ESG 경영이 기업의 효율성에 미치는 영향

[Purpose]This study expects ESG management to contribute to improving corporate value by inducing efficient decision－making by companies, and verifies the relationship between ESG and corporate efficiency. In addition, it analyzes whether the relationship between ESG and the efficiency of the company differs according to the agency problem. [Methodology]With 2015 to 2019 as the research period, a regression analysis was performed using the operating efficiency using DEA and the investment efficiency as dependent variables. [Findings]This study found evidence that ESG improve the operational efficiency of a company, and confirmed that ESG has a positive effect on the investment efficiency as the degree of ownership－control disparity decreases. In addition, in the case of owned management companies, evidence was found that ESG management improves the operational efficiency and investment efficiency of the company. [Implications]This study provides practical implications that market resource allocation can be efficiently carried out through ESG management, and provides additional evidence to previous studies that sound governance alleviates agency problems, and information disclosure on ESG improves transparency in corporate activities.