기업의 ESG 노력은 지속가능경영의 당위적 명제인가? 기업의 재무상태에 따른 비재무적 책임 향상 노력의 차별적 효과

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.