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Is ESG Effort a Normative Proposition for Sustainability? An Analysis of Different Effects of Firms' ESG efforts by Their Respective Financial Status
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기업의 ESG 노력은 지속가능경영의 당위적 명제인가? 기업의 재무상태에 따른 비재무적 책임 향상 노력의 차별적 효과

논문 기본 정보

Type
Academic journal
Author
Jae H. Min (서강대학교) Bumseok Kim (지방공기업평가원)
Journal
The Korean Operations Research and Management Science Society KOREAN MANAGEMENT SCIENCE REVIEW Vol.36 No.1 KCI Accredited Journals
Published
2019.3
Pages
17 - 35 (19page)
DOI
10.7737/KMSR.2019.36.1.017

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Is ESG Effort a Normative Proposition for Sustainability? An Analysis of Different Effects of Firms' ESG efforts by Their Respective Financial Status
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Research history (3)

2019

Is ESG Effort a Normative Proposition for Sustainability? An Analysis of Different Effects of Firms’ ESG efforts by Their Respective Financial Status
Jae H. Min ,  Bumseok Kim KOREAN MANAGEMENT SCIENCE REVIEW 2019.03 Academic journal

2018

기업의 ESG 노력은 지속가능경영을 위한 당위적 명제인가?
민재형 ,  김범석 한국경영과학회 학술대회논문집 2018.04 Proceeding
기업의 ESG 노력은 지속가능경영을 위한 당위적 명제인가?
민재형 ,  김범석 대한산업공학회 춘계공동학술대회 논문집 2018.04 Proceeding
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Abstract· Keywords

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This study figures out the relationship between firms’ non-financial performance, such as the environment, social, and governance factors, and their short-term as well as long-term values by their respective financial conditions. For the empirical tests, we divide the sample firms into four groups based on their financial status and non-financial performance, and conduct a series of regression analyses and the following Duncan groupings. For the response variables, we employ stock annual log returns as the proxy of a firm’s short-term value, and Tobin’s Q ratios as that of its long-term value. The results of the study show that the firm’s non-financial performance has a negative (-) effect on their short-term value. Moreover, when the firm’s financial status is not in good shape, it is advised that they should, in the first place, make an effort to improve their financial performance rather than to improve their non-financial one since the former is more effective to increase their long-term value than the latter. When the firm’s financial status is in good shape, however, it is shown that their effort to improve non-financial performance provides them with additional value beyond their financial performance. This study overcomes the limitations of previous studies lacking in considering the firm’s individual financial soundness, and provides a realistic guidance for the firms to pursue corporate social responsibility and their respective sustainability.
#Environment #Social #Governance #Sustainability #Corporate Social Responsibility #Financial Status

Contents

Abstract
1. 서론
2. 이론적 배경
3. 실증 분석
4. 실증분석
5. 결론
참고문헌

References (49)

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김동철 / 2007 / 기업수익성과 경영자의 경영위험 선택 / 관리회계연구 7(2):69~88 dbpia 김범석 / 2016 / 기업의 ESG 노력과 재무성과의 선후행 관계: 탐색적 연구 / 한국생산관리학회지 27(4):513~538 dbpia 김병균 / 2012 / 중국진출 한국기업의 사회적 책임(CSR)에 관한 사례연구 / 국제경영리뷰 16(3):235~265 google schola 김정교 / 2016 / 기업의 사회적 책임활동(CSR)이 기업위험에 미치는 영향 / 국제회계연구 (70):93~128 dbpia 김종대 / 2016 / 성공적 CSR 전략으로서 CSV에 대한 평가 / Korea Business Review 20(1):291~320 dbpia

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