지속가능성, 초과이익 및 기업가치 관련성 분석:ESG 성과를 중심으로

[Purpose]This study examines value relevance of firm’s ESG performance through their effect on Ohlson's (1995) abnormal earnings. This study aims to explore whether the information of firm's ESG, together with information from the financial statements, can explain a firm’s market value. However, unlike other present value models, the Ohlson (1995) model uses data obtained from annual financial statements only. The valuation model incorporates both the bottom line items of the two traditional financial statements (accrual earnings from the income statement and net total assets from the balance sheet). The model does however include an ‘other information’ variable that is difficult to specify. [Methodology]This empirical study use ESG performance as a surrogate for the ‘other’ information variable. The role of ESG performance in creating value has become crucial in achieving a competitive advantage in the market. [Findings]Empirical findings support our expectation; i.e. the pricing multiples on the higher of firm’s ESG are greater for firms by capitalizing firm’s sustainability than for firms with the lower. [Implications]This paper argue that if the higher of firm’s ESG performance are more persistent than the lower of it and that market participants evaluate more favorably such firm’s ESG that increase the persistence of abnormal earnings.