Journal of Korean Society of Industrial and Systems Engineering (산업경영시스템학회지)

Society of Korea Industrial and System Engineering (한국산업경영시스템학회)
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Analysis of Differences in Firm Management Performances Based on ESG Ratings: Focusing on KRX-listed Food Companies

ESG 등급에 따른 기업경영성과 차이 분석: 한국거래소 상장 식품기업을 중심으로

  • Sung-Il Seo (Graduate School of Management of Technology, Pukyong National University) ;
  • Bong-Jae Jin (Credit Rating Department, BNK Kyongnam Bank) ;
  • Woon-Seek Lee (Graduate School of Management of Technology, Pukyong National University)
  • 서성일 (국립부경대학교 기술경영전문대학원) ;
  • 진봉재 (BNK경남은행 신용평가부 CD) ;
  • 이운식 (국립부경대학교 기술경영전문대학원)
  • Received : 2024.07.31
  • Accepted : 2024.09.11
  • Published : 2024.09.30
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Abstract

Recently, ESG(Environmental, Social, Governance) has been recognized as an important factor for the sustainable growth of companies. However, only 14.5% of food manufacturing companies have adopted ESG management. In particular, small and medium-sized enterprises(SMEs) face difficulties in implementing ESG management due to a lack of specialized personnel and resource constraints. The purpose of this study is to analyze the impact of ESG ratings on the management performance of 40 food manufacturing companies listed on the Korea Exchange(KRX) that have been evaluated for ESG. The one-way ANOVA was used and performed on data for 40 food manufacturing companies published by the Korea Institute of Corporate Governance and Sustainability(KCGS) in 2023. The results of the analysis showed statistically significant differences in sales (F=12.936, p<0.001) and foreign ownership (F=7.74, p<0.01) based on ESG ratings. Furthermore, Scheffe's post-hoc analysis indicated that the higher the ESG rating and individual scores, the better the overall management performance. Therefore, it is concluded that food manufacturing companies should continuously invest in and focus on ESG management to secure a competitive advantage in the market and achieve sustainable growth.

Keywords

Acknowledgement

This work was supported by the Korea Institute for Advancement of Technology (KIAT) through the funding provided by the Ministry of Trade, Industry and Energy of the Korean government in 2024 (P0012782, Project for Training Professionals for Convergence Technology Commercialization Expansion).

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