신용등급 및 ESG 등급이 기업가치에 미치는 영향에 관한 연구

[Purpose] In this study, as a process to identify entities that can provide investors with higher－quality information on corporate value, we intend to check the relationship between agency rating information and ESG information on corporate value. In addition, since there is distrust of objectivity and reliability in both evaluation indicators, we would like to verify the relationship between the two indicators and corporate value once more through the foreign ownership ratio with capital and information power. [Methodology] This study analyzes the relationship between corporate values through agency ratings and ESG total ratings of KOSPI companies from 2011 to 2020 by comparing standardized regression coefficients. [Findings] First, the higher the ESG rating, the higher the corporate value (TQ), and the higher the AR, the higher the corporate value (TQ). Second, as a result of looking at the standardized beta coefficient, both ESG and AG showed a significant positive (＋) direction with corporate value at the 1% level, but ESG had a greater influence on corporate value. It was found that the AG variable had a greater influence on the corporate value than the variable. Third, as a result of examining the relationship between the interaction variable of ESG×FOR and AR×FOR and the corporate value through a dummy variable for the foreign ownership ratio, in the relationship between the independent variable and the corporate value, the ESG variable shows a greater influence with the corporate value. [Implications] This study has great significance in that it simultaneously compared the two ESG ratings and AR ratings, which have recently become an issue in relation to corporate value.