ESG 활동과 회계적 수익성(ROA)의 관계: 광고활동의 조절효과

This study investigates whether the ESG ratings of Korean listed SMEs influence their accounting-based performance (ROA) and whether advertising expenditure amplifies this relationship as a signaling-based moderator. Using panel data of 369 firms (817 observations) from 2019 to 2021, this study estimates OLS regression models with interaction terms and conducts robustness checks with fixed-effects panel models and cross-sectional models based on three-year averages. The results show that ESG ratings have a significant positive effect on ROA, and advertising expenditure strengthens the ESG-performance relationship. Simple slope and Johnson-Neyman analyses further confirm that the effect of ESG on ROA becomes statistically significant when advertising expenditure exceeds a certain threshold. These findings suggest that ESG activities generate stronger financial outcomes when combined with external communication efforts that enhance signaling power, particularly for SMEs facing greater information asymmetry. This study contributes to the literature by extending ESG research beyond large firms and market-based indicators, highlighting the complementary role of advertising in translating ESG activities into tangible financial performance. Practical implications indicate that SMEs may benefit from integrating ESG initiatives with consistent and credible communication strategies.