물류기업의 ESG 경영이 기업가치와 부도가능성에 미치는 영향

초록

This study aimed to empirically analyze the impact of ESG management activities in logistics companies on sustainability factors such as corporate value and default probability. Selecting Tobin’s Q and credit rating as proxy variables for sustainability, we constructed regression models incorporating them as dependent variables and utilized corporate data from South Korea to derive the following empirical analysis outcomes. Firstly, the analysis results targeting all companies indicated that ESG management significantly influences corporate value and creditworthiness. Secondly, the magnitude of the effects of ESG management activities on Tobin’s Q and credit rating was found to be smaller for logistics companies compared to non-logistics companies. Thirdly, the analysis focusing solely on logistics companies revealed that higher levels of ESG management activities are associated with higher corporate value and lower default probability. Fourthly, the impact of the three components of ESG management activities on sustainability in logistics companies varied depending on the dependent variable. The study provides interpretations and implications for these four empirical analysis results and suggests directions for future research.

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