우크라이나 전쟁 이후 ESG 투자전략 변화와 이론적 해석

This study analyzes the impact of the Russia–Ukraine war—a case of extreme geopolitical shock—on the transformation of ESG (Environmental, Social, and Governance) investment strategies through various organizational theory frameworks. While ESG investments have traditionally been guided by ethical norms and exclusionary screening strategies, the post-invasion landscape revealed a heightened sensitivity to strategic flexibility and evolving societal value systems. Drawing on stakeholder theory, institutional theory, legitimacy theory, resource dependence theory, signaling theory, and the concept of double materiality, the study explores how corporations and investors dynamically restructured their ESG investment approaches in response to external disruptions. The findings indicate that changes in ESG strategy go beyond compliance with ethical norms, representing deliberate adaptive behavior aimed at maintaining social approval and public trust. Among the theoretical lenses applied, legitimacy theory was found to provide the most comprehensive and persuasive explanation of the strategic shifts observed. By highlighting that ESG investment strategies are dynamically reconfigured in response to environmental changes, this research addresses a critical gap in existing ESG literature. Furthermore, it offers practical implications for enhancing strategic flexibility in ESG frameworks, strengthening mechanisms for monitoring shifts in social values, improving the reliability of ESG disclosures, and establishing investment strategies rooted in social legitimacy.