ScholarWorks@숙명여자대학교

초록

Environmental, Social, and Governance (ESG) factors constitute a core pillar of sustainable management, serving as key indicators for evaluating non-financial performance and significantly influencing investors’ decision-making processes. However, discrepancies in evaluation criteria and weighting schemes across rating agencies have undermined the reliability and comparability of ESG ratings. To address these limitations, this study systematically derives the sub-dimensions of ESG and empirically examines whether these factors accurately reflect firms’ levels of ESG implementation. Furthermore, by employing a structural equation modeling (SEM) approach, this study investigates the causal pathways through which ESG factors affect firms’ cost of investment, corporate image, labor productivity, and financial performance, thereby providing a multidimensional understanding of the linkage between ESG practices and corporate performance. For the empirical analysis, this study utilizes eight ESG dimensions and 29 detailed indicators reconstructed based on the ESG evaluation framework developed by the Korea Corporate Governance Service (KCGS). The results reveal that the social (S) dimension of ESG has a significant positive effect on firms’ cost of investment, while the environmental (E) and governance (G) dimensions exert significant positive effects on corporate image. In addition, firms’ cost of investment positively influences corporate image, which in turn has significant positive effects on both labor productivity and financial performance. Notably, although no direct relationships are observed between ESG factors and labor productivity or financial performance, the environmental (E) and governance (G) dimensions are found to exert indirect positive effects on labor productivity and financial performance through the mediating roles of cost of investment and corporate image. By refraining from arbitrarily specifying ESG variables and instead ensuring the reliability and validity of the measurement instruments through prior statistical verification, this study enhances the objectivity and analytical rigor of its findings. The results empirically demonstrate that ESG functions not merely as a regulatory compliance mechanism, but as a strategic resource that can enhance corporate sustainability and competitiveness. Looking ahead, the standardization of ESG evaluation systems and the advancement of institutional frameworks will provide a critical foundation for expanding empirical research and enhancing the policy relevance of ESG-related studies.

키워드