중국 상장기업의 ESG 공시가 기업가치에 미치는 영향: 최고경영자 파워의 조절효과를 중심으로

This research empirically analyzes the impact of ESG disclosure on firm value in Chinese listed companies and investigates the moderating role of CEO power in this relationship. In recent years, companies have increasingly emphasized sustainable management and social responsibility, with ESG disclosure becoming an important strategic tool. ESG disclosure transparently communicates a company’s approach and performance in fulfilling its social responsibilities and pursuing environmental sustainability, playing a crucial role in conveying the company’s long-term value and credibility to stakeholders such as investors and consumers. The growing importance of ESG factors has led to an increased focus on sustainability, making it essential for companies to disclose information related to environmental, social, and governance practices. However, while some studies have shown positive effects of ESG disclosure on firm value, others have found negative or insignificant effects. These inconsistent results suggest that various external, industrial, and internal factors may influence the impact of ESG disclosure on firm value. Notably, managerial characteristics, particularly CEO power, may serve as a significant differentiating factor in determining the quality and quantity of ESG disclosure, which in turn affects firm value. This research analyzes the relationship between ESG disclosure and firm value based on data from Chinese A-share listed companies from 2015 to 2023 and empirically examines the moderating effect of CEO power on this relationship. The results confirm that companies with stronger CEO power tend to experience a more positive impact of ESG disclosure on market value and financial performance. In other words, companies with CEOs who actively promote ESG activities are more likely to see ESG disclosure contribute significantly to long-term growth and competitive advantage. These findings suggest that CEO power is an important moderating variable that enhances the effect of ESG disclosure, highlighting the crucial role of managerial characteristics in driving a company’s sustainable management strategy. Additionally, this research differentiates itself from existing research by demonstrating how managerial characteristics moderate the relationship between ESG disclosure and firm value, providing a deeper understanding of the connection between ESG disclosure and CEO power. Thus, the current research empirically demonstrates the important role of CEO power in maximizing the effects of ESG disclosure and enhancing firm value through strategic decision-making. These results provide valuable insights for future research on the strategic use of ESG disclosure and decision-making in firms.