ESG 정보의 공시유인 ：자발적인가, 정당화인가?

[Purpose] The significance and demand of ESG information has been increasing in recent period as it influences investors’ decisions. To answer to such demand, this study investigates whether Korean listed companies disclose ESG information voluntarily or to wash. Furthermore, we suggest a possible direction regulators could consider in setting appropriate ESG disclosure system for Korean market. [Methodology] Probit regression is performed using 106 environmentally superior and limited firms. Firms listed in KOSPI and KOSDAQ in 2019 were sorted into environmentally superior and limited firms based on the average carbon compensation ratio from the previous three years. Furthermore, we examine whether incentives for ESG information disclosure differ by firms’ ability to respond to environmental matters using hand－collected data from annual financial statements and corporate websites. [Findings] This study finds the higher the level of ESG response, the higher the probability of disclosure of ESG information. Results reflect that a voluntary disclosure mechanism based on market discipline is operating for ESG information, and suggests that the benefits of mandatory disclosure may not be significant. On the other hand, in the case of environmental marginal companies, which have a significantly low capacity to internalize social costs, the probability of disclosure of ESG information is low and incentives for disguised disclosure are likely to be expanded, even though the possibility of future resource leakage related to climate change and energy conversion is high. It is judged that countermeasures to suppress inducement are necessary. [Policy Implications] This study analyzes the incentives of companies to disclose ESG information in a situation where the demand for information on corporate ESG activities is rapidly increasing due to climate change response and the spread of responsible investment, and at the same time, based on the results of empirical analysis, the study has academic and policy implications in that it suggests an incentive-compatible design of Korea’s ESG disclosure system.