글로벌 항공사의 Esg 성과피드백이 Esg 성과에 미치는 영향 : 이사회 다양성의 조절효과를 중심으로

This study empirically analyzed the impact of ESG performance feedback on ESG performance among global airlines based on the Behavioral Theory of the Firm (BTOF) and examined the moderating effect of board diversity (female ratio on the board of directors). Based on Skytrax's "World's Top 100 Airlines 2025" list, 224 firm-year observations spanning nine years from 2016 to 2024 were analyzed. The pooled OLS regression results revealed that negative historical ESG performance feedback had a significant positive effect on ESG performance, confirming that airlines with lower ESG performance compared to the past strengthen ESG activities to close the performance gap. Positive social ESG performance feedback also demonstrated a significant positive effect on ESG performance, showing that airlines achieving superior ESG performance compared to industry peers actively pursue ESG activities to maintain this advantage. Conversely, positive historical ESG performance feedback did not have a significant effect, while negative social ESG performance feedback had a negative effect on ESG performance. The moderating effects analysis confirmed that female ratio on the board of directors significantly strengthened the positive effect of positive social ESG performance feedback on ESG performance. This indicates that higher female representation on the board enables firms to recognize superior ESG performance compared to competitors as a strategic opportunity and actively pursue ESG activities to further consolidate this advantage. However, the moderating effect of female ratio on the board was not significant for the other three types of performance feedback. This study provides academic and practical implications by empirically demonstrating that ESG performance feedback functions as a behavioral response mechanism influencing firms' strategic decision-making, and by identifying that board diversity (female ratio on the board of directors) serves as a key governance factor facilitating ESG strategy execution in situations of positive social ESG performance feedback.