ESG와 지적자본 효율성이 기업가치에 미치는 영향：자원분배전략의 관점에서

[Purpose] ESG and intellectual capital are non－financial factors that contribute to a company’s sustainability and competitiveness. Since the two factors utilize the limited internal resources of the company, an empirical analysis is conducted considering the contention relationship between the two factors from the perspective of resource distribution. Study the impact of ESG activities and intellectual capital on firm value. [Methodology] The study was conducted on listed companies from 2020 to 2024. Intellectual capital was measured using Pulic(2000)’s VAIC(Value Added Intellectual Coefficient) model, ESG level was measured using data from the Korea Institute of Corporate Governance and Sustainability(KCGS), and ROA was used as a proxy for firm value. [Findings] First, ESG was found to have an insignificant relationship with ROA. Second, intellectual capital was found to have a significant positive (＋) relationship with ROA. Third, the interaction between intellectual capital and ESG was confirmed to have a negative moderating effect. This means that if the investment of resources in ESG activities exceeds a certain level, it hinders the performance creation effect of intellectual capital. [Policy Implications] A company’s ESG activities do not necessarily lead to a company’s performance, and a company’s problems of various resource distribution may arise among internal resources. This means that in order to practice sustainable management, it is necessary to establish a strategy for resource distribution that considers a balance between internal resources such as intellectual capital rather than a strategy that prioritizes ESG. The relationship between ESG activities and intellectual capital was approached from the perspective of resource distribution strategies, and policy implications were provided for managers and regulators by analyzing resource distribution structures in sustainable management