ESG 경영과 실물 이익조정 간의 관련성에 최대주주지분율이 미치는 조절효과

This study analyzes the effect of the largest shareholder's equity ratio on the relationship between a company's environmental, social, and governance (ESG) activities and real profit adjustment. From 2012 to 2023, real profit adjustments for companies listed on the Korean securities market were measured for abnormal operating cash flow (abCFO), abnormal production cost (abPROD), and abnormal discretionary cost (abDISC). As a result of the analysis, ESG activities were found to generally have the effect of suppressing real profit adjustment, especially in terms of social responsibility (S) and governance (G). On the other hand, the environmental (E) factor showed insignificant results in its relationship to real profit adjustment. In companies with a high shareholder equity ratio, real profit adjustment tends to increase by adjusting production costs and discretionary costs, suggesting that the largest shareholder can affect the internal governance structure of a company through ESG activities. This study empirically reveals that the largest shareholder's equity ratio plays an important role in controlling the relationship between ESG activities and real profit adjustment. As a result, we suggest that a strategy is needed to strengthen the company's internal governance control system and to increase accounting transparency.