ESG 활동이 기업성과에 미치는 영향: 균형적 ESG 경영전략의 조절 효과를 중심으로

This study aims to investigate the effect of environmental, social and governance (ESG) on corporate performance, exploring the moderating role of balanced ESG management strategy. This study uses a panel model consisting of variables representing the ESG scores, firm-specific advantages and a interaction of balanced ESG management. The results show that governance is particularly negative on corporate performance. Besides, environmental and social activities are no correlation between Tobin’s Q and financial performance. In Korea, ESG management can be evaluated as a factor that corporate financial performance is still incurring opportunity costs rather than investment benefits. However it was possible to confirm the positive moderating effect of ESG on the relationship between balanced ESG management and financial performance. It was found that high balanced ESG management strategies has a stronger positive effect on corporate performance than low group balanced. The nature of a balanced ESG management strategy can control the optimization of operational mechanisms by considering the interrelationships among ESG activities. Therefore, balanced ESG management was analyzed as strategy that helps improve performance by promoting harmonized operational activities.