on corporate social responsibility activities using Bentley et al. (2015) model. This study used the Korean Enterprise Justice Index (KEJI) to divide each evaluation item into environment (E), society (S), and structure (G), measure each score, analyze the impact of a company's ESG activity on corporate value, and verify the moderating effect of management strategy. As a result of the analysis, it was found that social contribution (S) and governance improvement (G) activities had a positive effect on the corresponding and future corporate value before the Paris Climate Agreement. This is interpreted as a result of social activities that are directly or indirectly related to the company, forming the overall decision-making of the company more reasonably and forming a positive image externally. However, after the Paris Climate Agreement, environmental management (E) was found to have a positive effect on corporate value. This is a result that suggests that the Paris Convention has strengthened the legal and public enforcement of corporate environmental protection, and that it can be helpful for corporate value in the long run. However, environmental management (E) was found to have no significant effect on future corporate value. This is a result that suggests that if you want to enhance corporate value through activities to improve the environment, it should be continuously carried out. Second, as for the leading management strategy, there was no significant moderating effect on the relationship between corporate value for corporate environmental management (E) and social contribution (S), but there was a positive (+) moderating effect on the relationship between corporate value. This is interpreted because ESG activities, such as environmental management and social contributions, may be an obstacle to creative and challenging management activities of leading companies, but improvement of governance can be performed by controlling managers' overly dangerous and aggressive decisions. This study provides implications for companies in making ESG decisions by analyzing whether the impact of a company's ESG activities on corporate value depends on specific environmental and internal factors.