ESG 위원회가 재무분석가 이익예측가능성에 미치는 영향

초록

With the recent rise of ESG management, companies are increasingly establishing ESG committees, which are subcommittees of the board of directors that oversee ESG management. Prior research suggests that ESG committees improve ESG performance, and that improved ESG performance is associated with higher levels of disclosure, which may reduce stakeholder information asymmetry. Therefore, this study examined the impact of ESG committees on financial analysts' information environment through the accuracy of financial analysts' earnings forecasts. Test results for Korean-listed firms between 2016 and 2020 showed that ESG committees improve the accuracy of financial analysts' earnings forecasts, and the improvement is stronger for independent ESG committees. Second, when considering ownership, the effectiveness of ESG committees is substantial only in owner-managed firms, which are better positioned to approach ESG investments from a long-term perspective. In the owner-manager group, a significant effect was observed not only on the independence of the committee but also on its activity. This study contributes to the literature by examining ESG committee from the perspective of financial analysts, which has not been studied in the literature.

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