When arts meet sustainability: focusing on the moderating effects of the manufacturing industry

초록

Purpose The factors that influence corporate sustainability have been the subject of several academic studies over the past few years. However, although previous research has shown that arts affect the sustainability of various fields, studies of the effect of arts-related activities on corporate sustainability remain limited. This study aims to fill the gaps in existing research and derive insights by examining the effect of arts sponsorship on corporate sustainability.Design/methodology/approach This study uses the Social Gap Report issued by the Korea National Council on social welfare, environmental, social and governance (ESG) scores provided by the Korea Corporate Governance Service, and financial data from the Korea Listed Companies Association to verify the effect of arts sponsorship on ESG ratings in South Korea. In addition, the authors analyze how the manufacturing industry moderates the correlation between arts sponsorship and ESG scores.Findings After controlling for firm financial variables and industry characteristics, the authors found that corporate arts sponsorship affects ESG performance, impacting social performance to a greater extent than environmental or governance performance. Also, this analysis confirmed that industry type is an important variable to consider when executing corporate social contribution activities.Research limitations/implications The results of this study provide a basis for companies to view arts sponsorship as a strategic activity that improves future sustainability. The findings will thus enable companies to approach arts sponsorship from a more advanced perspective, rather than simply sponsoring arts as a social contribution.Originality/value The authors examined the relationship between arts sponsorship and corporate sustainability, focusing on ESG performance - an indicator that comprehensively evaluates corporate sustainability. Therefore, this findings support and expand upon the results of previous studies that also showed a positive relationship between participation in the arts and corporate sustainability.

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