Corporate Characteristics and ESG Rating in Middle-Market Enterprises: The Moderating Role of Firm Size
中堅企業における企業特性とESG格付け：企業規模の調整効果 (AI 翻訳)
Meejung Hong, Jae-hyun Hong, Jae-Jang Yang, Yong-Ki Lee, Myung Ja Kim
🤖 gxceed AI 要約
日本語
本研究は、中堅企業（MME）420社を分析し、企業の特性がESGパフォーマンスに与える影響を調査。企業年齢はすべてのESG指標に負の影響（組織慣性効果）、女性取締役比率は複合ESGスコアとガバナンスに正の影響を与えるが、大企業と比べてその効果は弱い。中堅企業特有のESG評価基準と政策的支援の必要性を示唆。
English
This study analyzes 420 middle-market enterprises (MMEs) in South Korea to examine how firm characteristics affect ESG performance. Firm age negatively impacts all ESG indicators (organizational inertia), while female board representation positively affects composite ESG and governance scores, though less than in large firms. Results call for MME-specific ESG evaluation criteria and tailored policy support.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でも中堅企業のESG対応が急務だが、本論文は韓国事例ながら、組織慣性や女性役員効果など日本企業にも示唆に富む。SSBJ対応において中堅企業向けの簡便な指標開発の参考となる。
In the global GX context
While focused on Korean MMEs, this paper offers insights applicable globally, particularly for jurisdictions like Japan where MMEs are newly subject to disclosure mandates (e.g., ISSB). It highlights the need for differentiated ESG evaluation frameworks for smaller firms.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how firm age and board diversity shape ESG performance in under-studied MME contexts.
🏢実務担当者:Suggests that MMEs should prioritize qualitative board diversity over size, and that generic ESG criteria may misrepresent MME performance.
🏛政策担当者:Reinforces the case for MME-specific ESG disclosure standards and capacity-building support, given resource constraints.
📄 Abstract（原文）
As middle-market enterprises (MMEs) face accelerating incorporation into international ESG regulations, this study addresses the research gap in ESG literature heavily skewed toward large corporations by empirically examining how firm characteristics affect ESG performance in MMEs. Using multiple regression analysis, we analyzed 420 middle-market enterprises listed on South Korea‘s KOSPI and KOSDAQ markets, excluding the financial sector. The findings are as follows. First, firm age exerted a significant negative effect on all ESG indicators (p<0.001), confirming the organizational inertia effect. Second, the proportion of female directors had a significant positive effect on both the composite ESG score and the governance sub-score (p<0.05), whereas board size showed no significant effect, indicating that qualitative diversity is more critical than quantitative expansion. Third, the moderating effect of firm size was statistically significant across all ESG indicators (p<0.01). Notably, the positive effect of female board representation on ESG performance was relatively weaker in middle-market enterprises compared to large firms. These findings suggest the need for MME-specific ESG evaluation criteria and tailored policy support that reflect the distinctive characteristics and resource constraints of middle-market enterprises
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54794/enesg.2026.6.2.267first seen 2026-07-18 07:35:41
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