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The Relationship between Firms` Environmental, Social, Governance Factors and Their Financial Performance : An Empirical Rationale for Creating Shared Value
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기업의 환경, 사회, 지배구조 요인과 재무성과의 관계 : 공유가치창출의 경험적 근거

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Type
Academic journal
Author
Jae H. Min (서강대학교) Bumseok Kim (서강대학교) Seungyin Ha (서강대학교)
Journal
The Korean Operations Research and Management Science Society KOREAN MANAGEMENT SCIENCE REVIEW Vol.32 No.1 KCI Accredited Journals
Published
2015.3
Pages
113 - 131 (19page)

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The Relationship between Firms` Environmental, Social, Governance Factors and Their Financial Performance : An Empirical Rationale for Creating Shared Value
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Abstract· Keywords

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We examine the relationship between firms" environmental (E), social (S), and governance (G) factors, with their financial performance in order to provide an empirical rationale for CSV (creating shared value) pursuing both of firms’ profitability and CSR (corporate social responsibility). The financial performance is classified into four aspects such as profitability, stability, efficiency, and cash-flow, and each of these aspects is measured by two financial ratios respectively. To measure the firms’ ESG performance, we employ the published performance grades by the Korea Corporate Governance Service for a three year span, from 2011 to 2013.
Total of eight regression analyses are performed. The results show that firms" non-financial performance in general has statistically significant positive relationships with return on assets, return on net sales, and cash-flow from operating activities ratio, while it has negative relationships with net working capital ratio, asset turnover ratio, and cash-flow from investing activities ratio. It has no significant relationships with debt ratio and equity turnover ratio. The results imply that firms" non-financial performance may have a negative impact on some financial performance such as liquidity and efficiency in a short term, but it would eventually improve the firms’ profitability and cash-generating ability, which provides an empirical evidence for the concept of CSV, and motivates the firms to participate in social contribution activities without sacrificing their profitability for their respective sustainablity management.
#ESG #Sustainability #CSR #CSV #Financial Ratios

Contents

Abstract
1. 서론
2. 이론적 배경
3. 실증분석
4. 분석결과
5. 결론
참고문헌

References (1)

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민재형, 김범석. 기업의 동반성장 노력이 재무성과에 미치는 영향. 경영과학. 2013 dbpia

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