AI 기반 텍스트 분석을 활용한 ESG 정보 공시 가독성이 수출 성과에 미치는 영향 - 글로벌 공급망 관점을 중심으로 -

The introduction of the European Union’s Corporate Sustainability Due Diligence Directive (CSDDD) requires an unprecedented level of non-financial information disclosure from exporting firms. Indeed, ESG has become a new passport for trade. For export companies, transparent disclosure of ESG information has now become a mandatory “license to operate” for survival in the global market, rather than a choice. However, simple information disclosure is insufficient. This is because in international trade, where geographic and cultural barriers exist, convoluted information acts as an invisible regulation that increases search costs for foreign buyers. Accordingly, from a transaction cost perspective, this study investigates whether readable reports reduce communication friction with global partners and lead to tangible export performance. To this end, using AI-based text analysis, we quantified the structural difficulty of reports for KOSPI 200 manufacturing firms from 2021 to 2023 and empirically analyzed its effect on export intensity. The analysis results show that higher readability of ESG reports leads to a statistically significant improvement in export performance. More interestingly, this positive effect of readability appeared much stronger in firm groups that have relatively poor information environments and are smaller in size, thus likely facing greater “liability of foreignness.” This suggests that clear and readable reports operate as an efficient signaling mechanism that drastically lowers information search costs for foreign buyers. This study contributes to the literature by extending the discussion of ESG disclosure from the product market to the global supply chain perspective and proving the economic value of unstructured text data.