• International journal of advanced smart convergence
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• 제12권2호
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• pp.193-200
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• 2023

This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

• International Journal of Advanced Culture Technology
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• 제11권2호
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• pp.389-396
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• 2023

This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

• 산업경영시스템학회지
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• 제45권3호
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• pp.186-196
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• 2022

In recent years, ESG activities (Environment, Social and Governance) have been paid more and more attention by enterprises and their stakeholders in various countries. China is the largest developing country in the world. The ESG performance of Chinese listed enterprises helps to understand the shortcomings of their sustainable development ability and further enhance the firm value. Moreover, the interaction effect between green innovation investment and ESG activities is of great significance for enterprises to balance the resource allocation between the two factors in the future. Taking listed Chinese manufacturing companies from 2011 to 2020 as an example, this study investigates the influence of ESG activities on financial performance and non-financial performance, and tests the moderating role of green innovation. Our results show that: (1) ESG performance has a negative impact on financial performance; (2) ESG performance has a positive impact on non-financial performance; (3) Green innovation can positively adjust the negative impact of environmental activities on financial performance. However, it will enhance the negative impact of governance activities on financial performance. The interaction effect between green innovation and social activities on corporate financial performance is a substitution effect; (4) With the improvement of green innovation level, the positive impact of ESG overall performance and environmental performance on corporate reputation will also be suppressed.

• 한국컴퓨터정보학회논문지
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• 제29권5호
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• pp.155-164
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• 2024

본 연구는 ESG 등급이 제공되지 않는 국내 공공기관의 ESG 등급을 추정하는 비지도 학습 기반 군집모형을 제안한다. 이를 위해, 스펙트럼 군집과 k-means 군집에서 최적의 클러스터 수를 비교했고, 그 결과의 신뢰성을 보장하기 위해 성능지표인 Davies-Bouldin Index (DBI)를 계산했다. 결과적으로, 스펙트럼 군집과 k-means 군집에서 각각 0.734 및 1.715의 DBI 값을 산출했는데, 이는 값이 작을수록 우수한 성능을 의미하므로 스펙트럼 군집의 우수성을 확인하였다. 게다가, T-검정 및 ANOVA를 이용하여 ESG 비재무 데이터 간 통계적으로 유의미한 차이를 밝혀내고, 상관계수를 이용하여 ESG 항목 간 상관관계를 확인했다. 본 연구는 이러한 결과를 바탕으로 기존 ESG 등급 없이 공공기관별 ESG 성과 순위를 추정할 가능성을 제시한다. 이는 최적의 클러스터 수를 계산한 다음, 각 클러스터 내 ESG 데이터의 평균 총합을 결정함으로써 달성된다. 따라서, 제안된 모델은 다양한 국내 공공기관의 ESG 등급을 평가하는 근거로 활용될 수 있고, 국내 지속가능경영 실천과 성과관리에 유용할 것으로 기대된다.

• 신재생에너지
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• 제18권2호
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• pp.60-72
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• 2022

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.

• 무역학회지
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• 제48권1호
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• pp.331-355
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• 2023

글로벌 경영 환경에서 기업 간 경쟁이 심화되면서 기업이 경쟁우위를 갖기 위한 도구로서 ESG 경영이 대두되었고, 기업이 SCM을 활용한 전략적 파트너십 구축이 중요해지고 있다. 본 연구에서는 선행연구의 고찰을 통해 기업의 ESG 경영, SCM 파트너십, 기업이미지, 성과 등의 주요 요인을 도출하고, 우리나라 영남권의 354개 창업 기업을 대상으로 ESG 경영과 SCM 파트너십, 성과 간의 영향 관계를 분석하였다. 그 결과 첫째, 환경, 사회 등 ESG 경영 요인이 강화될수록 기업이미지가 향상되는 것으로 나타났다. 둘째, 환경, 사회 등 ESG 경영은 기업성과에 유의한 영향을 미치는 것으로 나타났다. 셋째, 환경, 사회 등 ESG 경영 활동은 SCM 파트너십을 향상시키는 것으로 나타났다. 넷째, 기업의 SCM 파트너십이 강화될수록 기업이미지가 향상되는 것을 확인하였다. 다섯째, 기업의 비재무적 성과인 기업이미지가 향상될수록 기업성과에 유의한 영향을 미치는 것으로 나타났다. 학문적, 실무적 시사점을 살펴보면, 기업이 ESG 경영을 도입하기 위해 중요하게 고려해야 할 요인들을 도출하여 각 요인 간의 관계를 실증적으로 탐색하였다. 우리나라 창업 기업의 ESG 경영은 환경, 사회 요인을 바탕으로 추진할 필요가 있고, 기업이 ESG 경영을 도입은 장기적인 관점에서 실행을 고려해야 한다.

• 한국항만경제학회지
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• 제39권2호
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• pp.143-163
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• 2023

본 연구는 ESG 활동이 국내 물류기업의 기업성과에 미치는 영향을 분석하고자 한다. 이를 위해 ESG 활동을 도입하고 실행하는 데 영향을 미치는 요인을 분석하고, ESG 활동이 기업의 신뢰와 이미지를 향상시키는 정도를 파악하여 ESG 실행이 물류 기업의 기업 성과에 어떤 영향을 미치는지 실증적으로 분석하였다. 국내 물류기업 종사자를 대상으로 구글 설문지를 이용하여 온라인 설문조사를 실시하였고, 그중 총 463부의 데이터를 통해 Smart PLS 4.0 프로그램을 이용하여 PLS 구조방정식 분석을 실시하였다. 연구 결과는 다음과 같다. 첫째, 외부압력인 정부압력은 환경적 책임활동, 투자자 압력은 사회적 책임활동과 거버넌스 책임활동에 유의미한 영향을 미친다. 내부압력인 경영자는 환경적 책임활동에, 임직원은 ESG책임활동 모두에 영향을 미친다. 둘째, 환경적 책임활동은 기업이미지에 영향을 미치며, 사회적 책임활동과 거버넌스 책임활동은 신뢰와 기업 이미지 모두에게 영향을 준다. 셋째, 신뢰와 기업이미지는 재무적 성과와 비재무적 성과 모두에게 유의미한 영향을 준다. 넷째, 사회적 책임활동과 거버넌스 책임활동이 비재무적 성과에 연결되는 경로에서 신뢰는 유의미한 매개효과를 가지며, ESG 책임활동이 재무적 성과와 비재무적 성과에 연결되는 경로에서 이미지는 모두에게 유의미한 매개효과를 가진다. 본 연구의 기여는 물류 기업들이 ESG 활동을 적극적으로 추진하여 환경, 사회, 거버넌스 측면에서 책임적인 기업 이미지를 구축하고 고객들의 신뢰를 얻을 수 있는 방법에 대해 제시하고 있다는 점이다. 이를 통해 물류 업계의 ESG 활동에 대한 인식을 높이고, 지속 가능한 경영을 위한 중요성을 인식할 수 있도록 도움을 주고자 한다.

• 아태비즈니스연구
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• 제13권1호
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• pp.1-17
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• 2022

Purpose - This study was aimed to investigate whether the outcomes of green innovation brought positive effects to Chinese firms' ESG performance. Design/methodology/approach - Green innovation patents and ESG performance data of Chinese listed firms were empirically analyzed using panel data fix-effect linear estimations. Findings - The study found that green innovation performance enhanced Chinese firms' ESG performance. Also, the results showed that corporate social responsibility decoupling weakened this relationship and state ownership positively moderated this relationship, whereas corporate philanthropic giving did not have significant impact. Research implications or Originality - The findings indicated that green innovation was beneficial to enhancing corporate sustainability performance. In addition, the study highlighted the role of CSR communications and state ownership in interacting the positive effect that green innovation performance brings to corporate ESG performance.

• International Journal of Advanced Culture Technology
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• 제11권3호
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• pp.33-38
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• 2023

This study examined the influence of ESG performance on the firm value of Chinese equipment manufacturing companies over the period from 2011 to 2020. The analysis indicated that while ESG performance exerted a negative influence on firm value, this impact was not statistically significant. These findings substantiate the Institutional Difference Hypothesis (IDH), which posits that country-specfic institutional variations sifnificantly shape the strategic decision-making of organizations. When disaggregating the three components of ESG, variations in the results were observed both for overall ESG performance and for each individual dimension. Of the three dimension elements, the environmental (E) and governance (G) facets had a negative bearing, whereas the social (S) facet had a positive influence. Notably, only the governance dimension (G) demonstrated a statistically significant influence. These outcomes affirm the institutional difference hypothesis, illustrating divergent results across distint ESG dimensions.

• 산업경영시스템학회지
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• 제46권3호
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• pp.89-100
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• 2023

Recently, as ESG management has become an important issue, major companies in the automotive parts manufacturing industry are conducting ESG evaluations of their suppliers for the purpose of supply chain management. The results of these evaluations are being incorporated into contractual agreements. However, many small and medium-sized enterprises(SMEs) are lacking in their capacity and resources to effectively respond to ESG evaluations. Furthermore, existing ESG management guidelines do not provide an industry-specific guidance, making it necessary to establish industry-specific guidelines that SMEs can refer to. Therefore, in this study, the evaluation Indicators of ESG supply chain assessments are surveyed, which is conducted by domestic major automotive parts companies and global automobile manufacturers. Then 56 supply chain ESG evaluation Indicators are derived. Also, ESG management indicators for SMEs is analyzed through the Importance-Performance Analysis(IPA), based on an interview of expert groups. Therefore, this study could propose industry-specific ESG guidelines, based on the results of the derived indicators, which reflects the need for SMEs to practice ESG management within certain boundaries.