지속가능경영활동의 가치관련성에 관한 연구

[Purpose] This study analyzes whether Corporate Sustainability Management is the decisive factor of firm value. Corporate Sustainability management is the activity that aims to continuously improve firm value by considering non－financial performance such as environmental protection activities, social contribution activities, and ethical management etc. along with financial performance. [Methodology] This study aims to empirically analyze whether non－financial performance of Corporate Sustainability Management provides additional explanation to information on earning and book value using the Ohlson (1995) model. ESG evaluation model of the Korea Corporate Governance Service(KCGS) were used as a proxy for Corporate Sustainability Management activities. The empirical analysis was conducted on securities of listed companies from 2011 to 2018, when the ESG evaluation model was adopted. [Findings] Followings are the findings of the study. First, the result of both integrated and each categories of ESG evaluation model such as E (Environment responsibility), S (Social responsibility) and G (Governance), showed that there are incremental explanatory power and significant positive relationship with firm value. Second, the result of integrated and each categories of ESG evaluation model differs according to the size and financial stability of the company. In the case of integrated ESG evaluation, a small and financially stability company has the highest leverage on firm value. Furthermore, in the case of each categories of ESG evaluation, E, S, and G all showed significant positive relevance and incremental explanatory power if the company is large and financially stability company, whereas E and S had significant positive relevance and incremental explanatory power, but G was not significant if the company is large but financially unstable companies. In the case of small companies, regardless of financial stability, S and G showed a positive relationship with the firm value, and the incremental explanatory power was also significant, but not with E. [Policy Implications] This study is based on the analysis of the relevance of Corporate Sustainability Management activities and firm value, suggesting that Corporate Sustainability Management activities are important factors for improving firm value, as recognized by the practice.