ESG 성과 피드백이 기업의 내부적과 외부적 탐색 행동에 미치는 영향

This study explores the effects of performance feedback—the discrepancy between aspiration and actual performance—regarding ESG metrics and how they relate to firms’ internal (R&D) and external (acquisition) search behaviors. According to the behavior theory of the firm (BTOF), firms evaluate their performance based on their aspiration levels, and choose their subsequent behavior according to the discrepancy between their actual performance and aspiration. ESG metrics performance has become a prominent pillar in firm evaluation in recent years, and their effects on firm behavior as well as interaction with financial performances have gone largely unstudied. With a sample of 254 publicly listed firms from U.S. materials and energy industry from 2017 to 2021, we find that as the firm ESG performance rises above its aspiration level, it engages in both internal and external search activities. However, firms’ financial performance negatively moderates the relationship between positive ESG performance feedback and internal and external search activities. Results and future research directions on the effects of ESG on firms’ strategic responses are further discussed at the end of the manuscript.