기업의 ESG 경영수준이 기업가치 변동에 미치는 영향: 코로나19 대유행 기간의 유가증권시장을 중심으로

[Purpose]This study attempted to provide the implications by demonstrating the influence relationship between the ESG management level of a company and the changes in corporate value during 2020, when the rapid volatility in the capital market was observed due to the COVID－19 pandemic. [Methodology]This study used the change of Tobin’s Q ratio and the change of the market value book value ratio to measure the change in corporate value, which is a dependent variable. the Korea Corporate Governance Institute’s 2020 ESG rating was the substitute of corporate ESG management level, an independent variable. For the empirical analysis, this study performs the univariate analysis between variables, and then performs the multilinear regression analysis that can analyze the mutual functional relationship of two or more independent variables. [Findings]This study confirmed that ESG management levels are in a positive relationship with the change in corporate values in line with the direction and intensity of capital market fluctuations during all the year of 2020 as well as the first quarter of 2020, when the capital markets plummeted due to the COVID－19 pandemic. [Implications]Until recently, the related prior studies reported on the period from the initial plunge in capital markets during the COVID－19 pandemic. This study provided theoretical and practical implications by demonstrating the positive influence relationship between ESG management levels and the change in corporate value not only at the beginning of the COVID－19 pandemic, but also until the fourth quarter of 2020, when capital markets soared thereafter.