ESG가 운송기업의 재무성과 및 기업가치에 미치는 영향 분석

This study empirically examined the impact of ESG factors on financial performance and firm value in the transportation industry and further analyzed inter-industry differences through comparison. The analysis was based on 885 observations from 177 listed firms between 2020 and 2024. ESG performance was measured by converting the ratings of the Korea Institute of Corporate Governance and Sustainability (KCGS) into numerical values. Financial performance was categorized into profitability (OPM, NI, ROE), activity (CTR), stability (DebR), and firm value (PBR). Panel regression analysis was then applied to examine the relationships. The results indicate that, in the transportation industry, ESG factors are not significantly associated with profitability. However, the environmental (E) factor positively affects activity, while the governance (G) factor contributes to improvements in stability and firm value. By contrast, in the electronics, pharmaceuticals, retail, chemical, and transportation equipment industries, the effects of ESG are inconsistent across indicators and sectors and, in some cases, even negative. These findings suggest that ESG is more closely related to efficiency, financial soundness, and market credibility than to short-term profitability. These findings indiate that ESG is more closely related to asset utilization efficiency, financial soundness, and market credibility than to short-term profitability. This relationship is particularly evident in the transportation industry, confirming ESG's role in promoting long-term value creation. Such evidence further suggests that, due to the capital-intensive and publicly engaged nature of the transportation industry, which is closely tied to environmental regulation, traffic safety, and labor conditions, ESG serves not as a peripheral activity but as a core managerial strategy. However, given the limited direct linkage between ESG and profitability, policy support should focus on enhancing firms’ activity, stability, and value.