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An industrial policy approach to expanded private sector ESG and its implications

Author

Listed:
  • Kim, Yong

    (Korea Institute for Industrial Economics and Trade)

  • Cho, Jaehan

    (Korea Institute for Industrial Economics and Trade)

  • Song, Danbee

    (Korea Institute for Industrial Economics and Trade)

Abstract

Despite the increased interest in corporate environmental, social, and governance (ESG) management, which reflects social values within the business environment, discussions on ESG-related policies are limited in that they are overly focused on ESG reporting standardization. K-ESG should be utilized as a guideline to develop policies that increase ESG management competence. Such policies should selectively chose which types of firms to support, with specific policy measures and targeted areas. This analytical brief analyzes the status of ESG governance in Korea and proposes a set of policies aimed at strengthening corporate ESG competencies.

Suggested Citation

  • Kim, Yong & Cho, Jaehan & Song, Danbee, 2021. "An industrial policy approach to expanded private sector ESG and its implications," i-KIET Issues and Analysis 21/18, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kietia:2021_018
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    More about this item

    Keywords

    ESG; corproate governance; Korea; ESG policy; SMEs; small and medium-sized enterprises; tax policy; subsidies; R&D; firm performance; industrial organization; management performance; business management; management competence;
    All these keywords.

    JEL classification:

    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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