온실가스 고배출 업종의 연구개발투자가 재무성과에 미치는 영향: ESG의 조절효과 중심으로

[Purpose]This study aims to analyze the moderating effect of ESG rating on relationship between R&D investment and financial performance for Korean listed companies in the high GHG emission industries. [Methodology]Upon reviewing previous studies, we ultimately formulated two hypotheses. Industries characterized by high GHG emissions were categorized, and data were gathered from Korean listed companies with ESG ratings. The hypotheses were evaluated through a hierarchical regression analysis with financial performance as the dependent variable, R&D intensity as the independent variable, and ESG rating as a moderating variable. [Findings]The study examined the moderating effect of ESG on the impact of R&D investment on a company’s profitability and growth. It found that only the corporate governance of ESG factors has a significant positive moderating effect. This indicates that good corporate governance plays an crucial role in positively reinforcing the relationship with growth performance and mitigating the negative effect of R&D investment on profitability. [Implications]This study highlights the critical role of governance plays in strengthening the relationship between R&D investment and financial performance in industries with high GHG emissions. It further demonstrates how an effective governance strategy can positively impact a company’s profitability an growth, offering strategic insight for long－term success.