문화기술의 융합 (The Journal of the Convergence on Culture Technology)

  • 제10권6호
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  • Pages.429-436
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  • 2024
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  • 2384-0358(pISSN)
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  • 2384-0366(eISSN)
국제문화기술진흥원 (The International Promotion Agency of Culture Technology)
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ESG와 기업재무성과의 관계에서 R&D와 가시성의 효과의 비선형 분석

A Non-linear Analysis of the Effect of R&D and the Visibility in the Relationship between ESG and Corporate Financial Performance

  • 한명훈 (강원대학교 산학협력단) ;
  • 정헌용 (남서울대학교 경영학과)
  • 투고 : 2024.09.13
  • 심사 : 2024.11.01
  • 발행 : 2024.11.30
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초록

본 연구는 한국 기업을 대상으로 ESG 등급이 기업재무성과에 미치는 영향과 연구개발투자의 매개효과 및 기업 가시성의 조절효과를 선형 및 비선형적으로 분석하였다. 본 연구의 주요한 결과는 다음과 같다. 첫째, ESG 성과가 높으면 기업재무성과가 유의하게 증가하지만 일정 수준을 넘어서면 재무성과가 감소하는 것으로 나타났다. 둘째, ESG 등급이 높을수록 연구개발투자가 유의하게 증가하여 ESG 활동이 기업의 혁신과 연구개발 활동을 촉진하는 것으로 나타났다. 셋째, 연구개발투자는 ESG가 기업재무성과에 미치는 영향을 긍정적으로 매개하는 것으로 나타났다. 마지막으로, 기업 가시성은 ESG가 기업재무성과에 미치는 영향을 긍정적으로 조절하는 것으로 나타났다. ESG 등급과 재무성과 간의 역 U자형의 관계는 과도한 ESG 활동은 비용을 발생시킬 수 있으므로 기업은 최적의 수준을 찾아 지속가능한 ESG 활동을 전개하여야 한다는 것을 시사한다.

This study examines the impact of ESG ratings on corporate financial performance among Korean firma, employing both linear and nonlinear analyses to asess the mediating effect of R&D investments, and the moderating effect of corporate visibility. The key findings are as follows: First, higher ESG ratings were found to significantly increase corporate financial performance; however, beyond a certain threshold, financial performance begins to decline. Second, as ESG ratings increased, R&D investments also significantly increased, suggesting that ESG activities promote corporate innovation and R&D efforts. Third, R&D investments were shown to positively mediate the relationship between ESG and corporate financial performance. Lastly, corporate visibility was found to positively moderate the impact of ESG on financial performance. The inverse U-shaped relationship between ESG ratings and financial performance suggests that excessive ESG activities may incur additional costs. Therefore, firms should identify an optimal level of ESG engagement to sustain financially viable ESG practices.

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