정당성 확보를 위한 기로에서 전략적 ESG 경영 탐색: 실질적 및 상징적 행동의 조절효과

Based on stakeholder theory and legitimacy theory, this study investigates the moderating effects of substantive and symbolic actions between legitimacy pressure and a firm’s ESG implementation (especially, ESG practice or ESG washing). As a result of analyzing 358 data points collected from Korean firms, it was confirmed that legitimacy pressure is a driver that significantly affects ESG practice and ESG washing. In addition, this study assumes that substantive action strengthens responsible behavior, thereby amplifying the positive effects of legitimacy pressure on ESG practice and suppressing ESG washing, but unfortunately, there is no statistical significance. On the other hand, symbolic action has been shown to dilute ESG practice efforts and improve ESG washing propensity by focusing on external communication to improve their image. Consequently, this study not only contributes to bridging the gap in existing literature by explaining how legitimacy pressure can lead to fundamentally different justification acquisition paths but also provides a comprehensive theoretical framework that emphasizes the complex dynamics that firms explore to drive stakeholder expectations and sustainable development.