창원 소재 코스피 상장기업의 ESG 경영과 재무성과 영향 분석

This study aims to analyze the impacts of ESG management on the financial performance ofKOSPI-listed companies in Changwon. The ESG management and financial performance ofChangwon's core industries, transportation equipment and machinery, were analyzed and thendivided into Changwon and other regional companies for comparative analysis. The average ofintegrated ESG andgovernance(G) grades was higher in Changwon-based companies for the both industriescombined and the transportation equipment alone in the t-test analysis, but there was nostatistical difference in the average of these variables for the machinery industry alone. And as aresult of the regression analysis, ESG management had a positive effect on operating profitmargins in both integrated ESG and detailed(E, S, G) grades in the analysis of only the bothcombined industries. However, the case of the transportation equipment alone, it was shown thatthese relationships were irrelevant. In addition, there was no difference in the effect of ESGmanagement on financial performance or corporate value in the both industries in comparisionwith companies based in Changwon and other regions. However, the analysis of transportationequipment alone showed that integrated ESG, detailed grades, such as environmental(E), andgovernance(G) showed lower operating margins for Changwon-based companies, but theoperating margin increased as the ESG rating improved. In addition, the improvement of theintegrated ESG and social(S) ratings increased sales growth more. In the analysis of themachinery industry alone, only the governance(G) rating affected the higher sales growth andoperating margin, but the improvement of the governance rating significantly reduced sales growthand operating margin.