ESG 평가등급이 재무성과에 미치는 영향: 기업규모의 조절효과를 중심으로

This study analyzes the impact of Environmental, Social, and Governance (ESG) ratings on corporate financial performance, while also examining the moderating effect of firm size. Using data published by the Korea ESG Standards Institute from 2017 to 2023, the study sets high-rated and low-rated ESG groups as independent variables and uses ROE (Return on Equity), PER (Price-Earnings Ratio), and Tobin’s Q (long-term corporate value) as dependent variables. The analysis reveals that the high-rated ESG group shows a statistically significant positive effect on ROE, while no significant differences were observed for Tobin’s Q and PER. Firm size also acts as an important moderator between ESG ratings and financial performance, with larger firms demonstrating higher financial performance for high-rated ESG companies. Furthermore, to analyze nonlinear relationships, AI analytical techniques were applied. The XGBoost model improved the explanatory power for ROE in low-rated ESG companies, but still showed low explanatory power for Tobin’s Q and PER. This study suggests that while ESG ratings have a positive impact on corporate financial performance, this effect is not consistent across all financial indicators. Additionally, the differential effects of ESG activities based on firm size highlight the need for policy support to facilitate ESG adoption by small and medium-sized enterprises (SMEs).