경영자 특성이 ESG 성과에 미치는 영향

This study examines the impact of CEO characteristics on firms’ Environmental, Social, and Governance (ESG) performance. As ESG has emerged as a key indicator of corporate sustainability and competitiveness, identifying its determinants has become increasingly important. ESG strategy is not merely a non-financial activity but a strategic decision shaped by the CEO’s values, authority, and leadership structure. Accordingly, this study classifies CEO characteristics along two dimensions: (1) single-CEO and Co-CEO, and (2) owner-CEO and professional CEO, and analyzes their effects on ESG performance. The sample consists of non-financial firms listed on the KOSPI and KOSDAQ from 2014 to 2023. CEO data were manually collected from the “Executive Status” section of annual reports, and ESG performance was quantified using the Korea ESG Standards Institute (KCGS) ratings. The empirical results reveal, first, that firms with a single-CEO structure exhibit higher ESG performance than those with a co-CEO structure, suggesting that the expected benefits of shared leadership—such as enhanced expertise, mutual monitoring, and governance—may be undermined by strategic misalignment, diluted accountability, and decision-making delays. Second, professional CEO firms outperform owner-CEO firms in ESG performance. This may be because owner-CEOs tend to view ESG as a cost or as a regulatory compliance measure, prioritizing private benefit protection and control, whereas professional CEOs are more likely to actively pursue ESG initiatives due to performance-based incentives, reputation management, and stakeholder relationship considerations. Third, this pattern persists across leadership structures, with professional CEO firms consistently outperforming their owner-CEO counterparts.