비기대 ESG가 투자현금흐름민감도에 미치는 영향

[Purpose]This study verifies whether optimistic investor sentiment due to abnormal ESG, which is not explained by the financial factors of a company, reduces the sensitivity of a company’s investment cash flow. [Methodology]Abnormal ESG was measured according to the Lys et al. (2015) model, and a regression analysis was performed on securities listed companies from 2013 to 2022. [Findings]First, it was found that abnormal ESG increases investment cash flow sensitivity. Second, in the case of defensive strategy companies, abnormal ESG was found to increase investment cash flow sensitivity. Third, in the case of companies engaged in the low－tech industry, it was found that abnormal ESG increases investment cash flow sensitivity. Fourth, when liquidity is low, abnormal ESG was found to further increase investment cash flow sensitivity. [Policy Implications]Discussions on abnormal ESG and corporate risk management are expected to confirm the role of ESG－induced investor sentiment in the capital market and provide strategic implications for corporate ESG policies to develop in the direction of integrating these factors.