기업의 ESG 관리수준이 원가 하방경직성에 미치는 영향

[Purpose]This study empirically analyzes the impact of corporate ESG management levels on cost stickiness. In other words, it verifies whether a ESG management level, which includes environmental, social, and governance, affects the asymmetry of cost fluctuations according to sales fluctuations. [Methodology]This study utilizes the ESG evaluation scores and ratings from SUSTINVEST to measure firms’ ESG management levels, focusing on companies listed on the KOSPI market from 2018 to 2022. The research model is constructed based on the cost stickiness framework proposed by Anderson et al. (2003). [Findings]The empirical results reveal that firms with higher ESG management levels exhibit a stronger degree of cost stickiness, wherein the decrease in selling, general, and administrative(SG&A) expenses during sales decrease is smaller than the increase in SG&A expenses during sales increase. [Implications]This study contributes to the literature by providing empirical evidence on the impact of ESG management on corporate cost behavior. Moreover, it underscores the necessity of considering cost management in ESG strategy formulation and highlights the importance of enhancing the efficiency of ESG activities.