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코스피 200 기업에서 가치전략의 변화와 재무적 성과 사이에서 ESG 성과가 미치는 매개 역할ESG Performance as a Mediator between Change in Value Strategy and Financial Success in KOSPI 200 Firms

Other Titles
ESG Performance as a Mediator between Change in Value Strategy and Financial Success in KOSPI 200 Firms
Authors
박정헌박광호
Issue Date
Jun-2024
Publisher
한국경영공학회
Keywords
ESG index; ESG Performance; Strategic Emphasis; Financial Performance; Sustainability
Citation
한국경영공학회지, v.29, no.2, pp 43 - 67
Pages
25
Indexed
KCI
Journal Title
한국경영공학회지
Volume
29
Number
2
Start Page
43
End Page
67
URI
https://scholarworks.bwise.kr/erica/handle/2021.sw.erica/120119
DOI
10.35373/KMES.29.2.4
ISSN
2005-7776
2713-573X
Abstract
Purpose Companies allocate limited resources between two basic processes: Value Creation (Production through innovation and delivery of offerings to the market) and Value Appropriation (Pursuit of profits in the market), and this Strategic Emphasis is a key regulator of Financial Performance. This has been proven through previous studies. Now, we would like to conduct an empirical study on whether performance in the areas of Environment (E), Society (S), and Governance (G), which are non-financial indicators, can also be moderator variables in Financial Performance. Methods By inheriting and developing the existing research methodology, the formula for regression with a moderator for the impact of ROA change (ΔROA) and Strategic Emphasis change (ΔSE) on Stock Return (SR), we regress the impact of changes in ESG performance on Stock Return. Results As a result of a comparative analysis study of the domestic KOSPI 200 market, it was demonstrated that changes in performance in the non-financial indicators of environment (E), society (S), and governance (G) were found to be similar moderator variables to the change in SE (ΔSE) in the performance of Stock Return (SR). Conclusion Because ESG performance for sustainable management is closely related to Financial Performance such as ROA change (ΔROA), SE change (ΔSE), and Stock Return (SR), companies need to systematically monitor ESG performance to make decisions for the future. And it can be reflected as a decision-making factor and used as a new growth engine.
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