ESG 평가 불일치가 기업성과에 미치는 영향: 한국ESG기준원과 서스틴베스트를 중심으로

As ESG becomes more important, many ESG rating agencies are disclosing diverse ESG ratings. These ESG ratings can vary depending on scope, weights, and measurement. The greater the difference between rating agencies, the more likely investment and corporate management will be disrupted. This study empirically verified of ESG rating difference according to ESG institutions. Therefore, we confirm the impact of ESG rating difference on corporate performance, such as Tobin’s Q and ROA. The subjects of this study are listed companies with ESG evaluation results from the KCGS(Korean Institute of Corporate Governance and Sustainability) and Sustinvest, this study period is from 2021 to 2024. The empirical results of this study are as follows. First, the KCGS and Sustinvest ESG grade do not change significantly depending on the year, and the correlation between the ESG grades of the two institutions is also high. Second, ESG rating difference has a significant impact on corporate performance, such as Tobin’s Q and ROA. Third, the change in the Sustinvest ESG grade has a significant impact on corporate performance. This study confirmed the high significance of the difference between ESG agencies, and in order to expand the scope of ESG study. This study confirmed that corporate size can be useful in calculating ESG rating, and simultaneously using ESG rating difference to provide more useful information for expanding ESG study. Also this study suggest that a management strategy that actively utilizes various ESG information is effective.