S&P500 기업의 ESG 활동이 재무성과에 미치는 영향: ROA, ROE, EPS를 중심으로

This study investigates how Environmental, Social, and Governance (ESG) activities affect the financial performance of firms listed on the S&P 500 index. Amid growing interest in sustainable and responsible investment, it is critical to understand the financial implications of ESG engagement. Employing robust regression analysis, the study evaluates how total ESG scores and individual ESG components affect three key financial performance indicators: Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS). This study uses cross-sectional data from 2024 for S&P 500 firms, with industry-sector dummy variables included to control for sector-level differences. A significant negative association was observed between total ESG scores and the financial indicators ROA and ROE, suggesting that heightened ESG activity may temporarily hinder financial performance. In contrast, no statistically significant relationship was observed between ESG scores and EPS. Examination of ESG components indicates that Environmental and Social scores have significant negative effects on ROA and ROE, whereas Governance scores show no significant impact on any indicators. These findings suggest that ESG initiatives, although valuable for long-term reputation and value creation, may not yield immediate financial benefits. Therefore, firms should prioritize long-term, industry-specific ESG strategies over short-term financial gains.