유통물류 기업의 ESG 경영활동이 재무성과에 미치는 영향 연구: 내생성 고려한 패널 2SLS 분석 적용

The purpose of this study is to examine the impact of ESG management activities on the financial performance of distribution and logistics companies in South Korea. By using stakeholder theory as a foundation, the study evaluates ESG management activities, considering endogeneity within the ESG-performance relationship through the simultaneous relationship between these variables. This empirical study focuses on distribution and logistics companies listed on KOSPI and KOSDAQ. The instrumental variable selected represents the company's sustainable purpose, which, while not directly influencing financial performance, reflects the company's commitment to ESG practices. The study finds significant relationships between ESG activities and financial performance, with each component of ESG showing distinct effects. This research provides practical insights for distribution and logistics companies, indicating that ESG activities can contribute to enhanced financial performance. The results suggest a need for management support in promoting ESG practices, addressing the industry's current lack of preparedness for ESG demands. Academically, the study contributes by applying stakeholder theory to ESG activities and addressing endogeneity in the ESG-performance relationship, which has often been overlooked in domestic studies.