소유구조와 이사회 특성이 ESG 정보공개에 미치는 영향: KOSPI 상장 제조사를 중심으로

In recent years, the social demand for ESG management information disclosure has been increasing due to the intensification of climate change and various social problems. This study analyzes the impact of corporate governance, especially ownership structure and board characteristics, on ESG disclosure in accordance with these changes and social demands. For the empirical analysis of the proposed research model and hypotheses based on agency theory, stakeholder theory, legitimacy theory, signaling theory, and behavioral finance, a negative binomial regression analysis was conducted using data on 242 KOSPI-listed manufacturers disclosed in the Korea Exchange Information Data System. We find that institutional investor ownership strengthens ESG disclosure, but minority ownership weakens ESG disclosure. We also find that the establishment of an ESG committee does not affect the relationship between ownership and ESG disclosure, but the proportion of independent directors mitigates the negative effect of minority ownership on ESG disclosure. These findings provide a comprehensive understanding of the impact of corporate governance on ESG management and disclosure, and provide useful information for the improvement of related systems and corporate responses.