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This paper conducts a meta-analysis using approximately 300 primary studies from both domestic and international sources to examine the impact of ESG/CSR activities on four types of corporate performance indicators. The analysis applies three methods: meta analysis without covariates, meta regression analysis with covariates, and the HOPIT model, which accounts for uncertainty in interpreting primary study results. Overall, ESG/CSR activities tended to have a more positive impact on corporate performance than a negative one. However, the conclusions varied depending on which performance indicators were used. Among the indicators, Tobin’s Q and ROA showed the most significant and positive effects from ESG/CSR activities. There were also differences depending on the type of ESG activities: while environmental (E) activities had a positive impact, social (S) activities, in particular, had a relatively stronger positive influence. International studies identified a greater contribution of ESG/CSR activities compared to domestic ones. In addition, methodological factors—such as whether panel data estimation methods were used and whether various firm characteristics were controlled for—also significantly influenced the estimated contribution of ESG/CSR activities. Our study emphasizes the need for future research to account for the endogeneity of ESG/CSR activities themselves, given that the extent and nature of such activities are endogenously determined by factors like industry structure, inter-firm relations, market share, and technological conditions.
본고는 약 300건에 달하는 국내외 1차 분석 사례를 활용하여 ESG/CSR 활동이 네 가지의 기업 경영 성과지표에 미친 영향을 메타 분석하였다. 분석 방법으로는 공변량 없는 메타 분석, 공변량 포함하는 메타 회귀분석, 그리고 1차 연구 결과 해석에 개입되는 불확실성을 감안할 수 있는 HOPIT 모형의 세 가지 방법을 적용하였다. 전체적으로 ESG/CSR 활동의 성과가 기업의 경영 성과를 높이는 쪽으로 나타나는 경향이 그 반대의 경향보다 강했지만, 경영 성과지표로 무엇을 사용하느냐에 따라 결론이 달라질 수도 있었다. 성과지표 중 TobinQ와 ROA가 여타 지표에 비해 ESG/CSR 활동에 긍정적이고 큰 영향을 받았다. 그리고 ESG 활동 유형별로도 성과에 미치는 영향의 차이가 있는데, E는 물론이고 특히 S가 상대적으로 큰 긍정적인 영향을 미쳤다. 아울러 국내 연구보다는 해외 연구가 좀 더 큰 ESG/CSR 기여도를 찾아내었다. 그 외에도 패널자료 추정법을 사용하는지, 기업의 여타 특성 변수를 통제 변수로 반영하는지 등, 실증 연구 방법론 측면에서의 차별성도 ESG/CSR 기여도 평가에 유의한 영향을 미쳤다. 본고는 ESG/CSR 활동 여부와 정도가 산업구조와 기업 간 상호 관계, 점유율이나 기술 조건 차이 등을 반영해 내생적으로 결정됨을 감안하여, 이들 활동 자체의 내생성을 반영하는 연구가 필요함을 강조한다.
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- Publisher :Environmental and Resource Economics Review
- Publisher(Ko) :자원 · 환경경제연구
- Journal Title :자원·환경경제연구
- Journal Title(Ko) :Environmental and Resource Economics Review
- Volume : 34
- No :2
- Pages :199-230
- DOI :https://doi.org/10.15266/KEREA.2025.34.2.199
자원·환경경제연구
