기업의 ESG/CSR 활동이 경영 성과에 미치는 영향 메타 분석

This paper conducts a meta-analysis using approximately 300 primary studies from both domestic and international sources to examine the impact of ESG/CSR activities on four types of corporate performance indicators. The analysis applies three methods: meta analysis without covariates, meta regression analysis with covariates, and the HOPIT model, which accounts for uncertainty in interpreting primary study results. Overall, ESG/CSR activities tended to have a more positive impact on corporate performance than a negative one. However, the conclusions varied depending on which performance indicators were used. Among the indicators, Tobin’s Q and ROA showed the most significant and positive effects from ESG/CSR activities. There were also differences depending on the type of ESG activities: while environmental (E) activities had a positive impact, social (S) activities, in particular, had a relatively stronger positive influence. International studies identified a greater contribution of ESG/CSR activities compared to domestic ones. In addition, methodological factors—such as whether panel data estimation methods were used and whether various firm characteristics were controlled for—also significantly influenced the estimated contribution of ESG/CSR activities. Our study emphasizes the need for future research to account for the endogeneity of ESG/CSR activities themselves, given that the extent and nature of such activities are endogenously determined by factors like industry structure, inter-firm relations, market share, and technological conditions.