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영어

The purpose of this study is to analyze the impact of the publication of sustainability reports by KOSPI-listed companies on firm value. The empirical results of previous studies on the impact of sustainable management activities such as ESG and CSR on firm value are mixed. In the past, there was a negative perception that sustainable management activities were merely a cost for companies, but the social atmosphere is gradually establishing it as an essential factor for the survival of companies. In this study, we conduct an analysis by determining whether a company publishes a sustainability report as part of its sustainable management activities. An analysis of KOSPI-listed companies from 2010 to 2023 found that companies that published sustainability reports had higher value. There are not many studies that have analyzed the impact of publishing a sustainability report on firm value. The significance of this study lies in the empirical analysis of the relationship between the publication of sustainability reports and firm value, which have not been studied before. This study contributes to empirically verifying what signals non-financial information provided by a company through its sustainability report gives to the company's stakeholders and capital market participants. This study is expected to help establish policies and standards for non-financial information by identifying the impact of non-financial information on corporate stakeholders.