초기 기업의 ESG지표 개발 및 적용 연구

Abstract

This study aims to develop ESG indicators applicable to startups and test their relevance to startup performance. To develop ESG indicators for startups, we reviewed domestic and international ESG environmental analysis and prior research, and derived a comprehensive importance ranking of indicators through AHP analysis of startup investors.
 The results show that the first level of importance is governance(G), followed by social(S) and environmental(E). The sub-indicators within the second level of environment are “Environmental Management Strategy and Policy”, “Environmentally Friendly Production”, and “Discharge of Waste Pollutants”, in order of importance, Within Governance(G), the sub-indicators were “Governance Management”, “Shareholder Rights Protection”, and “Ethical Management and Audit Organization”. The overall importance ranking of ESG indicators(Level 3) was high in the following order: “Violation of governance laws and regulations”, “ESG management and information disclosure”, “Dividend policy and implementation”, “Professionalism of the audit organization”, and “Disclosure of ethical management violations”.
 To confirm the relationship between the derived ESG indicators and startup performance and industry(manufacturing and non-manufacturing), independent sample T-test was conducted on 78 startups based on investment status and industry. In the case of companies that received investment, it was statistically significantly higher in “Human Rights Protection/Association Freedom Guarantee”, “Product Safety”, “Social Law/Regulation Violation”, “Company ESG Management”, “Company Supply Chain Management”, “Board Agenda Handling”, “Shareholders' Meeting Collection and Hosting”, and “Expertise of Audit Organization>”.
 In the case of the manufacturing industry, there was a statistically significant difference at a higher level compared to the non-manufacturing industry in “Verification of greenhouse gas emissions”, “Energy(reuse) ratio”, “Waste emissions”, and “Violation of environmental laws/regulations”. These results mean that governance (G) is recognized as important among startup ESG evaluation indicators from an investor's perspective, and show that there are limitations in applying environmental (E) factors to industries other than manufacturing in the current situation. will be. Based on these research results, we aim to derive the meaning and direction of indicator development for ESG management of startups and future research directions.