ESG 등급이 기업가치에 미치는 영향: 원죄기업의 유무를 조절변수로

This paper examines the relationship between sinful firms and ESG, which has become one of the most important indicators of sustainable management since the 2000s. Also, this paper studies the relationship between these two subjects and firm value. Sinful firms refer to companies which are against social norms and engaged in industries that are highly criticized in the society. Sinful firms have no choice but to use ESG, an intangible asset of a company, for sustainable management. Therefore, ESG is a very important index which can cause not only firm value but also the fate of the company in Sinful firms. This paper conducted a data set based on companies listed on the Korean stock market and composed panel data for a total of 658 companies from 2019 to 2023. As a result of this study, as ESG grades of companies increased, firm value increased, and existence and nonexistence of the sinful firm as a moderating variable has a negative Moderating effect on the relationship between ESG grades and firm value. This study gives academical implications for previous insufficient ESG and sinful firm studies which backgrounds are Korea; Moreover, it provides practical implications for stakeholders in Korean stock market.