국내 상장사의 지속가능성 공시 인증 분석: 인증 현황, ESG 성과 및 기업가치와의 관련성 연구

This study empirically analyzes the current status of external assurance for sustainability reports of publicly listed companies in South Korea. Furthermore, it empirically examines the impact of such assurance on corporate ESG performance and firm value. The study encompasses 548 publicly listed companies that published sustainability reports from 2016 to 2021; 98% of these were KOSPI-listed, and 93% obtained external assurance. Nevertheless, only 6% were certified by the BIG4 accounting firms, and 14% adopted the internationally recognized ISAE3000 assurance standard. A regression analysis of a subset of 431 companies revealed that those with external assurance tended to have higher ESG performance and firm value. These results suggest that external assurance may be linked to improved information credibility and quality. An analysis of the impact of different assurance standards revealed that the AA1000 standard had a positive effect on ESG performance, while assurance from the BIG4 accounting firms was not statistically significant in the overall sample but showed positive effects in environmentally sensitive industries. These results highlight the critical role of external assurance in corporate sustainability strategies and imply a need for policymakers to consider developing assurance schemes for sustainability reports.