기업의 국제화 수준과 ESG 경영성과: KOSPI 상장 제조(자동차, 전자, 화학) 기업을 중심으로

The spread of ESG management and the establishment of relevant systems have become essential management elements for companies aiming to grow into global corporations in the international market. This study aims to suggest strategic implications for domestic companies to achieve a sustainable competitive advantage in the rapidly changing global market. The purpose of this study is to analyze the direct relationship between a company's level of internationalization and its ESG management performance, as well as the relationship between the level of internationalization and the components of the corporate governance structure. To accomplish this, a multi-item aggregate index was developed using single-item metrics of internationalization, such as FSTS, FATA, OSTS, and PDIO. The individual elements of ESG and the detailed components of the corporate governance structure were differentiated as dependent variables. From 2015 to 2019, a panel analysis was conducted on a total of 124 domestic manufacturing companies listed on the KOSPI, including 34 companies in the automobile industry(manufacturing of automobiles and trailers), 37 companies in the electronics industry(manufacturing of electronic components, computer, video, sound and communication equipment), and 53 companies in the chemical industry(manufacturing of chemicals and chemical products excluding pharmaceuticals). The results of the study indicate that the level of internationalization of companies, measured by the multi-item aggregate index, has a positive(+) impact on the performance of corporate governance structure(G). Furthermore, the degree of internationalization of companies has a strong positive(+) influence on the underlying components of corporate governance structure, such as protection of shareholder rights(ownership structure, distribution of management faults, transactions with affiliates) and the board of directors(composition and operation of the board of directors, evaluation and compensation of directors, internal committees of the board of directors). In addition, the interaction between a company's level of internationalization and its ROS-based management performance mitigates the positive(+) relationship between corporate governance structure(G), shareholder rights protection(G1), and the board of directors(G2). As companies expand internationally, interest and investment in corporate governance increase. In other words, a company's effort to maintain its competitiveness in the international market and pursue growth is closely related to the improvement of corporate governance. Therefore, efforts to establish an internationalization strategy to grow into a global company eventually contribute to the improvement of ESG management performance, especially through governance improvement. In the end, improving corporate governance will ensure sustainability and enhance the ability to address global issues.