지방자치단체의 재정자립도와 투표율이 ESG 환경 성과에 미치는 영향

Recently, ESG (Environmental, Social, and Governance) management has emerged as a core concept for sustainable development worldwide. As a result, ESG has become an important policy agenda not only for corporations but also at the central government and local government levels. This study aims to analyze whether the environmental performance within the ESG outcomes of local governments is influenced by their fiscal independence ratio and voter turnout. The rationale for examining these two factors lies in identifying whether financial determinants (e.g., fiscal autonomy) or political determinants (e.g., electoral participation) play a more critical role in achieving policy-targeted environmental outcomes. This analysis seeks to provide actionable insights for enhancing environmental performance in local governments’ ESG management. Using year fixed-effects models while controlling for confounding variables, the empirical analysis shows a statistically significant and robust association between local governments’ ESG environmental performance and their fiscal independence ratio. In contrast, no meaningful relationship is observed between voter turnout and environmental outcomes. The findings underscore that improving the fiscal independence ratio of Korean local governments should be prioritized in policy design to strengthen environmental performance within their ESG frameworks. This suggests that financial capacity-building measures, rather than politically driven initiatives, are more effective for advancing sustainability goals at the municipal level.