한국ESG기준원(KCGS) ESG 평가자료 활용 연구동향과 평가․부여 방식에 따른 해석 유의사항

This study conducts text mining and a methodological review of domestic social science papers that utilize ESG rating data from the Korea ESG Standards Institute (KCGS). The text－mining results show that KCGS－related research clusters into six major topics, including corporate governance, firm value, financial performance, and sustainable management. In addition, we examine prior studies based on KCGS rating outcomes by analyzing differences in sample periods, focal variables, and methods of transforming rating indicators. Even for the same ESG evaluation indicator, the rating system, classification system, and industry classification vary by sample period, requiring careful interpretation of the results. Furthermore, most papers use a method of assigning differential scores based on the evaluation indicator’s grade, often using ESG scores as the evaluation indicator. Even in these cases, careful interpretation is necessary across sample periods, and analysis using dummy variables, or in combination with other methods, is recommended. This study’s contribution lies in its systematic examination of ESG assessment methods through an analysis of prior domestic social science research on ESG, utilizing data from the Korea ESG Standards Institute (KCGS). By analyzing ESG assessment methods and highlighting key considerations based on data from KCGS, one of Korea’s leading ESG assessment agencies, this study contributes to establishing consistency in the domestic ESG assessment system.