재무성과와 ESG경영: 이사회 특성의 조절효과를 중심으로

This study aims to analyze the impact of a company's past financial performance and board characteristics on ESG management, and to specifically examine the moderating effect of board characteristics (proportion of outside directors and female directors) on the relationship between past financial performance and ESG management. The study was conducted from 2020 to 2022, focusing on manufacturing companies whose ESG ratings were disclosed by the Korean ESG Standards Authority. Hypotheses were established and empirically tested through regression analysis.The summary of the research findings is as follows. Companies with lower past financial performance tend to exert more effort in improving their current ESG management, whereas companies with better past financial performance seem to focus less on ESG outcomes. It was observed that companies with higher board independence (ratio of outside directors) and diversity (ratio of female directors) tend to have improved ESG performance. However, in terms of the relationship between past financial performance and ESG management, it was found that board independence positively influences ESG performance. This indicates that a company's approach to ESG management can vary based on its past financial performance, and a strategic board composition can contribute to achieving ESG objectives. This study confirms that board characteristics can play a significant role in decision-making related to ESG management and expands the field of research on determinants influencing the performance of ESG management, highlighting its significance.