ESG가 수익비용대응에 미치는 영향

This study examines the effect of ESG activities on revenue-expense matching. The ESG activity level was measured using the ESG integrated rating and the individual E(environment responsibility), S(social responsibility), and G(governance) ratings announced by KCGS. The sample consists of 5,974 non-banking firm-years that have ESG ratings from KCGS among firms listed in Korea Stock Exchange(KSE) during the period 2012 to 2020. As a result of the analysis, it was found that firms with higher ESG ratings tend to have neutral accounting treatment, while conservative or aggressive accounting treatment decreases. The same result was confirmed in a separate additional analysis that only looked at the relationship between ESG ratings and neutral accounting. It is judged that ESG activities enhance the neutrality of accounting treatment, which is recognized as an attribute of good earnings quality, reduce investors' demand for conservative accounting treatment, and reduce the incentive for management to engage in aggressive accounting treatment. This study has academic contributions and practical implications in that it confirms the positive impact of ESG activities on corporate financial reporting in the current situation where social interest in corporate sustainability management (CSM) and socially responsible investment (SRI) is on the rise.