재무적 특성, ESG 역량이 전략적 일탈과 기업가치의 관계에 미치는 영향

Abstract

[Purpose] This study examines the effect of ESG capability and financial leverage on strategic deviation and firm value. Strategic deviation can be seen as the process of finding a new strategy to deviate from the central rule for competitive advantage within the same industry. The purpose of this study is to examines the impact of such strategic deviations on firm value and whether strategic deviations, which may have low management transparency and high future uncertainty depending on ESG capabilities and debt ratio, have different effects on firm value.
 [Methodology] Strategic deviation was measured by the method used in the study of Tang (2011), and ESG capability was used as the ESG rating announced by the KCGS. The sample was selected from non-financial listed corporations from 2011 to 2019.
 [Findings] It was found that strategic deviation has a positive (＋) effect on firm value. Firms with high ESG ratings were found to have a greater relationship between strategic deviation and firm value. Also, among ESG ratings, corporate governance ratings were found to have a positive (＋) effect on the relationship between strategic deviation and firm value. Finally, as financial leverage had a negative (-) effect on the relationship between strategic deviation and firm value.
 [Implications] This fields of studies related to strategic deviation are some studies in progress, such as audit quality, cost of debt capital, and it seems meaningful to expand these research results to examine the relationship between strategic deviation and corporate value. In relation to the increase in future uncertainty and the impact of strategic deviation on agency problems, it seems meaningful to consider ESG capability, corporate governance, and financial risk as factors that increase strategic deviation and firm value.