ESG의 관심도에 따른 정보효과에 관한 연구

The purpose of this study is to verify whether the disclosure of ESG performance fluctuations actually has an information effect using the trends function provided by Google to distinguish between high and low interest in ESG, and to verify that the impact varies depending on the interest in ESG. The conclusion of this study is as follows. First, as a result of analyzing the information effect of ESG performance disclosure through case studies, it was found that ESG performance disclosure had an information effect. It was found that the disclosure of an increase in ESG performance had a positive (+) disclosure effect, and the disclosure of a decrease in ESG performance had a negative (-) disclosure effect. Second, as a result of conducting an analysis of the average difference between CARs in the period of high interest and low interest in ESG, it was found that there was a difference in CARs according to interest. Third, as a result of conducting a regression analysis for the entire period using individual companies' CARs, an increase in environmental rating had a positive (+) effect, and a decrease in governance rating had a negative (-) effect, indicating that ESG performance disclosure had an information effect. Fourth, as a result of conducting a regression analysis on the period of high interest and low interest, it was found that a decrease in integration grade and a decrease in governance grade had a negative (-) effect on the period of high interest, and an increase in governance grade had a negative (-) effect on the period of low interest, indicating that the information effect of ESG performance disclosure differs depending on the interest in ESG. The contribution of this study is that the disclosure of ESG performance fluctuations has an asymmetric information effect and that the impact is different depending on the interest of ESG.