기업의 ESG 경영활동이 자본비용에 미치는 영향 : 코스닥 기업을 대상으로

[Purpose] The purpose of this study is to analyze the impact of ESG activities of KOSDAQ companies on the cost of capital. This study verifies the impact of ESG activities of KOSDAQ companies, which have a relatively large burden of expenditures and require continuous capital procurement compared to KOSPI companies, on the cost of capital. [Methodology] We studied the relationship between a company's ESG evaluation score and the cost of capital using data from 2013 to 2022. The company's ESG activities were analyzed by dividing them into the overall score and individual score using the ESG evaluation index. The cost of capital was the weighted average cost of capital provided by NICE Credit Information. [Findings] The analysis results showed that the total ESG score and the scores for the social (S) and governance (G) areas had a significant negative (－) relationship with the cost of capital, while the environment (E) section did not show a significant value. This can be interpreted as the more active ESG activities are in all areas of ESG activities except the environment section, the lower the cost of capital. [Implications] The results of this study are believed to have implications for corporate strategy, disclosure departments, related organizations, and the government by analyzing the impact of KOSDAQ companies' ESG activity activism on their cost of capital.