The Impact of ESG Activities of KOSPI Listed Shipping Companies on Firm Value

This paper aims to analyze the impact of ESG activities of KOSPI-listed shipping companies on firm value. Many studies have been conducted to determine the impact of ESG activities on firm value. However, the results of previous studies show mixed results. Therefore, we aim to investigate the impact of ESG activities of KOSPI-listed shipping companies on firm value through empirical analysis. For analysis, KOSPI companies listed on the Korea Exchange from 2010 to 2023 were selected as samples. Firm value was measured using MTB and Tobin’s Q, and ESG activities were measured using the ESG integrated rating of the KCGS. The analysis results showed that ESG activities of KOSPI companies had a positive effect on firm value, but ESG activities of shipping companies had a negative effect on firm value. It is believed that the perception that the shipping industry is closed and unfavorable has led capital market participants to conservatively evaluate the ESG activities of shipping companies(Kim, 2022; Yun, 2022). There are not many studies on ESG activities in specific industries. This paper is meaningful in that it clarified the relationship between ESG activities and firm value of shipping companies that have recently begun to take interest in ESG activities.