기업 정보환경과 ESG 활동에 관한 연구

This study empirically analyzes the impact of corporate information environment on Environmental, Social and Governance (ESG) activities. Specifically, I use absence of disclosure revision (REVISED), earnings announcement speec (DELAY), opacity level (OPACITY), and stock return volatility (VOLA) as proxies of corporate information quality. ESG activities are evaluated using the ESG integrated rating and individual E, S, G ratings announced by the Korea Corporate Governance Service (KCGS). Based on the analysis of companies listed on the Korean stock market from 2012 to 2021, reveals a significant positive relationship between the corporate information environment and ESG activities. This suggests that firms with a high-quality information environment enhance transparency in internal decision-making, strategically plan for long-term corporate value growth, and actively engage in ESG activities. The distinctive aspect of this study lies in its comprehensive empirical analysis of the impact of the firm information environment on ESG activities, diverging from previous research approaches. The significance of the findings in this study lies in their suggestion that, given the current emphasis on social interest and importance related to ESG, various stakeholders should take into account aspects of the firm’s information environment.