ESG가 회사채 수익률 스프레드에 미치는 영향

As global awareness of corporate sustainability has continued to grow, ESG (Environmental, Social, and Governance) factors have become a central component of both policy frameworks and corporate strategies. Many countries, including South Korea, have moved toward mandatory ESG disclosure, reflecting a broader shift toward integrating non-financial information into capital market evaluations. ESG is increasingly viewed not merely as an ethical consideration but as a strategic investment. From an economic perspective, ESG engagement can reduce various risks, enhance corporate resilience, and strengthen relationships with stakeholders. Investors, particularly in the bond market, have begun to incorporate ESG performance into their risk assessments and pricing decisions. While prior research has primarily focused on the relationship between ESG and equity performance, relatively limited attention has been given to how ESG influences the cost of debt. In this context, bond yield spreads provide a market-based indicator that reflects investor perceptions of credit risk more directly than credit ratings or interest expenses. This study examines the effect of ESG performance on corporate bond yield spreads using a sample of Korean manufacturing firms listed between 2011 and 2022. ESG scores were obtained from the KEJI Index, and regression analysis was conducted to evaluate their association with bond spreads. The results reveal a statistically significant negative relationship: firms with higher ESG scores tend to exhibit lower bond yield spreads. All ESG subcomponents demonstrate consistent effects, with no statistically significant differences among them. These findings suggest that investors perceive overall ESG engagement as a signal of lower risk, leading to reduced financing costs. This study contributes to the literature by highlighting the role of ESG in the debt market and providing empirical evidence that ESG performance is reflected in corporate bond pricing.