Abstract
ESG management gradually becomes one of major issues in global firms these day, and this phenomenon is not exception for Korean firms and they make use of ESG management in thier decisions in raising capital and investment. Although initially they focused on the improvement of firm image and firm value through ESG management, many studies support the fact that firms gradually recognize that ESG is very essential for the survival and sustainable growth. This study investigates the trend of the increase of ESG bonds in Korea and analyzes the impact of ESG management on the credit ratings and risk management of firms. Then, through the case studies for Korean firms, we draw some useful implications for the investment strategy for the investors, the credit risk management for the firms, and policy makings about credit ratings for the government.
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