ESG 평가가 기업가치에 미치는 영향에 대한 연구: 기업의 지배구조 특성을 중심으로

This study analyzes how corporate governance characteristics affect ESG evaluation and corporate valuation based on agency theory and value enhancement theory view using ESG ratings published by the Korea Corporate Governance Service for 5,151 observations of firms listed on the Korean Securities Exchange from January 1, 2011, to December 31, 2020. The main empirical results of this paper are as follows. First, in case of family firms, a negative relationship appears with the ESG integrated rating. In case of a large corporate group (chaebol), it is found that there is a positive (+) relationship with the ESG integrated rating, as opposed to the family business. Second, it is found that ESG ratings have a positive (+) relationship with corporate values, and the cross product terms of family business variables with ESG ratings is confirmed to have a negative (-) relationship with the corporate value, showing that the family business supports the viewpoint of the agency problem theory. Conversely, in case of chaebol firms, the cross product terms of chaebol variable with the ESG rating is found to have a positive (+) relationship with the corporate value, showing that the Korean large corporate group (chaebol) supports the viewpoint of the value enhancement theory.