재무제표의 비교가능성과 기업의 ESG 활동

Abstract

[Purpose] The purpose of this study is to investigate the relationship between the comparability of financial statements and a company's ESG activities. With the growing social interest in corporate ESG activities, which has been positively associated with their economic effects, companies with higher comparability may show more active ESG activities under greater external monitoring. If external information users of companies with high comparability of financial statements can easily obtain relevant company information, they can collect and interpret more information efficiently and effectively, leading to more active external monitoring of corporate activities.
 [Methodology] Regression analysis was conducted using the ESG ratings evaluated by the Korea Institute of Corporate Governance and Sustainability (KCGS) from 2012 to 2020 and the comparability variables of financial statements. Additionally, the relationship between comparability and ESG activities was analyzed by dividing the sample depending on the levels of information asymmetry, and by alternative variable of the comparability and ESG activity to ensure the robustness of the research results.
 [Findings] The results show that companies with higher comparability have more active ESG activities, particularly in governance and environmental－related activities, which showed a significant positive relationship. Moreover, the positive relationship between the comparability and ESG activities was more evident in companies with greater information asymmetry, indicating that comparability improves the information environment surrounding companies and strengthens the monitoring function of ESG activities.
 [Implications] The study contributes to academic knowledge by demonstrating that the attribute of accounting information, such as the comparability of financial statements, affects a company’s ESG activities.