기업의 사회적 책임 활동이 위험회피에 미치는 영향

The purpose of this study is to analyze the impact of corporate social responsibility activities on corporate risk. Recently, managers are trying to maximize corporate profits through sustainable management rather than insisting on unconditional profit maximization. Accordingly, many companies are interested in social responsibility activities, and the need for such activities is emerging. In this study, we verify how a company's social responsibility activities affect the risks that a company may face when it fails to fulfill or defaults on its obligations through the relationship between the company's ESG evaluation index and credit rating. The ESG evaluation index was divided into the overall score and E (environment), S (society), and G (governance) scores to empirically analyze the relationship with credit ratings. As a result of the analysis, the total ESG score and the scores in the society (S) and governance (G) areas showed a significant positive (+) relationship with the credit rating, but a significant negative (-) relationship in the environment section. This can be interpreted that companies that are more active in ESG activities in all areas except the environmental sector have a lower risk of default. This shows that as companies actively engage in ESG activities, their transparency and reliability increase and the risk of default decreases. The results of this study are believed to have implications for organizations and governments that disclose and manage the scores by examining the results of a company's ESG activities.