코로나19 팬데믹과 ESG 경영 그리고 경영성과와의 관계

[Purpose] The purpose of this study is to analyze the relationship between ESG management and corporate performance over the entire research period and to examine how this relationship varies across the pre-pandemic, pandemic, and post-pandemic phases of COVID－19. [Methodology] The research period was divided into three phases: the pre-pandemic period(2017－2019), the pandemic period(2020－2022), and the post-pandemic period(2023－2024). The sample consists of manufacturing firms listed on the Korea Exchange(KOSPI) to ensure the homogeneity of the analysis. ESG data were obtained from the Korea Institute of Corporate Governance and Sustainability(KCGS), and financial data were collected from DataGuide. [Findings] For the entire study period, firms with higher ESG ratings showed a positive effect on corporate performance, as measured by both ROA and Tobin’s Q. During the pandemic period, higher ESG ratings were associated with improved ROA compared to the pre-pandemic period. However, in the post-pandemic period, ESG management did not lead to higher ROA or Tobin’s Q than in the pre-pandemic period. [Implications] This study provides important insights by distinguishing corporate performance into accounting performance(ROA) and market performance(Tobin’s Q). Moreover, by structuring the analysis around the COVID－19 pandemic－an event with significant social and economic impact－this study contributes to understanding how the effects of ESG management vary across different economic environments.