기업의 ESG(환경,사회공헌,지배구조) 각 활동이 재무성과에 미치는 영향에 관한 메타연구

Abstract

In this study, empirical analysis was conducted to determine how the ESG management of the enterprise is effectively helping the enterprise and how it affects financial performance. In particular, the research was conducted through meta-analyzing with the papers already studied to determine how the areas of environmental activities, social contributions, and governance of companies affect financial performance. The subjects of the study were papers with ESG indicators and financial performance indicators among the papers published from 2011 to June 2022. The indicators of financial performance were based on ROA, and in the absence of ROA, they were analyzed using Tobin-Q, the market value relative to book value. The results of the study first identified the average effect of ESG activities on the financial performance of companies. For ESG activities as a whole, the average effect was .1302, environmental activities .1621, social activities .1551, and governance structural activities .2093. We confirmed that all have small effects size. Secondly, it was confirmed that ESG activities of companies had a positive (+) impact on the financial performance of companies, and this was statistically noted. This allows companies to confirm that ESG activities have a significant impact on their financial performance. Third, the results of the above study have been tested for publishing errors to confirm that the findings represent all studies, and we have verified that there are no errors in adjusting and publishing errors using forest lot, Egger regression analysis, and trim-and-fill techniques. This confirms that ESG activities are not a burden due to increased costs, but are useful for corporate performance, indicating that companies should be more active in ESG activities.