• Journal of Digital Convergence
• /
• v.19 no.12
• /
• pp.175-182
• /
• 2021

Focusing on the recently announced "KOSPI 200 ESG Index," this study intends to examine whether the "KOSPI 200 ESG Index" has any relevance to stock prices. Specifically, it was empirically analyzed whether companies included in the KOSPI 200 ESG index showed average abnormal return and cumulative average abnormal return of stock prices due to incorporation into the index. As for the research method, the case study was conducted using the return by the market model using the coefficient estimated by the OLS for the normal expected return. The study results are summarized as follows. First, the initial incorporation of a company into the KOSPI 200 ESG index showed significant positive(+) average abnormal return and cumulative average abnormal return. Second, the incorporation of a company into the KOSPI 200 ESG index showed significant positive(+) average abnormal return and cumulative average abnormal return. Through this study, it was confirmed that investors in the market are aware of ESG indicators as non-financial information, not just financial information. In addition, it can be said that the contribution of this study to the fact that investors perceive ESG index as information for investment. This study differs in that it uses the latest ESG index, but at the same time, it has limitations in that the study period is short and the study sample is limited.

• Journal of the Korea Society of Computer and Information
• /
• v.29 no.5
• /
• pp.155-164
• /
• 2024

This study proposes an unsupervised learning-based clustering model to estimate the ESG ratings of domestic public institutions. To achieve this, the optimal number of clusters was determined by comparing spectral clustering and k-means clustering. These results are guaranteed by calculating the Davies-Bouldin Index (DBI), a model performance index. The DBI values were 0.734 for spectral clustering and 1.715 for k-means clustering, indicating lower values showed better performance. Thus, the superiority of spectral clustering was confirmed. Furthermore, T-test and ANOVA were used to reveal statistically significant differences between ESG non-financial data, and correlation coefficients were used to confirm the relationships between ESG indicators. Based on these results, this study suggests the possibility of estimating the ESG performance ranking of each public institution without existing ESG ratings. This is achieved by calculating the optimal number of clusters, and then determining the sum of averages of the ESG data within each cluster. Therefore, the proposed model can be employed to evaluate the ESG ratings of various domestic public institutions, and it is expected to be useful in domestic sustainable management practice and performance management.

• Asia-Pacific Journal of Business
• /
• v.11 no.2
• /
• pp.207-233
• /
• 2020

Purpose - The purpose of this paper analyzes the relationship between the Corporate Social Responsibility(CSR) and Corporate Value to estimate whether the characteristics of Firm can change this relationship. Design/methodology/approach - This paper utilizes the total 776 firms' data over the period 2014-2018, and develops a new ESG index which was estimated by PCA. Findings - First, the estimated ESG index implies that Large company has the highest value of CSR, while Medium sized and Small company have the relatively low one. And comparing to the case of 2014, the trend of ESG index in Large company does not decrease in 2018. Second, there is a clear and significant non linear relationship between CSR and corporate value, it implies that the U-shaped exists in the Korean Firms. Such a tendency is mush stronger in the Large company. Third, the new ESG index indicates that it takes more time to increase Firm value in the Medium sized and Small company while there is a high possibility of increasing value in Large company from the little gab between the threshold points and mean value of ESG. Research implications or Originality - The non linear tendency between the Corporate Social Responsibility and Corporate Value is strongly affected by Firm size and the relative high quintile of ESG, but it is less affected by Firm history.

• Journal of the Korean Society for Library and Information Science
• /
• v.57 no.1
• /
• pp.309-338
• /
• 2023

As awareness of social and environmental issues increases due to the gust of ESG management, interest in ESG management is increasing, and the influence of ESG evaluation is getting stronger, and libraries need to participate in ESG management evaluation. In order to apply ESG management to libraries, library ESG evaluation indicators must be developed. Therefore, this study attempted to comprehensively examine ESG management evaluation indicators of public institutions, including companies, and propose ESG management evaluation indicators applicable to libraries. To this end, it went through the process of investigating and analyzing ESG-related prior research, deriving preliminary evaluation indicators for libraries, collecting expert FGI opinions, developing primary library ESG evaluation indicators based on expert FGI opinions, and) examining the suitability of primary library ESG evaluation indicators. Finally, a total of 25 items were selected in the environmental area, a total of 56 items in the social area, and a total of 32 items in the governance area. In future studies, it is necessary to conduct ESG management evaluation for libraries based on this indicator.

• The Journal of the Convergence on Culture Technology
• /
• v.9 no.3
• /
• pp.239-247
• /
• 2023

As an industry that serves as a greater catalyst for social and cultural exchange than any other industry, the tourism industry has a strong responsibility toward sustainable management in economic, social, and environmental respects. However, there is a low level of awareness for ESG(environmental, social, governance), and as of now, only companies whose parent company is a large corporation are interested in ESG. Moreover, tourism companies taking part in ESG only focus on the environmental field of ESG. Thus, the present study attempted to understand the current status of ESG research in the tourism field and, based on this understanding, offer a field of research urgently in need. Based on the research results, the study found that awareness studies on the type of ESG management that stakeholder groups take into consideration must take place in advance in order to understand and develop ESG for the tourism industry. Additionally, ESG evaluation variables that reflect the characteristics of the tourism industry must be developed. Lastly, strategies and techniques that objectively disclose ESG management activities are necessary based on a disclosure strategy presented by GRI(Global Reporting Initiative).

• Journal of Korea Port Economic Association
• /
• v.38 no.2
• /
• pp.31-47
• /
• 2022

The purpose of this study is to develop a reliable tool that can classify and measure detailed indicators related to the performance of ESG implementation in the country and verify their applicability. Based on World Bank's data as input data, 67 types of ESG-related detailed indicators measured in a total of 239 countries were tested to derive an optimal model that could group detailed indicators into three categories: environment, society, and governance. As a result of the analysis, it was confirmed that a total of 10 detailed indicators had a statistically significant relationship with the country's ESG performance. In addition, the detailed indicators showed a positive correlation with the primary latent variables E, S, and G, and showed a high overall index in the suitability of the model to secure the validity and reliability of variable input. As a result, this study confirmed that several detailed performance indicators constituting ESG can be classified as latent variables, and it can be said that clear criteria for the selection method and input validity of variables were presented.

• Journal of the Korean Institute of Gas
• /
• v.27 no.2
• /
• pp.16-24
• /
• 2023

ESG (environmental, social, governance) management is being introduced with the goal of sustainable development of the company in risk management, which identifies and judgement various risks that may occur in the industry. In the future, ESG evaluation will be used more as a value judgment tools for corporate sustainability. This ESG evaluation was used to manage the company's accident prevention level. Through morphological analysis of the current ESG evaluation system, it was found that the quantitative 'safety evaluation index' available in ESG was insufficient through analysis of safety evaluation items. In this study, domestic and foreign industrial accident data was analyzed, 'accident contributing factors' that required intensive management were derived, and major safety management items that needed supplementation were selected based on the results. ESG safety evaluation indicators were developed through the process of optimizing the selected items into evaluation factors suitable for 'accident prevention management'.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.1
• /
• pp.191-211
• /
• 2022

As the value of highly sustainable companies increases, ESG(Environmental, Social, and Governance) has emerged as the biggest topic of discussion for companies around the world. In addition, as domestically, more research is being done on ESG in line with global trends, it is necessary to examine ESG research trends. Accordingly, ESG academic papers that have been published for the past 10 years were collected for each year, and frequency analysis was conducted using text mining techniques regarding key themes and thesis titles. This paper analyzed the number of selected publications by year and the cumulated number of studies through bibliometric analysis. The findings suggested that the number of ESG papers is increasing each year and that academic interest in ESG-related issues continues to abound. Next, according to the results of frequency analysis of the keywords and titles of the research papers, the words- "ESG", "company", "society", "responsibility", "management", "investment", and "sustainability"- were extracted. This analysis identified the research fields and keywords that have been relevant to ESG in the past 10 years. As a result of comparing the major ESG issues presented in recent overseas studies and the common factors of the ESG key keywords presented in this study, it was confirmed that the environment is the focus of recent studies compared to previous studies. Third, it was found that the data used by domestic ESG studies mainly include the KEJI index, the KRX index, and the KCGS ESG evaluation index. After identifying the main research subjects of ESG papers, research found that 8 out of 152 domestic ESG studies were focused on SMEs. Through this study, it was possible to confirm the ESG research trend and increase in research, and future researchers divided the research topics and research keywords and presented basic data for selecting more diverse research topics. Based on both, the arguments of previous ESG studies conducted on SMEs and the results of this study, there is a lack of studies on guidelines for ESG practice and their application to SMEs, and more ESG research regarding SMEs will need to be conducted in the future.

• Knowledge Management Research
• /
• v.22 no.4
• /
• pp.87-101
• /
• 2021

ESG Investment is emerging as a trend and common sense in the financial market. ESG Investment is an investment method that simultaneously pursue social sustainability and investment returns from a long-term perspective by reflecting non-financial factors such as environment, society and governance in addition to corporate financial performance in investment decisions. This study checked how the characteristics of ESG investment have been changed after Covid-19. Afterwards, it was confirmed that Covid-19 actually acted as a negative factor in the securities market by applying VAR model. At the same time, it was demonstrated that ESG indices of the US and Korea outperformed their benchmark in terms of return and risk during the pandemic regime. The result of this study hints that the importance of ESG investment will be unchanged after Covid-19. At the same time, it suggests that managers should avoid passive ESG management and engage in strategic ESG management based on knowledge management.

• Asia-Pacific Journal of Business
• /
• v.13 no.4
• /
• pp.79-89
• /
• 2022

Purpose - The purpose of this study was to examine the impact of ESG rating changes of companies listed in Korean Stock Exchange on stock returns. Design/methodology/approach - This study collected prices and ESG ratings of all the companies listed on the Korea Composite Stock Price Index. Based on yearly change of ESG ratings we grouped companies as 2 portfolios(upgrade and downgrade) and calculated portfolios' return. Findings - First, the difference in returns between upgraded and downgraded portfolios is small and statistically insignificant. Second, however, in the COVID-19 period (2020 ~ 2021), the upgraded portfolio outperforms the downgraded portfolio by 0.7 percentage points per month. The difference in returns between upgraded and downgraded portfolios is statistically significant after controlling for the Carhart four factors. Lastly, there are much higher volatility when the ESG rating changes are made of companies with low levels of ESG ratings. Research implications or Originality - This study is the first to examine the impact of ESG rating changes on stock returns in Korea. Furthermore, the findings can serve as a reference for managers who want to control a firm's risk by ESG rating changes. Practically, asset managers can use the findings to construct portfolios that are less risky or more profitable than the market portfolio.