기업의 사회적 책임(CSR)활동이 재무성과에 미치는 영향

Abstract

The corporate social responsibility (CSR) is universally endorsed and the investing based CSR has experienced strong growth in the past decade. Due to the enhanced externalities of corporation activities, which have effects on the external environment and interested party, CSR has played a critical role in corporations’ sustainable competitive advantage and growth. CSR is playing an important role in measuring firm value in the developed countries including our country. This study examines the relationship between CSR and financial performance, after analyzing both primary data and secondary data. This study aims to compensate for the shortcomings of each type of data by combining empirical analysis of primary and secondary data. One is empirical analysis of secondary data, the KEJI data, and the other is empirical analysis of primary data obtained directly by the researcher through the survey. The main analysis results of secondary data are as follows: First, this study used KEJI Index as a proxy of SCR, and selected ROA as a proxy of financial performance. In a univariate model that used only KEJI Index as a predictor, the regression coefficient was 0.025 with a significant amount (+) at the 1% level statistically, This means that the higher the index as a result of CSR activities, the more positively it contributes to the entity's financial performance. In a regression model with sequential input of control variables, the model's fit was all significant. In other words, the higher the CSR activity index of the company, the better financial performance can be achieved. Second, CSR's nonlinear test of financial performance observed that a statistically significant nonlinear relationship exists between the two variables. Financial performance will grow worse if CSR activity is below the appropriate level, but financial performance can be improved if CSR activities reach a sufficient level. Third, the analysis results of OLS quantile regression showed that the effect of CSR is clearly greater in quantile of good financial performance, which supported robustness. The main analysis results of primary data are as follows: First, according to the analysis of differences in perception of CSR depending on the corporate sector, "economic responsibility" in the manufacturing industry, the "legal responsibility" in the construction industry, and the "ethical responsibility" and "charitable responsibility" in finance industry are relatively high. As a result of analyzing the differences in perception of financial performance depending on the corporate sector, the manufacturing industry is showing relatively high levels of "growth" and the finance industry is showing "profitability." Second, ‘economic responsibility' had a significant impact on the growth performance and that 'legal', 'ethical or philanthropic responsibility' had no significant effect. 'Economic responsibility' had a significant effect on profitability performance and 'legal', 'ethical or philanthropic responsibility' does not have a significant effect. This study confirmed that CSR activities could affect financial performance of companies. Therefore, although CSR activities are currently being implemented in small and medium-sized enterprises as well as large enterprises, strategies will be needed for efficient measures to achieve various long-term outcomes by introducing CSR activities in more companies.