한국의 ESG 법제와 지속 가능 경영 성과: Refinitiv ESG 점수를 활용한 G7 및 아시아 이머징 국가와의 비교와 정책적 함의

We examine the relationship between Korea’s ESG (Environmental, Social, Governance) legislation and corporate performance by analyzing and comparing the ESG achievements of Korean companies with those of international corporations. Using Refinitiv ESG scores as a global benchmark, we provide a comprehensive and quantitative comparison of Korea’s ESG performance with that of G7 countries and Asian emerging markets. Our findings show that Korea’s overall ESG sustainability score exceeds that of Asian emerging markets and is comparable to G7 countries. Notably, Korea performs exceptionally well in the Environmental (E) dimension, but the Governance (G) dimension emerges as a critical area for improvement due to relatively low scores. Additionally, we review major ESG-related legislation from 2008 to 2023 and suggest potential links between the ESG management performance of domestic companies and the development of legislation across various environmental, social, and governance aspects. Since 2020, the COVID-19 pandemic, coupled with a surge in ESG-related legislative initiatives, has driven substantial improvements in Korean companies’ ESG management, with statistically significant gains in ESG scores. Using cointegration time-series analysis, we demonstrate that Korean companies’ ESG performance is closely linked to the long-term performance of G7 and Asian emerging market firms, reflecting the combined influence of global competitiveness and domestic legislative factors. Our study not only presents the challenges that Korean companies and the must address to advance ESG management and enhance international competitiveness, but also provides new methodologies and information for analyzing the ESG management performance of Korean companies, which are expected to serve as foundational data for future research.