코로나19 위기 상황에서 기업규모에 따른ESG 경영활동과 주가 변동 간 영향 관계 연구

Abstract

[Purpose] This study aims to demonstrate and provide implications for the influence relationship between ESG management activities and stock price fluctuations of companies in 2020, which showed rapid volatility in the capital market due to the COVID-19 crisis.
 [Methodology] In this study, the level of ESG management was indexed with the Korea Corporate Governance Institute’s 2020 ESG rating. Stock price fluctuations were measured by the quarterly return on shares of each company. To confirm the difference according to the company size, the analysis was also performed by dividing into large, medium, and small caps.
 [Findings] This study confirmed that the level of ESG management activity is in a positive relationship with stock price fluctuations depending on the direction and intensity of the capital market fluctuations during all the year of 2020 as well as the first quarter of 2020, and that the influence relationship varies depending on the size of the company.
 [Implications] Prior research until recently has focused on the short period of recovery from the initial stage of the COVID-19 pandemic. This study demonstrated the relationship between ESG management and stock price fluctuations by company size during all the year 2020.