이벤트 스터디 분석을 이용한 관광기업의 ESG 경영이 기업 가치에 미치는 영향

ESG management has emerged as a key issue in corporate valuation during the COVID-19 pandemic. ESG is a new management strategy addressing corporate social roles and environmental issues as crisis management is linked to climate change, human rights, and the environment. The purpose of this study is to examine the impact of tourism companies' ESG management activities on firm value by using event study analysis. More specifically, this study attempted to examine whether the abnormal return of individual tourism firms’ stock prices exists in the ESG grade disclosure period. The sample of 12 tourism companies were selected and they are currently traded in the domestic stock market as casino, travel, aviation, and accommodation industries to derive predictions of tourism company stock prices. The data was collected from the daily stock prices and market index, and the ESG grade data for the four years from 2020 to 2023 was collected from KCGS. The empirical results of this study show that the event of disclosure of ESG management grade for domestic tourism companies has no statistically significant impact on firm’s value in terms of stock return, especially for the abnormal return aspects. In addition, as with the daily stock price response, it has a positive effect after the disclosure announcement date rather than before the disclosure or the disclosure announcement date. Rather than recognizing the ESG management activities of domestic tourism companies as a tool for increasing corporate profits, these results are considered to be more widely recognized as corporate expenditures and thus do not contribute significantly to corporate performance nor to corporate value. In conclusion, it implies that there is a paradox about ESG management performance that does not perform well compared to the efforts or costs invested for ESG management activities.