외국인 투자와 ESG 활동이 기업의 신용등급에 미치는 영향- KOSDAQ 기업을 중심으로 -

[Purpose] The purpose of this study is to examine the effects of foreign ownership and ESG activities on corporate credit ratings. Since the abolition of restrictions on foreign ownership of listed shares in 1998, the proportion of foreign investors in Korean firms has steadily increased, and foreign ownership has come to be interpreted as an important source of information in capital markets. In addition, as non-financial information has become increasingly important alongside financial information, ESG activities have emerged as a representative form of non-financial information. This study investigates how these factors influence corporate credit ratings. [Methodology] This study conducts an empirical analysis to examine whether foreign ownership affects corporate credit ratings. In addition, it empirically analyzes whether ESG activities exert an additional effect on credit ratings. Corporate credit ratings are obtained from Korea Investors Service, and ESG performance is measured using ESG scores published by the Korea ESG Standards Institute. [Findings] The empirical results show a significant positive relationship between foreign ownership and corporate credit ratings, indicating that firms with higher levels of foreign ownership tend to have higher credit ratings. Furthermore, when ESG activities are incorporated into the analysis, firms with both higher foreign ownership and more active ESG engagement are found to have higher credit ratings compared to firms with lower foreign ownership and weaker ESG performance. [Implications] The findings of this study provide evidence on the combined effects of foreign ownership and ESG activities on corporate credit ratings, with a particular focus on KOSDAQ-listed firms. Given that access to external financing is especially critical for KOSDAQ firms, the results offer meaningful implications for corporate financing and credit evaluation.