기업 정보환경과 ESG 활동에 관한 연구 = A Study on the Information Environment and ESG Activity

국문 초록 (Abstract)

본 연구는 기업의 정보환경이 환경, 사회 및 지배구조(Environmental, Social, and Governance: ESG) 활동에 미치는 영향을 실증 분석하였다. 구체적으로, 기업의 정보환경은 공정공시 및 정기공시의 정정여부, 사업연도 종료일로부터 연간이익 최초공시일까지의 기간, 불투명성정도, 주식수익률의 변동성을 사용하였다. ESG활동은 한국ESG기준원(KCGS)에서 발표하는 ESG 통합등급 및 개별 E, S, G 등급을 이용하였다. 2012년부터 2021년까지 한국 유가증권시장에 상장된 기업을 분석한 결과, 기업의 정보환경과 ESG 활동 간의 유의한 양의 관계가 있는 것으로 나타났다. 이러한 결과는 기업 정보환경의 수준이 높을수록 조직 내부의 의사결정 투명성이 증대되고 장기적인 기업가치 상승을 계획적으로 수립할 수 있어 ESG 활동 또한 적극적으로 수행하고 있음을 시사한다. 강건성을 확보하고자 기업 정보환경을 불투명성 지수를 이용하여 분석한 결과에서도 주요 분석결과가 일관되게 유지되었다. 본 연구의결과는 ESG와 관련하여 사회적인 관심과 중요성이 강조되고 있는 최근 현 상황에서 다양한 이해관계자들에게 기업의 정보환경을 다각적 측면에서 고려할 필요가 있다는 시사점을 제시하는 데 의의가 있다.

다국어 초록 (Multilingual Abstract)

This study empirically analyzes the impact of corporate information environment on Environmental, Social and Governance (ESG) activities. Specifically, I use absence of disclosure revision (REVISED), earnings announcement speec (DELAY), opacity level (OPACITY), and stock return volatility (VOLA) as proxies of corporate information quality. ESG activities are evaluated using the ESG integrated rating and individual E, S, G ratings announced by the Korea Corporate Governance Service (KCGS). Based on the analysis of companies listed on the Korean stock market from 2012 to 2021, reveals a significant positive relationship between the corporate information environment and ESG activities. This suggests that firms with a high-quality information environment enhance transparency in internal decision-making, strategically plan for long-term corporate value growth, and actively engage in ESG activities. The distinctive aspect of this study lies in its comprehensive empirical analysis of the impact of the firm information environment on ESG activities, diverging from previous research approaches. The significance of the findings in this study lies in their suggestion that, given the current emphasis on social interest and importance related to ESG, various stakeholders should take into account aspects of the firm’s information environment.

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