경영전략과 ESG등급이 투자효율성에 미치는 영향

This study studied the effects of management strategy and ESG rating on investment efficiency. Management strategies were divided into prospector strategies and defender strategies based on the research of Miles and Snow(1978, 2003), and investment efficiency was measured by Biddle et al.(2009). The results of the study are as follows. First, it was confirmed that the management strategy index had a positive effect on investment efficiency. In addition, it was confirmed that prospector strategic companies had a positive effect on investment efficiency, but defender strategic companies had a negative effect on investment efficiency. Second, it was found that the interaction effect between the management strategy index and the ESG rating had a negative effect on investment efficiency. The interaction effect variable between the ESG rating and the prospector strategy index was found to have a negative effect on investment efficiency. In addition, the interaction effect variable between the ESG rating and the defender strategy index was also found to have a negative effect on investment efficiency. This study proved the importance of ESG activities of companies by verifying the interaction effect between management strategy and ESG rating, will provide guidelines necessary for government authorities' policy-making, and will provide useful information for investors' decision-making. In addition, it is expected to help corporate managers continue management activities by suppressing unnecessary investment or overinvestment through ESG activities.