재무적 제약이 ESG 워싱에 미치는 영향

[Purpose]The aim of this study is to contribute to the successful establishment of Korea－style ESG management by expanding on Zhang’s (2022) research, which examined why companies engage in ESG washing. In this study, we conduct an empirical analysis of the determinants of ESG washing among Korean conglomerates, known as chaebol. [Methodology]To investigate the motivation factors for ESG washing, a multivariate regression was performed, using financial constraints as the independent variable and the ESG washing index as the dependent variable. Furthermore, to analyze the background factors of ESG washing, a hierarchical regression analysis was carried out, including liquidity and leverage as moderating variables, along with an interaction term between them. [Findings]The financial constraint variables did not have a significant effect on ESG washing, while only the firm size variable exhibited a significant negative impact. Additionally, both the liquidity and leverage moderating variables were found to be insignificant. However, for conglomerates with a large firm size, financial constraints may exert a significant positive impact on ESG washing, confirming their potential role as a key determinant. [Implications]By applying the K－ESG evaluation criteria and the K－Score model to representative large corporate groups in Korea, this study provides theoretical and practical implications for establishing an ESG capitalism system that is suitable for the circumstances of Korean companies.