ROESG와 ESG 브랜드가 기업성과에 미치는 영향에 관한 연구

Purpose - The aim of this study is to confirm the impact of ROESG and ESG brand on corporate performance such as Tobin’s Q and sales growth rate. Design/methodology/approach - This study verifies the effects of ROESG and ESG brand on corporate performance using panel regression analysis. ROESG is defined as the interaction between ESG ratings and ROE. ESG brand is defined as whether or not included in the “Hankyung Top 100 ESG brand”. And T-Test was additionally performed. Findings - The results of this study show that both ROESG and ESG brand have a significant effect on Tobin’s Q. However, the ESG brand has the highest significance. Therefore ESG brand is the most useful in explaining Tobin’s Q. But only ROESG has a significant positive (+) effect on the sales growth rate. The results of the T-Test show that when ROESG and ESG brand values are large, financial factors are all better. Research implications or Originality - This study aimed to overcome the limitations of prior studies and to expand the scope of ESG study. Therefore, we empirically analyzed the impact of ROESG and ESG brand on corporate performance and derived implications. In this study, ROESG and ESG brand has more significant positive impact on corporate performance than KCGS(Korea Institute of Corporate Governance and Sustainability) evaluation, confirming the need for developing new ESG indicators. In particular, this study has important difference from prior studies by confirming the complementarity between ROESG and ESG brand.