글로벌 기술 기업들의 지속 가능 경영을 위한 노력과 재무 성과에 관한 연구 - ESG 점수와 재무 성과 관계 분석의 관점에서

This study aims to analyze how ESG performance and scores in each of the E (Environmental), S (social), and G (Governance) pillars affect the financial performance of technology companies. Utilizing one of the most widely used ESG data sources worldwide, LESL (previously Refinitiv / Thomson Reuters ASSET4), data from 399 technology companies across fifty-nine countries from 2015 to 2022 were analyzed using fixed effects panel regression. The findings indicate that ESG and ESG Combined scores have a significantly negative impacts on both Return on Assets (ROA) and Tobin's Q. Specifically, the S scores show significant negative impacts on ROAs, and the G scores have significant negative effects on Tobin's Q numbers. This suggests that the efforts of E, S, and G in technology companies might lead to negative economic outcomes in the short term due to the extensive investment and dispersion of resources. Particularly in the era of AI, where data privacy and management are critical, the need for efforts in S and G areas is increasing. These results imply that both companies and governments need to pay more attention and exert more effort in reality, considering the potential negative impacts on economic performance.