경영자의 의사결정 권한이 ESG경영과 재무성과에 미치는 영향

This study examines the differential impact of managerial decision-making authority on the relationship between ESG (Environmental, Social, and Governance) management and financial performance. Specifically, it analyzes how the effect of ESG management on financial performance depends on whether the manager is the largest shareholder or the sole manager. Using a dataset of firms listed on the Korea Exchange from 2020 to 2023 with disclosed ESG scores, hypotheses were tested through regression analysis. The results revealed that when managers are not the largest shareholders, ESG management positively influences financial performance. However, when managers are the largest shareholders, ESG management does not significantly impact financial performance, suggesting that such managers may opportunistically leverage ESG initiatives. Furthermore, ESG management positively affected financial performance when the manager was not the sole manager but had a non-significant effect when the manager was the sole manager, suggesting that sole managers may prioritize personal gains or fail to execute ESG management efficiently. This study highlights the importance of considering managerial characteristics and opportunistic behavior when formulating ESG strategies and underscores the need for firms to establish appropriate governance structures to maximize ESG benefits.