우리사주제도가 기업의 ESG 성과에 미치는 영향: ESG 요소별 차등적 효과와 기업 이질성을 중심으로

초록

This study empirically analyzes the impact of Employee Stock Ownership Plans (ESOP) on corporate ESG performance, a key non-financial metric. While prior literature has predominantly focused on the financial outcomes of ESOPs and the mitigation of agency costs, this research distinguishes itself by elucidating the incentive mechanisms of ESOPs within the rapidly evolving management landscape, such as the 2026 mandatory ESG disclosure requirements. The analysis was conducted on a sample of 941 non-financial firms listed on the KOSPI and KOSDAQ markets (8,172 firm-year observations) from 2012 to 2023. Methodologically, the study employs OLS regression analysis, incorporating year and industry fixed effects, while controlling for endogeneity through the use of lagged variables and Two-Stage Least Squares (2SLS) estimation. The empirical findings indicate that the adoption of ESOPs and the expansion of shareholding ratios significantly enhance integrated ESG performance. Specifically, the strongest positive effect was observed in the Governance (G) dimension. Partial improvements were identified in the Social (S) dimension, whereas no statistical significance was found in the Environmental (E) dimension. Furthermore, firm heterogeneity was observed in environmentally sensitive industries, where the positive impact of ESOPs on environmental performance was attenuated. The moderating effect of chaebol affiliation was not statistically significant. These results suggest that ESOPs serve as an internal mechanism that enhances governance transparency by fostering employee ownership and strengthening management monitoring, ultimately bolstering the execution of corporate ESG strategies.

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