ESG 평가등급 변동이 기업의 재무적 성과에 미치는 영향: 광고선전비 조절효과를 중심으로

[Purpose]This study examines the impact of ESG ratings on corporate financial performance and the role of consumer perception. [Methodology]This study empirically analyzed the hypothesis using ESG evaluation ratings from KCGS, stock price fluctuation rate from KRX information data system, and financial indicators (return on equity, sales, advertising expenses) obtained from corporate disclosures. The sample included 582 companies rated by KCGS from 2017 to 2021. [Findings]The empirical analysis results show that an increase in ESG integrated rating and S,G evaluation rating positively impact a company’s financial performance. However, an increase in E rating has a negative effect. Furthermore, an increase in advertising expenses positively moderate the influence of ESG integrated rating and S, G evaluation rating on a company’s financial performance. [Implications]This study conducted longitudinal research (2017－2021) to investigate the impact of individual rating increases, beyond the ESG integrated rating, on a company’s financial performance. It stands out from previous studies by integrating consumer perceptions, making it highly valuable and distinct. From a corporate perspective, the study provided evidence for effectively allocating and utilizing limited resources in the process of formulating ESG management strategies. It also emphasized the importance of consumer perceptions regarding ESG management.