ESG 활동과 기업의 경영성과에 대한 국외 연구동향

Research on ESG activities has increased rapidly through the COVID-19 pandemic, and the research results also reveal the positive or negative effects between ESG activities and management performance in various areas and aspects. However, previous studies have not yet unified opinions on the relationship between ESG activities and corporate management performance. Domestic research also has limitations in generalizing the results of the target company by industry, long-term and short-term, and detailed ESG items. It is necessary to examine the trends by meta-analysis of recent domestic and foreign literature. In this paper, ESG and management performance were examined, especially focusing on recently published overseas research papers. The analysis confirmed that ESG management activities have not only a direct but also indirect impact on corporate performance. In addition to simple financial performance, ESG was analyzed to have a significant impact on various aspects, such as the relationship between ESG practices and debt costs, the relationship between corporate risk taking, the effect of suppressing managers' misconduct, the relationship with corporate default risks, the relationship with bond credit spreads, the relationship with trade credit finance, and the moderating effect of corporate controversy and ESG practices. While the existing ESG research trend analysis studies were external analysis using text mining or keyword network analysis, this study is meaningful in that the trend was analyzed based on the content. However, I think a separate study is needed for the overall trend of the research method and domestic research trend.