기업의 지속가능경영 선언과 ESG 리스크 관리 성과

초록

This study examines whether firms’ CSR commitments lead to actual improvements in ESG performance by analyzing changes in the frequency of negative news reports related to ESG incidents following Korean firms’ participation in the United Nations Global Compact (UNGC). Using a sample of KOSPI200 firms from 2019 to 2023, we find that ESG risks do not decline after UNGC participation; rather, an increasing trend was observed. However, retailers, who generally have greater consumer exposure and can therefore expect direct market rewards from positive reputations, show a tendency toward reduced ESG risks. In addition, a statistically significant decline in ESG incidents was observed across firms for incident types involving relatively low shareholder-stakeholder conflicts. These findings suggest that Korean firms implement sustainability policies selectively, primarily in areas where such initiatives do not conflict with shareholder interests.

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