ESG key Words through parameter optimization experiments

ESG topic composition applying optimization of Word2Vec model

We present ESG-specific activity keywords constructed through Word2Vec's optimization parameter experiment. The Word2Vec model derives ESG activity keywords by analyzing semantic connections in ESG best practices, but common general words that appear in all ESG activities were also selected. Depending on the researcher, ESG keywords can be determined by directly interpreting the result characteristics of the algorithm model or interpreted by taking advantage of the unique characteristics of each ESG through a heuristic process. Therefore, in <Table 1>, the keywords selected through the heuristic method were displayed in bold, emphasized font to distinguish the suggested words.

The keyword features that appear in the KCGS ESG standard document set using the Word2Vec model are as follows: In the environmental field (E), environment-related words such as eco-friendly, pollution, carbon, emissions, reduction, greenhouse gas, and climate change appear, with a focus on the keyword 'environment. It can be observed that the keywords are composed of principles and standard activities that correspond to the main components of environmental best practices, such as management plans, management execution, environmental performance management, reporting, and stakeholder response. This indicates that keywords related to technological activities, including guidance to assist companies in implementing environmental management, are interconnected and appear in the environmental dictionary.

In the social field (S), the perspective of socially responsible management, including community participation and contribution activities based on social entities such as companies, consumers, workers, local communities, employers, and labor unions, appears as keywords. In other words, keywords related to the implementation of corporate social responsibility include fair trade with partners and competitors, prevention of corruption, communication with consumers, basic workers' rights, labor-management relations, and corporate social activities that support health and safety in the workplace.

For governance (G), words such as shareholder, management, committee, voting, investor, director, decision, management, auditor, board of directors, disclosure, executive, and stakeholder were selected. The main keyword for governance activities is comprehensive activities to establish a management system from stakeholders such as shareholders in order to maximize the value of the company. For example, in various interest group relationships, general shareholders' meetings, dividends, independence of the board of directors, audit organization, board operation regulations, ESG ratings, and principles and standards activities that are consistent with governance practices to strengthen corporate competitiveness are appearing as keywords.

category	Topic composition of Word2Vec model
E	company,environmental management, environmental friendliness, environmental performance, environmental information, activity, system, efficiency, information, stakeholders, climate, greenhouse gas, carbon, harmful, air, manager, member, stakeholder, decision, management, material, management, performance, production, occurrence, result, company, system, dictionary, communication, program, climate change, intention, policy, characteristics, impact, response, content, service, stage, waste, energy, sustainability, emergency, grant, audit, public, use, improvement, internal, plan, procedure, method, use, risk, process, decider, search, issue, institution, resource, change, decision, pollution, usage, emission, purpose, principle, requirement, identification, consumption, post, prevention, cause, indirect, implementation, improvement, understanding, available, scope, practice, organization, requirement, external, final, measurement, evaluation, system, reduction, technology, measure, strategy, reduction, secure, law, trust, creation, enhancement, management, system, situation, long-term, participation, support, potential, reporting, task, communication, matter, analysis, clear, level, configuration, process, itself, opinion, relationship, goal, importance, reflection, basic, internal and external, direct and indirect, best, materials, application, effort, process, purchase, education, regular, accident, recognition, role, period, industry, interest, provision, disclosure, disposal, standard, prevention, development, inspection, target, product, domestic and foreign, data, access, comprehensive, trend, detail, supply, guidelines, rationality, main, culture, processing, construction, maintenance, promotion, district, economy, value, integration, institution, violation, emissions, reduction, development, design, replacement, fit, reinforcement, compliance, limit, current, setting, encouragement, method, operation, distribution, investment, appropriate, cost, supply chain, area, need, business site, implementation, cooperation, regulation, problem, consumption volume, capacity, cost, identification, reduction, sharing, benefit, accounting, saving, difference, consciousness, increase, objectivity, expression, society, selection, conditions, exchange, training, in-house, establishment, subordinate, voluntary, basis, promotion, input, win-win, , presentation, use, water, restriction, english, derivation, measure, authority, ledger, comparison, verification, formula, negative, linkage, increase, responsibility, monitoring, mutual, equipment, specialized, reproduction, market, confirmation, clear, nonconformance, creation, application, direction, dimension, indicator, regulation, mechanism, flexible, achievement, means, source, external, protection, holding, aspect, introduction, useful, type, convergence, review, revenue, performance, induction, based, short-term, , financial, profit, overall, effect, active, deployment, damage, item, diffusion, awareness, appropriate, policy, status, active, continuous, selection, time, scale, condition, possession, inhibition, self, party, subscription, inducement, asset, division, progress
S	company, worker, consumer, employment, society, service, employer, protection, community, effort, labor, labor union, support, dialogue, product, safety, resource, occurrence, matter, occupational disease, labor, provision, mutual, prevention, collective bargaining, decisions, living, purchasing, working, rational, conditions, measures, planning, use, occupation, role, education, health, creation, transaction, unemployment, standard, crisis, appropriate, maintenance, behavior, system, disaster, investment, disability, institution, natural, economic, accessibility, assessment, pregnancy, guarantee, development, information, formation, communication, relationship, disclosure, use, corruption, based, eradicate, prohibition, child, process, procurement, disclosure, family, group, unfair, problem, development, discrimination, management, help, disease, cooperation, standard, increase, processing, activity, dismissal, environment, religion, system, fairness, complaint, data, country, equipment, need, program, investigation, awareness, price, procedure, bribe, implementation, project, employees, understanding, injury, association, individual, race, balance, facility, action, benefit, policy, wage, unfairness, purpose, responsibility, implementation, work, health, enforcement, private property, property, satisfaction, status, age, legality, event, participation, control, self, encouragement, organization, case, councilor, reflection, demand, risk, exchange, contribution, labor and management, culture, opportunity, government, trust, dispute, represent, understanding, both, sides, prevention, abuse, power, training, damage, outsourcing, obstruction, ability, coercion, lowest, consent, cause, ranking, rapid, best, analysis, tradition, human rights, power, advertising, situation, freedom, parties, target, selection, improvement, sales, child care, obligation, influence, level, income, period, collection, respect, marketing, transfer, industry, method, benefit, quality, basic, type, win-win, international, feedback, practice, change, performance, compensation, public, internal, technology, principles, rights, intellectual, heritage, time, capacity, management, realization, performance, market, presentation, appropriateness, variety, domestic law, vulnerability, payment, availability, utilization, body, provisions, method, improvement, delivery, knowledge, important, concluded, ideal, contract, possible, correct, infringement, effect, regulation, joint, retaliation, resolution, practice, dictionary, growth, political party, stability, others, residents, smooth, recognition, form, general, application, efficiency, coercion, involvement, business, transparency, other party, promotion, coercion, payment, production, system, workplace, meaning, opinion, soundness, expectation, manpower, obstruction, communication, securing, excess, treatment, inspection, direct, law, manufacturing, class, competition, material, regulation, cost, price, compliance, composition, restriction, exclusion, disposal, preservation, undisclosed, size, finance, design, estimate, supply, local, workplace, side effects
​G	company, shareholders, corporate governance, management, management, matters, audit, directors, workers, managers, committee, creditors, stakeholders, interests, board of directors, responsible persons, disclosure, relationships, investors, information, representative, stocks, recognition, report, direct, government, supervision, plan, transaction, law, structure, purpose, voting rights, request, prompt, status, financial statements, important, interest, responsible, professional, significant, merger, society, judgment, schedule, consumer, decision, manifest, resolution, opportunity, performance, regulation, electronic, doctor, internal, internet, performance, external, product, efficiency, creation, presentation, use, indirect, plan, agenda, process, main, confirmation, provision, restriction, employees, manpower, small amount, explanation, detail, achievement, data, consultation, service, understanding, agent, validity, outside company, company, standard, misconduct, prudence, self-dealing, event, appropriate, fact, individual, system, proposal, dismissal, experience, responsibility, act, succession, role, law, performance, duties, normal, influence, reporting, minutes, content, audit, change, retention, active, employee, majority, matter, risk, effect, form, owner, contract, protection, enhancement, level, monitoring, price, independence, purchase, occurrence, promotion, need, status, operation, organization, meeting, general, chairman, unfair, system, disclosure, execution, accounting, resolution, recommendation, affirmation, type, method, fair, expert, existence, voting, participation, transparent, listing, participation, effectiveness, production, basis, use, possibility, controller, chairman, trust, sufficient, securing, inquiry, sincerely, value, increase, fairness, timely, individual, appropriate, corresponding, maintenance, compensation, specific, regular, meaning, evaluation, capital, labor, system, device, executive, held, bill, stake, control, obligation, access, market, introduction, review, discussion, method, suppression, search, accuracy, principle, base, modification, advice, written, performance, property, damage, attendance, consent, sales, authority, situation, organization, user, foreigner, notice, respect, composition, determined, task, opinion, utilization, general assembly, separation, acquisition, help, substantial, transfer, unfair, candidate, long-term, support, field, cost, procedure, right, approval, compensation, best, commissioner, action, sincerity, violation, improvement, characteristics, dimensional, cause, installation, result, business, change, strengthen, risk, clear, employee, collection, existence, competent, grant, compensation, current, investment, submission, damage, recommendation, effort, activity, communication, minutes, pros and cons, appointment, dedicated, separate, existence, detail, substance, superiority, policy, means, handling, independence, agency, freedom, articles of association, contribution, illegal, function, request, majority, placement, prevention, basic, reality, selection, dictionary, rationality, balance, checks, finance