지속가능보고서 기반 기후변화 대응 ESG 지표 개발 연구: 공기업과 사기업 비교를 중심으로

This study aims to structurally analyze corporate responses to climate change using sustainability reports and to develop ESG indicators centered on climate change responses. To this end, a total of 418 sustainability reports published by 21 public enterprises and 22 private enterprises in Korea were collected and analyzed using text mining techniques. Based on climate-related keywords extracted from the reports, corporate climate change responses were classified into four categories: climate awareness, mitigation, adaptation, and strategy and governance. Category-level indicators were constructed by applying normalized keyword frequencies and weighted scores. The results show that corporate climate change responses are generally concentrated on mitigation activities; however, significant structural differences are observed between public and private enterprises. While public enterprises tend to emphasize mitigation-oriented implementation, private enterprises exhibit a more integrated response structure that includes adaptation and strategy and governance. Furthermore, the relationship between ESG components and financial performance (ROA) varies depending on firm type and time lag, suggesting that ESG activities do not necessarily translate into immediate financial outcomes. Overall, this study provides empirical evidence for the development of climate change response based ESG indicators using sustainability report analysis.