다국적기업 현지 자회사의 ESG 경영이 비재무적 성과에 미치는 영향: 재무적 성과의 매개효과를 중심으로

This study examines the relationship between ESG and non-financial performance of Korean subsidiaries of multinational companies entering the Korean market. The purpose is to explore the path between local ESG activities and non-financial performance by analyzing the mediating effect of financial performance in this process. This study attempted to examine the effects of ESG of local subsidiaries by adopting stakeholder theory, institutional duality, and surplus resource theory. As a result of analyzing 138 local subsidiaries of multinational companies operating in Korea, ESG was found to have a significant positive relationship with non-financial performance and financial performance. As a result of analyzing the mediating effect, financial performance was found to significantly mediate the relationship between local ESG and non-financial performance. This study shows that ESG activities performed by local subsidiaries of multinational companies could positively affect on non-financial performance. It also means that the process of carrying out ESG activities can have a significant impact on non-financial performance through improvement of financial performance. These results suggest that the positive function of ESG, which is to improve financial indicators in the path of solving ESG challenges and to obtain non-financial performance in this process, is a proposition that can be realized even from the perspective of local subsidiaries.