Industry Promotion Research (산업진흥연구)

Industrial Promotion Institute (산업진흥원)
권호 표지
DOI QR코드

DOI QR Code

A Study on the Effect of Corporate ESG Activities on Business Performance : Focusing on the Moderating Effect of Corporate Values Perception

기업 ESG 활동이 경영성과에 미치는 영향에 관한 연구 : 기업가치관 인식의 조절효과를 중심으로

  • 정진호 (더밸류즈 가치관경영연구소) ;
  • 박현숙 (서울벤처대학원대학교)
  • Received : 2022.04.04
  • Accepted : 2022.04.18
  • Published : 2022.04.30
Download PDF
⟨ Previous Next ⟩

Abstract

This study attempted to investigate how corporate ESG practice affects management performance. To this end, the effect of environmental responsibility activities, social responsibility activities, and governance activities in terms of environment (E), social (S), and governance (G), which are the three elements of ESG, on management performance, mediating organizational effectiveness, and controlling corporate value perception, were empirically analyzed. The analysis results are as follows. First, environmental responsibility activities, social responsibility activities, and governance activities all had a positive (+) effect on management performance. Second, environmental responsibility activities, social responsibility activities, and governance activities all had a positive (+) effect on organizational effectiveness. Third, it was found that organizational effectiveness plays a partial mediating role between environmental responsibility activities, social responsibility activities, governance activities, and management performance. Fourth, it was found that corporate value perception has a moderating effect on environmental responsibility activities and governance activities, excluding social responsibility activities. Therefore, strengthening ESG practice will not only be essential for investment, but also help improve management performance. In addition, the results of this study suggest that ESG education for members should be strengthened to promote ESG practice, and it is necessary to re-establish management strategies so that corporate values reflect ESG.

본 연구는 기업의 ESG 실천이 경영성과에 어떻게 영향을 주는지 규명해 보고자 하였다. 이를 위해 ESG의 3요소인 환경(E), 사회(S), 지배구조(G) 측면의 환경적책임활동, 사회적책임활동, 지배구조활동의 실천이 경영성과에 미치는 영향, 조직효과성의 매개역할과 기업가치관인식의 조절역할에 대해 실증분석 하였다. 분석결과는 다음과 같다. 첫째, 환경적 책임활동, 사회적책임활동, 지배구조활동은 모두 경영성과에 정(+)의 영향을 미쳤다. 둘째, 환경적책임활동, 사회적책임활동, 지배구조활동은 모두 조직효과성에 정(+)의 영향을 미쳤다. 셋째, 조직효과성이 환경적책임활동, 사회적책임활동, 지배구조활동과 경영성과 간에 모두 부분매개역할을 하는 것으로 나타났다. 넷째, 기업가치관인식은 사회적책임활동을 제외하고 환경적책임활동과 지배구조활동에는 조절효과가 있는 것으로 나타났다. 따라서 ESG 실천 강화는 투자를 위해 필수적일 뿐아니라, 경영성과를 개선하는 데도 도움이 될 것이다. 더불어 본 연구의 결과는 ESG 실천을 촉진하기 위해 구성원에 대한 ESG 교육을 강화해야 하며 기업가치관이 ESG를 반영하도록 경영전략을 재정립하는 것이 필요함을 시사하고 있다.

Keywords

References

  1. Shin Cho, "Is ESG a fad or a sustainable future?", March 30th, Chosun Ilbo article, 2022.
  2. Mun-Su Park, Jin-Hyeong Seo, "An analysis of the real estate value influenced by the characteristics of ESG management", Journal of the Korea Real Estate Management Review, 24, 2021. pp.245-271, 2021. https://doi.org/10.37642/JKREMR.2021.24.11
  3. Yun-Na Park, Sang-Lin Han, "The Effect of ESG Activities on Corporate Image, Perceived Price Fairness, and Consumer Responses", Korean Management Science Review, 50(3), pp.643-664, 2021. https://doi.org/10.17287/kmr.2021.50.3.643
  4. UNEP Finance, "Changing course: a Comprehensive Investor Guide to Scenario-based Methods for Climate Risk Assessment." United Nations Environment Programme Finance in response to the TCFD, 2019.
  5. Jae-Hyung Min, Bum-Seok Kim, "Is ESG Effort a Normative Proposition for Sustainability? An Analysis of Different Effects of Firms' ESG efforts by Their Respective Financial Status", Korean Management Science Review, 36(1), pp.17-35. 2019. https://doi.org/10.7737/kmsr.2019.36.1.017
  6. A. McWilliams, D. Siegel, "Corporate Social Responsibility: A Theory of the Firm Perspective", The Academy of Management Review, 26(1), pp.117-127, 2001. https://doi.org/10.5465/AMR.2001.4011987
  7. M. Orlitzky, F. L. Schmidt, S. L. Rynes, "Corporate Social and Financial Performance: A Meta-analysis, Organization Studies", SAGE Publications, 24(3), pp.403-441, 2003.
  8. J. Galbreath, D. Charles, E. Oczkowski, "The Drivers of Climate Change Innovations, Evidence from the Australian Wine Industry", Journal of Business Ethics, 135, pp.217-231, 2016. https://doi.org/10.1007/s10551-014-2461-8
  9. P. Wright, S. Ferris, "Agency Conflict and Corporate Strategy: The Effect of Divestment on Corporate Value", Strategic Management Journal, 18(1), pp.77-83, 1997. https://doi.org/10.1002/(SICI)1097-0266(199701)18:1<77::AID-SMJ810>3.0.CO;2-R
  10. S. H. Teoh, I. Welch, C. P. Wazzan. "The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott", The Journal of Business, 72, pp.35-89, 1999. https://doi.org/10.1086/209602
  11. Seung-Jae Oh, "ESG Management and the Role of Outside Directors in Korean Listed Companies", Yonsei Law Journal, 37, pp.401-433, 2021. https://doi.org/10.33606/YLA.37.12
  12. Kyong-Ran Seo, "The role of finance to promote ESG management of SMEs", Global Financial Review, 2(2), pp.171-204, 2021. https://doi.org/10.51265/GFR.2021.2.2.171
  13. Jae-Hyung Min, Bum-Seok Kim, Seung-Yin Ha, "The Relationship between Firms' Environmental, Social, Governance Factors and Their Financial Performance : An Empirical Rationale for Creating Shared Value", Korean Management Science Review, 32(1), pp.113-131, 2015. https://doi.org/10.7737/KMSR.2015.32.1.113
  14. Mi-Na Jo, Dong-Hyun Lee, "The Impact of CEO's Values System and Employee's Awareness, Sympathy on Organizational Performance", Journal of Digital Convergence, 14(12), pp.95-103, 2016. https://doi.org/10.14400/JDC.2016.14.12.95
  15. Ho-Chang Shin, Sun-Wook Yoo, "A Comparative Study on Employee Communication between Two Companies with Different Cultural Background: Shared values, clarity in work and communication campaign", Journal of Public Relations, 8(2), pp.125-161, 2004.
  16. S. Azizi, V. Markizadeh, "Strategic priorities of Iranian companies: an application of mission statement content analysis", Management&Marketing, 9(4), pp.471-482. 2014.
  17. Bong-Ju Han, "The Mediating Effect of Job Satisfaction and Organizational Commitment on the Relationship between Organizational Culture, Leadership Styles, and Organizational Citizenship Behaviors: A Focused on Public Institutions for their Advancement", Korean Journal of Public Administration, 47(3), pp.165-199, 2009.
  18. Hong-Sang Jeong, "3C Organizational Management Effectiveness Model", Korean Public Administration Quarterly, 23(1), pp.219-245, 2011.
  19. S. L. Gillan, A. Koch, L. T. Starks, "Firms and social responsibility: A review of ESG and CSR research in corporate finance", Journal of Corporate Finance, 101889, 2021.
  20. M. M. Mirrales-Quiros, J. L. Miralles-Quiros, L. M. Valente Goncalves, "The value relevance of environmental, social, and governance performance: The Brazilian case", Sustainability, 10(3), pp.574-589, 2018. https://doi.org/10.3390/su10030574
  21. KPMG Samjong Accounting Corp, "What should companies prepare for the rise of ESG?", Samjong Insight, 74, 2021.
  22. Gun-Suk Chai, "ESG(Environmental.Social.Governance) Ratings on Institutional Investors' Trading Behaviors", Graduate School of Catholic University, Doctoral Thesis, 2020.
  23. J. Hill, "Environmental, Social, and Governance(ESG) Investing : A Balanced Analysis of the Theory and Practice of a Sustainable Portfolio", Academy Press, 2020.
  24. Won-Sup Cho, Sam Ho Son, "The Impacts of Market Orientation Effects Business Performance Hotel Industry", Journal of Tourism Sciences, 31(2), pp.339-358, 2007.
  25. N. Venkatraman, V. Ramanujam, "Measurement of Business Performance in Strategy Research: A Comparison of Approaches", Academy of Management Review, 11(4), pp.801-808, 1986. https://doi.org/10.5465/AMR.1986.4283976
  26. Bong San Go, Se Jung Yong, Sang Cheon Lee, "An Empirical Study on the Determinants of New Venture Performance", Journal of Entrepreneurship and Venture Studies, 6(2), pp.3-33, 2003.
  27. Hye-Sook Won, Jung-Hwa Hong, Jin-Hwa Cha, "An Effect on Business Performance of S&M Business CEOs' Enterpreneurship", The Journal of Business Education, 29(1), pp.309-340, 2015.
  28. E. H. Schein, "Organizational Psychology", Englewood Cliffs, N. J.:Prentice-Hall, 1970.
  29. Oun-Seop Do, "The Analysis of the Research Trends about the Relation between Organizational Culture and Organizational Effectiveness: Focusing on the field of Public Administration", Korean Institute of Public Affairs, 43(3), pp.75-95, 2005.
  30. J. L. Price, "Organizational Effectiveness : An Inventory of Propositions", Homewood, III. : Richard D. Irwin, 1968.
  31. J. Pfeffer, "Competitive Advantage Through People: Unleashing the Power of the Work Force", Harvard Business School Press, Boston, 1995.
  32. S. P. Robbins, A. J. Timothy, "Organizational Behavior" 15th ed. Englewood, Cliffs, N. J. : Prentice-Hall, 2011.
  33. D. R. Denison, "Corporate Culture and Organizational Effectiveness", New York: John Wiley and Sons, 1990.
  34. Soon-Ae Park, Hyun-Joo Oh, "Performance-Oriented Systems and Organizational Effectiveness", Korean Public Administration Review, 40(4), pp. 225-252, 2006.
  35. Chang-Kil Lee, "The Comparative Effects of Clan and Innovation Subculture on Job Satisfaction, Organizational Commitment and Job Involvement", Korean Society and Public Administration, 18(2), pp.51-74, 2007.
  36. Bong-Ju Han, "A Study on the Effect of Organizational Culture of the Organization on Employee Job Satisfaction and Organizational Commitment Using Hierarchical Linear Model(HLM): a Focus on the Comparison of Approach to Levels of Analysis", Journal of Organization and Management, 36(3), pp.169-199, 2012.
  37. E. A. Locke, "The Nature and Cause of Job Satisfaction", In Marvin D. Dunnette. Handbook of Industrial and Organizational Psychology. Illinois, Chicago: Rand McNally & Company, 1976.
  38. Eun-Kyung Han, Byung-Ryong Bae, "A Path Analysis of Interpersonal Conflicts in Hospital Organizations", The Journal of Korean Policy Studies, 12(4), pp.651-677, 2012.
  39. P. M. Senge, "The fifth discipline: The art and practice of the learning organization". Crown Pub, 2006.
  40. E. Schein, "The role of the founder in creating organizational culture", Organizational Dynamics, Summer, pp.13-28. 1983.
  41. Jun-Hyuck Park, Jang-Ho Choi, Yeon-Ang Jeong, "Relationship of Personal and Organizational Value with Job Performance: The Mediating Role of Organizational Commitment and Organizational Citizenship Behavior", Korean Corporation Management Review, 56, pp.207-226, 2014.
  42. Ji-Yeon Dang, Yoon-Soo Choy, Young-Hoon Kim, "A study of Mission statements for strategic management - Focusing on the tertiary care hospitals in korea and special functioning hospitals in Japan-", Korea Journal of Hospital Management, 18(1), pp.70-87, 2013.
  43. P. Mirvis, B. Googins, S. Kinnicutt, "Vision, mission, values: guideposts to sustainability", Organizational Dynamics, 39(4), pp.316-324, 2010. https://doi.org/10.1016/j.orgdyn.2010.07.006
  44. Sung-Cheol Jeon, Mi-Na Jo, Baek Yang, Jin-Ho Jung, "Value Based Management", SAM&PARKERS, 2013.
  45. P. R. Niven, "Balanced scorecard step-by-step: maximizing performance and maintaining results", John Wiley & Sons, 2002.
  46. J. C. Collins, J. I. Porras, "Building your company's vision", Harvard Business Review, 74(5), pp.65-77, 1996.
  47. G. Friede, T. Busch, A. Bassen, "ESG and financial performance: Aggregated evidence from more than 2000 empirical studies", Journal of Sustainable Finance and Investment, 5(4), pp.210-233, 2015. https://doi.org/10.1080/20430795.2015.1118917
  48. Jin-Uk Kim, Sung-Gon Chung, Cheong-Kyu Park, "Corporate Social Responsibility and Financial Performance", Journal of Korea Academia-Industrial cooperation Society, 14(11), pp.5,588-5,593, 2013.
  49. Sang-Hui Oh, Seung-Tae Lee, "A Study on the Relationship between ESG Evaluation Factors and Corporate Value", Korean Computers and Accounting Review, 17(2), pp.205-223, 2019.
  50. Wook-Bin Lim, "Effect of Non-Financial Information on Firm Performance : Focusing on ESG Score", Korea International Accounting Review, 86, pp.119-144, 2019. https://doi.org/10.21073/kiar.2019..86.006
  51. Geun-Hye Oh, Pyeong-Ku Yun, Sung-Mo Kang, "The Effects of Ethical Management to Firm Value and Financial Performances in Korea", Institute for Insurance and knowledge Myong Ji University, 10(3), pp.3-27, 2012.
  52. Kang-One Jung, "A Study on the Relationship between Corporate Social Responsibility and Financial Performance", Korean Review of Corporation Management, 11(1), pp.15-34, 2020. https://doi.org/10.20434/kricm.2020.02.11.1.15
  53. Sung-Taek Cho, "The Effect of Environmental Performance on the Profitability of Enterprisel, Journal of Environmental Policy and Administration, 25(2), pp.87-105, 2017. https://doi.org/10.15301/jepa.2017.25.2.87
  54. Soo-Yeol Lee, Su-Jin Lee, "Effect of corporate ESG perception of courier service workers on job satisfaction and service quality", Journal of Korean Society for Quality Management, pp.13-53, 2021. https://doi.org/10.7469/JKSQM.2020.48.1.13
  55. Hye-Won Park, Ju-Hee Hahn, "A Study on the Effect of CSR on Employees' Organizational Commitment and OCB", Journal of Organization and Management, 35(3), pp.115-140, 2011.
  56. Hae-Ryong Kim, Hyoung-Tark Lee, "Effects of CSR Fit on CSR Associations: Focusing on Employee-Company Identification", korean management review, 39(4), pp.881-905, 2010.
  57. In-Sung Lee, Jong-Sup Choi, "Impact of Hotelier's CSR Recognition on Role Behavior and Organizational Citizenship Behaviors", International Journal of Tourism and Hospitality Research, 24(4), pp.321-336, 2010.
  58. Dae-Hyok Youn, "An Effect Of The Cognition Of Sustainability Management On Employees Job Attitudes", Journal of Human Resource Management Research, 18(3), pp.179-201, 2011.
  59. Young-Soon Kim, Hyun-Soo Kim, "A Study on GWP Management and Performance in Accordance with the Type of Service Industry", Journal of Service Research and Studies, 5(2), pp.51-70, 2015. https://doi.org/10.18807/JSRS.2015.5.2.51
  60. Sang-Mi Cho, E. Michalle, M. Barak, "Understanding of Diversity and Inclusion in A Perceived Homogeneous Culture:A Study of Organizational Commitment and Job Performance among Korean Employee", Administration in Social Work, 32(4), pp.100-256, 2008. https://doi.org/10.1080/03643100802293865
  61. Yung-Jin Park, So-Sik Hong, "The effect of incentive system on organization-based self esteem, job involvement and management performance of resort employees", Journal of Hospitality and Tourism Studies, 21(3), pp.98-112, 2019.
  62. D. A. Harrison, D. A. Newman, P. L. Roth, "How important are job attitudes? Meta-analytic comparisons for integrative behavioral outcomes and time sequences", Academy of Management Journal, 49, pp.305-326, 2006. https://doi.org/10.5465/AMJ.2006.20786077
  63. W. B. Werther Jr, D. Chandler, "Strategic corporate social responsibility", Los Angeles, Sage, 2011.
  64. Sang-Hoon Oh, "The Effect of Corporate Social Responsibility (CSR) Activities on Perceived Financial Performance of Members - Focused on Mediating Effects of Organizational Commitment, Management Innovation, Productivity", Graduate School of Seoul Venture University, Doctoral Thesis, 2019.
  65. Ki-Geun Kim, Myung Moon, Yoon-Hyung Cho, "The Effects of Perceived Organizational Vision on Attitude Toward Organizational Change - The Role of Organizational Trust as a Mediator -", Journal of Human Resource Management Research, 20(3), pp.115-143, 2013. https://doi.org/10.14396/jhrmr.2013.20.5.115
  66. Soo-Jung Lee, Jeong-Koo Yoon, "Janus Effects of Corporate Social Responsibility", Korean management review, 40(4), pp.919-954, 2011.
  67. Young-Hak Koh, "An Empirical Study for the Effect of the Application of Green Management on Management Performance in Small & Medium-sized Enterprise(SME)", Graduate School of Incheon National University, Doctoral Thesis, 2014.
  68. Huyn-Soog Jang, "The Effect of Organizational Social Capital on the Performance of Social Enterprise : Focusing on governance", Graduate School of Keimyung University, Doctoral Thesis, 2019.
  69. Yoon-Hyung Cho, Sun-Mi Lee, "The Effect of Perceived Vision Salience and CSR Legitimacy on Banker's Customer Orientation : The Mediating Effect of Service Self-efficacy", Productivity Review, 34(2), pp.3-29, 2020. https://doi.org/10.15843/kpapr.34.2.2020.6.3
  70. Jong-Pil Woo, "Concept and understanding of structural equation models", Hannarae, 2017.
  71. Byung-Ryul Bae, "Theory and practice of moderating and mediating effects analysis", CRbooks, 2018.