ESG 등급과 원가비대칭성에 관한 연구

[Purpose] This study empirically analyzes the relationship between ESG(Environmental, Social, and Governance) management and cost asymmetry in firms. The primary goal is to investigate how a firm’s ESG rating affects cost asymmetry and to determine whether changes in ESG ratings(upgrades or downgrades) intensify or mitigate cost asymmetry. [Methodology] The research sample consists of 6,721 firm-year observations from non-financial firms listed on the KOSPI market during the period 2012－2024. Cost asymmetry was measured using three proxies：selling and administrative expenses, operating expenses, and operating expenses before depreciation. The analysis employed the logarithmic model proposed by Anderson et al.(2003). [Findings] The results show that a higher ESG rating is associated with mitigated cost asymmetry. This effect was consistent across all three sub-factors：Environmental, Social, and Governance. While changes in ESG ratings influenced cost asymmetry, the direction of this influence was mixed. Specifically, upgrades in individual ESG factors tended to intensify cost asymmetry, whereas downgrades tended to mitigate it. [Implications] This study contributes to the literature by clarifying the relationship between ESG management and cost structure, using multiple proxies for cost asymmetry, and providing empirical evidence on the effects of ESG rating changes. However, the study is limited in that it cannot fully explain the mixed directional effects of ESG rating changes and does not account for industry-specific differences. Future research should address these limitations by incorporating industry characteristics and more detailed factors.