KCSI, KNPS, and ESG as Determinants of Financial Performance Before and After COVID-19 : Evidence from 2014–2023 Highlighting KNP’s Dominant Influence

In the context of Korean companies, this study examines the comparative predictive effects of Environmental, Social, and Governance (ESG) performance, Korea Net Promoter Score (KNPS), and the Korean Customer Satisfaction Index (KCSI) on corporate financial performance. Specifically, it analyzes their relationships with key financial metrics—Return on Assets (ROA), Return on Equity (ROE), and the sales-to-assets ratio—across two time periods (pre- and post-COVID-19). To do so, comparative regression analyses were conducted for the pre-COVID-19 and post-COVID-19 periods. The results indicate that prior to COVID-19, higher ESG performance had a significant positive relationship with all three financial metrics, whereas in the post-COVID-19 period, ESG remained predictive only of the sales-to-assets ratio. KNPS exhibited a consistent and significant positive influence on ROE and sales-to-assets across both periods. Meanwhile, KCSI was not a significant factor before COVID-19 but became a significant positive predictor of sales-to-assets and ROA in the post-COVID-19 period. These shifts suggest that customer loyalty and satisfaction (reflected by KNPS and KCSI) have become more influential drivers of corporate performance in the post-COVID-19 economy. This post-COVID-19 realignment in the value of intangible assets underscores the need for firms in Korea to prioritize customer-centric strategies (enhancing satisfaction and loyalty) alongside strong ESG commitments to sustain financial success.