A Business-Driven ESG Strategy: A Case Study of Hansol Paper in South Korea

Abstract

In this study, we aimed to analyze whether ESG strategies can be utilized as sustainable strategies with practical necessity and effectiveness in solving problems within a realistic business environment. To this end, through an in-depth case analysis of Hansol Paper, South Korea’s leading paper company and a global paper manufacturer, we explored the conditions and processes under which ESG strategies can be implemented as practical problem-solving and sustainable strategies within the business environment. Hansol Paper addressed specific business crises such as supply chain instability, rising energy costs and declining paper demand by integrating ESG strategies, through which the company achieved results in problem-solving and innovation within the business value chain, building trust with external stakeholders and achieving high ESG performance. The foundation for the integration of ESG and business strategies and their sustained implementation was established through enhanced professionalism and transparency within the company’s governance structure, including an increase in the number of external directors and female executives. This study presents the processes and conditions under which ESG strategies are designed and implemented with the purpose of actively addressing business challenges, using Hansol Paper as an in-depth case study. Our findings are expected to contribute to the academic and practical development of strategies that can enable companies to adapt to changes in industrial structures and business environments.