Purpose Companies allocate limited resources between two basic processes: Value Creation (Production through innovation and delivery of offerings to the market) and Value Appropriation (Pursuit of profits in the market), and this Strategic Emphasis is a key regulator of Financial Performance. This has been proven through previous studies. Now, we would like to conduct an empirical study on whether performance in the areas of Environment (E), Society (S), and Governance (G), which are non-financial indicators, can also be moderator variables in Financial Performance. Methods By inheriting and developing the existing research methodology, the formula for regression with a moderator for the impact of ROA change (ΔROA) and Strategic Emphasis change (ΔSE) on Stock Return (SR), we regress the impact of changes in ESG performance on Stock Return. Results As a result of a comparative analysis study of the domestic KOSPI 200 market, it was demonstrated that changes in performance in the non-financial indicators of environment (E), society (S), and governance (G) were found to be similar moderator variables to the change in SE (ΔSE) in the performance of Stock Return (SR). Conclusion Because ESG performance for sustainable management is closely related to Financial Performance such as ROA change (ΔROA), SE change (ΔSE), and Stock Return (SR), companies need to systematically monitor ESG performance to make decisions for the future. And it can be reflected as a decision-making factor and used as a new growth engine.