ESG경영은 벤처기업의 투자유치를 촉진하는가?

This study empirically examines the effect of environmental, social, and governance(ESG) management on venture capital investment using data from the 2023 Venture Business Survey. The findings can be summarized as follows. First, firm sales and firm age exhibit a consistent negative association with investment attraction. This result suggests that as firms grow and accumulate internal resources, their reliance on external capital decreases, thereby reducing the necessity for external investment. Second, firm size, measured by the number of employees, and the extent of intellectual property holdings show a consistent positive association with investment attraction. Specifically, firms with larger workforces and stronger technological asset bases are more likely to attract external investment and to secure larger investment amounts. Third, ESG activities in the social(S) dimension and the adoption of stock option schemes as a governance(G) mechanism are identified as key determinants of investment attraction. Fourth, the standalone effect of the environmental(E) dimension is limited, and the influence of ESG activities is attenuated among firms operating in environmental industries. This pattern indicates that, because environmental firms inherently embed environmentally oriented attributes in their core business activities, ESG initiatives convey less differentiated signals to investors. The robustness of these main findings is further confirmed through additional robustness checks. This study suggests that venture firms need to strategically manage non-financial factors, including ESG practices, to enhance their access to external investment. From a policy perspective, the findings underscore the importance of fostering an investment-friendly ecosystem through measures such as support for ESG disclosure and certification, advisory services for stock option design, and capability-building programs centered on technology and intellectual property.