해외 의존도와 ESG 성과가 기업가치에 미치는 시너지 효과

This study utilizes ESG scores evaluated by the Korea Corporate Governance Service (KCGS) from January 1, 2015, to December 31, 2021, to empirically analyze the impact of ESG performance on corporate value for companies listed on the Korea Exchange (KOSPI). It also examines the moderating effect of foreign dependency on the relationship between ESG performance and corporate value. Foreign dependency is measured using the ratio of exports to total sales and the proportion of foreign investor shareholding. The main findings of this study are as follows. First, companies with high ESG scores exhibited a significant increase in corporate value, suggesting that ESG management extends beyond ethical practice to positively affect financial performance. Second, the positive impact of ESG performance on corporate value was amplified in companies with a high dependency on exports. This underscores the importance of ESG in securing competitive advantages in global markets, providing important insights for companies pursuing sustainable growth. Third, companies with a high proportion of foreign investor shareholding also show a greater impact of ESG performance on corporate value. This indicates that global investors value ESG considerations, suggesting that improvements in ESG performance are internationally recognized as enhancing corporate value. The robustness check using the Price-to-Book Ratio (PBR) maintains consistency with the initial results, confirming that ESG performance has a direct and positive effect on corporate value and that this effect is magnified by external factors such as foreign dependency.