ESG경영이 기업가치에 미치는 영향：외국인지분율 매개효과를 중심으로

In order to analyze the effect of ESG management on companies, this study aims to analyze the effect of ESG management on corporate value. Specifically, by analyzing the mediating effect of foreign equity shares on ESG management and corporate value, it is intended to find out the role of foreign investors, who are representative stakeholders, in domestic companies. The results show that ESG variables reported a significant positive coefficient for the corporate value variable, Tobin’s Q. These results mean that the increase in ESG management has a significant positive effect on corporate value. In addition, both ESG variables and the interaction variable with the foreign equity ratio were found to significantly increase the corporate value. It indicates that the foreign equity ratio has an additional positive influence on corporate value. This study provides the following contributions. First, by confirming the role of foreign investors in the relationship between ESG management and corporate value, it provided an opportunity to increase the understanding of the stakeholders of companies that perform ESG management. Second, the scope of existing research was expanded by analyzing the role of foreign investors in relation to ESG management. Third, companies can achieve higher corporate value by actively notifying foreign investors of information on ESG management. Finally, it was suggested that overall ESG management efforts can help attract corporate value and investment.