ESG 투자, 원가하방경직성 그리고 영업성과

This paper examine how ESG (environmental, social, and governance) investments affect cost stickiness and clarifies their impact on cost structures and operating performance. Using data from ESG scores, the findings show that firms with higher ESG scores show greater cost stickiness, particularly in ESG-intensive sectors such as Utilities, Energy, Materials, and Industrials. Environmental and social investments tend to increase fixed costs and thus heighten cost rigidity, whereas governance investments strengthen internal controls and transparency, effectively reducing unnecessary expenses and enhancing cost flexibility. Furthermore, when firms increase their ESG investments, the resulting increase in cost stickiness appears to lower future operating returns, suggesting that a rigid cost structure may reduce firms’ capacity to respond effectively to market shifts. By providing evidence on the spillover effects of ESG performance on corporate cost structures and their linkages to operating outcomes, this study offers valuable insights for firms seeking to formulate effective ESG investment strategies.