ScholarWorks@경상국립대학교

초록

This study examines the relationship between a company's non-financial management activities, such as ESG (Environmental·Social·Governance), cash holdings, and corporate value. Empirical analysis was conducted to investigate how the level of cash holdings affects corporate value according to ESG information from stakeholders' perspective in the capital market. The empirical results reveal the following: Firstly, it is verified that the level of cash holdings in companies that actively report ESG performance positively impacts corporate value. These results imply that when companies disclose excellent ESG management systems and clear planning information, their cash will be invested in activities that increase corporate value, contributing to stakeholders' expectations. Secondly, for companies in highly competitive industries, it is validated that ESG information and the level of cash holdings positively impact corporate value. This result indicates that the usefulness of ESG information, which represents a new paradigm of management strategy, increases in environments with high competitive intensity, influencing stakeholders' evaluation of a company's management system.

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