기업 가치와 재무성과의 관련성 연구：투자의사 결정 시 ESG 자료의 효과성

[Purpose] Recently published ESG－related studies, it is investigated that the opposite results appear. Among the research results, the dominant results are that ESG evaluation has a positive effect on corporate value. This study was conducted to examine the results of previous studies using data from the Korea ESG Standards Institute once again and to confirm through empirical verification whether ESG can be valuable data for investment decision－making. [Methodology] This study was conducted using evaluation (rating) data from the Korea ESG Standards Institute and was conducted on companies that received ESG ratings from A＋ to A. Corporate financial data was collected from Fn－guide, and target companies for which data was not available were excluded from the sample. The reliability and validity of the collected data were reviewed, and the hypothesis was verified through regression analysis. [Findings] A quick look at the results shows that, contrary to the results of most papers, there is a significant negative relationship between corporate value (Tobin’s Q) and corporate operating performance (EBIDTA/TA). Additionally, the relationship between corporate value (Tobin’s Q) and financial performance was also found to have a significant negative relationship. Looking at these results, it is judged that the increase in company value due to ESG evaluation has a negative impact on the company’s operating performance and financial performance. [Implications] ESG evaluation (rating) has begun to be recognized as an evaluation tool that replaces a company’s financial statements when making investment decisions. Based on the results of this study, we believe that ESG rating (evaluation) data can act as an incomplete factor in investment decision－making, and investors need to be cautious when using the data.