ESG 등급이 외국인직접투자에 미치는 영향 (A study on the impact of ESG ratings on Foreign Direct Investment)

서지정보

· 발행기관 : 대한경영학회
· 수록지 정보 : 대한경영학회지 / 36권 / 12호 / 2077 ~ 2097페이지
· 저자명 : 김경애

초록

최근 기업이 사회에 미치는 영향이 커짐에 따라 기업을 평가함에 있어 재무적인 지표 외에도 비재무적 성과도 중요시하고 있다. 따라서 비재무적 요소인 환경･사회･지배구조(ESG) 경영은 투자자와 소비자 등 대내외 이해관계자에게있어 그 가치는 필수적 요소이다. 좋은 환경･사회･지배구조(ESG)는 자본 시장에 긍정적인 메시지를 전달하고, 기업의투명성을 높이며 모든 이해관계자의 호감을 얻을 수 있다. 특히 외부 투자자의 신뢰를 얻어 기업의 자금 조달 제약을완화하고, 기업의 혁신 환경을 최적화하고 기업이 지속 가능한 발전을 유지하도록 돕는다. 외국인투자자에게 투자유치결정요인들은 여러 가지가 있을 수 있다. 특히 요즘은 기업의 환경･사회･지배구조(ESG)에 대한 관심이 매우 높다.
기업의 환경･사회･지배구조(ESG)는 외국인직접투자자의 입장에서 투자 결정요소 중에 하나 일 수 있다. 따라서환경･사회･지배구조(ESG)와 외국인직접투자와의 연관성을 알아보는 것은 투자유치에 중요하고 시급하다고 본다.
따라서 본 연구에서는 ESG 등급자료(2015∼2022년)를 이용하여 STATA 통계프로그램을 이용해 ESG 등급이외국인직접투자에 미치는 영향을 실증분석 하였다. 분석 결과, ESG종합등급, E등급, S등급, G등급이 높을수록외국인직접투자가 증가하는 것으로 나타났다.
또한 조절변수인 기업성과(ROA), 대기업더미, 수도권더미, 코로나더미, 사외이사비율들이 ESG 종합등급 E, S, G등급이 외국인직접투자(Inward FDIR)에 미치는 효과에 미치는 영향을 보기 위하여 각각 회귀분석 하였다. 그 결과ESG등급, E등급, G등급에서 외국인직접투자비율(FDIR)에 미치는 효과가 기업성과가 좋을수록, 대기업일수록 커지는것으로 나타났다. 수도권더미와의 교차항은 유의하지 않은 것으로 나타났다. 반면 ESG등급, E등급, S등급, G등급에서외국인직접투자비율(FDIR)에 미치는 효과가 코로나기간 일수록 그리고 사외이사비율이 많을 때 그 효과가 작아지는것으로 나타났다. S등급이 외국인직접투자비율(FDIR)에 미치는 효과는 대기업은 커졌지만 기업성과와 수도권더미에서는영향이 없는 것으로 나타났다.
본 연구는 추 후 기업들이 환경･사회･지배구조의 등급과 외국인직접투자와 관련해서 어떤 방향으로 노력이 추진되어야 할지에 대한 구체적이고 효과적인 측면을 산업계와 기업에게 실무적 시사점을 제공할 수 있을 것이다.

영어초록

Recently, as the impact of companies on society has increased, non-financial performance in addition to financial indicators is becoming more important when evaluating companies. Therefore, the value of environmental, social, and governance (ESG) management, which is a non-financial factor, is essential for internal and external stakeholders such as investors and consumers. Good environmental, social, and governance (ESG) practices can send a positive message to the capital markets, increase corporate transparency, and win the favor of all stakeholders. In particular, it helps companies gain the trust of external investors, alleviate corporate financing constraints, optimize the company's innovation environment, and maintain sustainable development. There can be many factors that determine investment attraction for foreign investors. Nowadays, a company's environmental, social, and governance (ESG) can also be one of the deciding factors for foreign direct investment. Therefore, investigating the relationship between environmental, social, and governance(ESG) and foreign direct investment is considered important and urgent for attracting investment. Therefore, in this study, the following hypothesis was created and empirically analyzed to examine the impact of ESG ratings on foreign direct investment. Hypothesis 1. Companies with a high overall environmental, social, and governance (ESG) rating will receive a lot of foreign direct investment.
Hypothesis 2. Companies with higher environmental (E) ratings will have more foreign direct investment.
Hypothesis 3. Companies with higher social (S) ratings will have more foreign direct investment. Hypothesis 4. A company with a higher governance (G) rating will have more foreign direct investment. As a result of the analysis, it was found that the higher the ESG comprehensive grade, E grade, S grade, and G grade, the higher the foreign direct investment.
In addition, the control variables such as corporate performance (ROA), large conglomerate dummy, metropolitan area dummy, corona dummy, and outside director ratio were analyzed to see the effect of ESG comprehensive grades E, S, and G on foreign direct investment (Inward FDIR), respectively.
Regression analysis was performed. Hypothesis 1-1 The impact of the environmental, social, and governance (ESG) comprehensive rating on foreign direct investment will vary depending on ROA, company size, metropolitan area, corona, and outside director ratio. Hypothesis 2-1 The impact of environmental (E) rating on foreign direct investment will vary depending on ROA, company size, metropolitan area, corona, and outside director ratio. Hypothesis 3-1 The impact of social (S) rating on foreign direct investment will vary depending on ROA, company size, metropolitan area, corona, and outside director ratio. Hypothesis 4-1 The impact of social (S) rating on foreign direct investment will vary depending on ROA, company size, metropolitan area, corona, and outside director ratio. As a result, it was found that the effect of ESG rating on the foreign direct investment ratio (FDIR) increases as the corporate performance is better and the larger the company. The intersection term with the metropolitan area dummy was found to be insignificant. On the other hand, it was found that the effect of ESG rating on foreign direct investment ratio (FDIR) became smaller during the corona period and as the outside director ratio was higher. It was found that the effect of E grade on the foreign direct investment ratio (FDIR) increases as the corporate performance improves and the larger the company. However, there was no significant effect in the metropolitan area dummy. And after Corona, it was confirmed that the effect of E grade on foreign direct investment becomes smaller when the ratio of outside directors is high. The effect of S grade on the foreign direct investment ratio (FDIR) increased for large corporations, but showed no effect on corporate performance and the metropolitan area dummy. However, after the coronavirus pandemic, the effect appeared to be smaller when the ratio of outside directors was high. It was found that the effect of G rating on the foreign direct investment ratio (FDIR) increases as the corporate performance is better and the larger the company.
On the other hand, after Corona, it was found that the more outside directors there were, the less effective it was. However, the metropolitan area dummy was found to have no moderating effect.

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