DOI QR코드

DOI QR Code

ESG(Environmental, Social, Governance)가 발전기업의 성과에 미치는 영향

Impact of ESG (Environmental, Social, Governance) on the Performance of Electric Utilities

  • Ko, Byungguk (Department of Energy Policy and Engineering, KEPCO International Nuclear Graduate School) ;
  • Lee, Kyuhwan (Department of Energy Policy and Engineering, KEPCO International Nuclear Graduate School) ;
  • Yoon, Yongbeum (Department of Energy Policy and Engineering, KEPCO International Nuclear Graduate School) ;
  • Park, Soojin (Department of Energy Policy and Engineering, KEPCO International Nuclear Graduate School)
  • 투고 : 2022.02.23
  • 심사 : 2022.04.11
  • 발행 : 2022.06.25

초록

The environmental, social, and governance (ESG) score is gaining recognition as important nonfinancial investment criteria. With climate change emerging as a global issue, energy companies must pay attention to the ESG impact on corporate performance. In this study, the ESG impact on the performance of energy companies was analyzed based on 23 companies selected from the S&P 500. The panel corrected standard error methodology was used. The Refinitiv ESG score was the independent variable, and financial performance metrics, such as Tobin's Q, return on assets, and return on equity, were the dependent variables. It was found that the ESG score is positively associated with long-term corporate value but not with short-term profitability in the electricity utility industry. Among the subcategories of ESG, the environmental and social scores also showed positive correlations with long-term corporate value. A direct incentive policy is recommended that can offset expenses for ESG activities to reduce carbon emission in the energy sector.

키워드

과제정보

본 연구는 2019년 산업통상자원부의 지원 한국에너지기술 평가원(KETEP)의 에너지신사업글로벌 인재양성사업으로 지원받아 수행한 인력양성 사업 성과입니다(과제번호:20194010000090); 이 논문은 KINGS의 지원을 받아 연구되었습니다.

참고문헌

  1. Kim, J.P., 2021, "ESG revolution is coming", Hans Media, South Korea.
  2. Kim, Y.G., 2020, "Effects of non-financial information disclosure on firm performance and firm value", KERI, http://www.keri.org/web/www/research_0201?p_p_id=EXT_BBS&p_p_lifecycle=1&p_p_state=exclusive&p_p_mode=view&p_p_col_id=column-1&p_p_col_count=1&_EXT_BBS_struts_action=%2Fext%2Fbbs%2Fget_file&_EXT_BBS_extFileId=6391.
  3. Schnietz, K. E., and Epstein, M. J., 2005, "Exploring the financial value of a reputation for corporate social responsibility during a crisis", Corporate Reputation Review, 7(4), 327-345. https://doi.org/10.1057/palgrave.crr.1540230
  4. Jang, S.W., and Kim, Y. H., 2013, "Corporate ESG and long-run financial performance", Korean Financial Management Association, 30(1), 131-152.
  5. Weber, O., 2014, "Environmental, social and governance reporting in China", Business Strategy and The Environment, 23(5), 303-317. https://doi.org/10.1002/bse.1785
  6. Xie, J., Nozawa, W., Yagi, M., Fujii, H., and Managi, S., 2019, "Do environmental, social, and governance activities improve corporate financial performance?", Business Strategy and The Environment, 28(2), 286-300. https://doi.org/10.1002/bse.2224
  7. Jung, M. K., and Kang, W., 2020, "Effect of ESG activities and firm's financial characteristics", Korean J Financ Stud, 49(5), 681-707. https://doi.org/10.26845/kjfs.2020.10.49.5.681
  8. Oh, S.H., and Lee, S.T., 2019, "A study on the relationship between ESG evaluation factors and corporate value", Korean Computers and Accounting Review, 17(2), 205-223.
  9. Alareeni, B. A., and Hamdan, A., 2020, "ESG impact on performance of US S&P 500-listed firms", Corporate Governance International Journal of Business in Society, 20(7), 1409-1428. https://doi.org/10.1108/CG-06-2020-0258
  10. Bradley, B., 2021, "ESG Investing For Dummies", John Wiley & Sons, USA.
  11. BlackRock, 2021, "Larry Fink's letter to CEOs", https://www.blackrock.com/corporate/investor-relations/2020-larry-fink-ceo-letter.
  12. Boffo, R., and R. Patalano, 2020, "ESG investing: practices, progress and challenges", OECD Paris, https://www.oecd.org/finance/ESG-Investing-Practices-Progress-Challenges.pdf.
  13. Zanin, L., 2021, "Estimating the effects of ESG scores on corporate credit ratings using multivariate ordinal logit regression", Empir Econ, 1435-8921.
  14. Wright, P., and Ferris, S. P., 1997, "Agency conflict and corporate strategy: The effect of divestment on corporate value", Strategic Management Journal, 18(1), 77-83. https://doi.org/10.1002/(SICI)1097-0266(199701)18:1<77::AID-SMJ810>3.0.CO;2-R
  15. Jensen, M. C., 2001, "Value maximization, stakeholder theory, and the corporate objective function", Journal of Applied Corporate Finance, 14(3), 8-21. https://doi.org/10.1111/j.1745-6622.2001.tb00434.x
  16. Barnea, A., and Rubin, A., 2010, "Corporate social responsibility as a conflict between shareholders", J. Bus. Ethics, 97(1), 71-86. https://doi.org/10.1007/s10551-010-0496-z
  17. Godfrey, P. C., and Hatch, N.W., 2007, "Researching corporate social responsibility: An agenda for the 21st century", J. Bus. Ethics, 70(1), 87-98. https://doi.org/10.1007/s10551-006-9080-y
  18. Sun, W., Yao, S., and Govind, R., 2019, "Reexamining corporate social responsibility and shareholder value: The Inverted-U-Shaped relationship and the moderation of marketing capability", J. Bus. Ethics, 160(4), 1001-1017. https://doi.org/10.1007/s10551-018-3854-x
  19. Servaes, H., and Tamayo, A., 2012, "The impact of corporate social responsibility on firm value: The role of customer awareness", Management Science, 59(5), 1045-1061. https://doi.org/10.1287/mnsc.1120.1630
  20. Mishra, S., and Modi, S.B., 2016, "Corporate social responsibility and shareholder wealth: The role of marketing capability", J. Mark. 80(1), 26-46. https://doi.org/10.1509/jm.15.0013
  21. Wooldridge, J. M., 2010, "Econometric analysis of cross section and panel data", MA: MIT Press, Cambridge.
  22. Im, K. S., Pesaran, M. H., and Shin, Y.C., 2003, "Testing for unit roots in heterogeneous panels", J. Econom., 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
  23. Pesaran, M.H., 2004, "General diagnostic tests for cross section dependence in panels", IZA Discussion Paper No. 1240.
  24. Beck, N., and Katz, J. N., 2012, "What to do (and not to do) with time-series cross-section data", American Political Science Review, 89(3), 634-647. https://doi.org/10.2307/2082979
  25. Prais, S. J. and Winsten, C. B., 1954, "Trend estimators and serial correlation", Cowles Commission Discussion Paper No. 383, Chicago.
  26. Reed, W. R., and Webb, R., 2010, "The PCSE estimator is good - Just not as good as you think", J. Time Ser. Econom., 2(1).
  27. REFINITIV, "ESG Scores", https://www.refinitiv.com/en/sustainable-finance/esg-scores. (accessed in September 10. 2021)
  28. THETRADE, 2018, "Thomson reuters closes deal with blackstone, rebrands as refinitiv", https://www.thetradenews.com/thomson-reuters-closes-deal-blackstone-rebrandsrefinitiv.
  29. REUTERS, 2010, "Thomson Reuters to Launch next Generation Desktop", https://www.reuters.com/article/thomsonreuters-eikon-idUSN1016161520100913.
  30. Chung, K. H., and Pruitt, S.W., 1994, "A simple approximation of Tobin's q", Financial Management, 23(3), 70-74. https://doi.org/10.2307/3665623
  31. Dimson, E., Marsh, P., and Staunton, M., 2020, "Divergent ESG ratings", The Journal of Portfolio Management, 47(1), 75-87. https://doi.org/10.3905/jpm.2020.1.175
  32. Kotsantonis, S., and Serafeim, G., 2019, "Four things no one will tell you about ESG data", Journal of Applied Corporate Finance, 31(2), 50-58. https://doi.org/10.1111/jacf.12346