식음료 제조기업의 ESG 활동이 기업성과에 미치는 영향과 시장반응

The purpose of this study is to analyze the effects of environmental, social and governance (ESG) activities on financial performance, firm value and market reaction for food and beverage manufacturing companies. As a result of the analysis, ESG activities of food and beverage manufacturers did not show a significant relationship with the return on equity measuring financial performance, but had a significant positive relationship with the return on sales, indicating that ESG activities affect profitability improvement. In particular, only environmental activities showed a significant positive relationship with return on sales, suggesting that environmental activities among ESG activities of food and beverage manufacturers help improve corporate financial performance. As a result of analyzing the relationship between ESG activities and corporate performance, ESG activities in the environmental and social responsibility reported a significant positive relationship with firm value, and activities related to governance did not report a significant relationship with firm value. These results suggest that food and beverage manufacturers should focus on environmental and social responsibility activities to enhance firm value. As a result of analyzing whether ESG activities are perceived in the capital market, environmental and governance activities did not report a significant relationship with size-adjusted abnormal returns and showed a significant negative relationship with social responsibility activities, which is interpreted as a negative response in the market. It can be interpreted that ESG activities in the environmental area of food and beverage manufacturers help improve financial performance, and environmental and social responsibility activities help improve firm value, but the market does not pay a premium for those ESG activities.