[Purpose] Regardless of the type, size, or industry of the firm, social interest on ESG management has been increased and has become the biggest issue in corporate management. However, despite of its interest, there are not many studies examining why ESG has emerged and how it affects firm value. In particular, few studies systematically examine the meaning of ESG management from an accounting point of view. Therefore, this study empirically investigates the relationship between ESG management and firm value in the perspective of the comparability of financial statements. [Methodology]To investigate the moderating effect of comparability on ESG and firm value, we employ regression analysis using financial data of domestic listed firms between 2010 and 2016. Also, ESG scores from the Korea Corporate Governance Service are used in the analysis. [Findings]We find that the total score of ESG management is positively related with firm value proxied by the one-year ahead adjusted Tobin s Q. When we decompose the ESG management into subcategories, only social factor (S) had a significant and positive relationship, and no significance are observed in the environment (E) and governance (G) factors. Interestingly, we show that the positive relationship between ESG management and firm value is observed only in high financial statement comparability subsample. In contrast, we find an insignificant relationship between ESG management and firm value in low comparability subsample. In other words, it can be seen that the relationship between ESG management and firm value is gradually shifting in a positive direction in firms with higher accounting comparability. In addition, we document similar results when we employ a two-stage regression method or a propensity score matching test to address possible endogeneity relations. [Implications]This study reflects the recent trend in ESG management and contributes to the literature by expanding ESG research from an accounting perspective.