The Impact of Corporate ESG Activities on Intangible Assets and R&D Expenditures

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence on the link between ESG and innovation investment, using a Korean dataset.

🏢実務担当者:Suggests that ESG activities can signal or drive long-term value creation through intangible assets and R&D.

[Purpose] This study empirically investigates the impact of corporate ESG (Environmental, Social, and Governance) activities on intangible asset investment and R&D expenditures. [Methods] The sample consists of 4,457 firm－year observations from non－ financial firms listed on the KOSPI and KOSDAQ markets between 2011 and 2019. ESG ratings from the Korea Corporate Governance Service (KCGS) are used as the main independent variables. Intangible asset intensity and R&D intensity serve as the dependent variables. The empirical analysis employs pearson correlation analysis and multiple regression techniques. [Results] The empirical results show that higher levels of ESG activities are significantly associated with greater investment in both intangible assets and R&D. In the component－level analysis, all ESG dimensions display positive and significant relationships with these investments, except for the environmental (E) dimension with respect to intangible assets. This suggests that environmental activities enhance firms’ R&D efforts but have a limited direct effect on the expansion of intangible assets. [Implications] This study empirically demonstrates that ESG management extends beyond being merely a non－financial activity and exerts a substantive influence on firms’ strategic resource allocation and innovation investment decisions. Furthermore, the results provide empirical evidence that ESG activities can contribute to the establishment of long－term competitive advantage and the creation of sustainable firm value.

• semanticscholar https://doi.org/10.29189/kaiajfai.26.1.1first seen 2026-07-18 08:08:11