외국인지분율과 ESG정보특성의 상호작용효과가 기업의 신용평점에 미치는 영향

Abstract

The purpose of this study is to examine how the foreign ownership ratio affects the credit rating and the interaction effect of the foreign ownership ratio and the ESG rating rating on the credit rating of a sound company. In this study, the ESG evaluation grade is divided into 4 characteristics: 1) ESG integration sector, 2) ESG environment sector, 3) ESG social sector, and 4) ESG governance sector. Combining the research results, the correlation analysis shows credit ratings and interest variables: 1) foreign ownership ratio and ESG evaluation information integration sector, 2) foreign ownership ratio and ESG evaluation rating environmental sector, 3) foreign ownership ratio and ESG evaluation information social sector, 4) The result showed that there was a significant positive (+) correlation between the foreign ownership ratio and the ESG evaluation grade governance sector. And looking at the results of the regression analysis on the effects of independent variables on credit ratings, the four regression coefficients for each characteristic of the foreign ownership ratio and ESG rating 1) integrated sector, 2) environment sector, 3) social sector, and 4) governance sector are: It was significantly shown as a positive (+) value at the 1% level. These results show that all four ESG characteristics significantly affect the credit score of a sound company with a positive (+) value as the interaction effect between the foreign equity ratio and ESG evaluation information increases. These research results suggest that if a company's financial condition becomes sound through ESG management activities (integration, environment, society, and governance) along with securing a foreign investor's ownership stake, the company's risk decreases and its credit score rises. . Therefore, it is presumed that the disclosure information of credit ratings plays a mediating role as useful information for foreign investors in the capital market.