한국산학기술학회논문지 (Journal of the Korea Academia-Industrial cooperation Society)

  • 제16권9호
  • /
  • Pages.5836-5842
  • /
  • 2015
  • /
  • 1975-4701(pISSN)
  • /
  • 2288-4688(eISSN)
한국산학기술학회 (The Korea Academia-Industrial cooperation Society)
권호 표지
DOI QR코드

DOI QR Code

기업의 사회적 책임과 기업가치: 공급계약 공시를 통한 분석

Valuation Effects of Corporate Social Responsibility: The Evidence from Supply Contracts in Korea

  • 김누리 (한양대학교 경상대학 경영학부) ;
  • 권경민 (홍익대학교 경영대학 경영학부)
  • Kim, Noolee (College of Business and Economics, Hanyang University-ERICA) ;
  • Kwon, Kyoung-Min (College of Business Administration, Hongik University)
  • 투고 : 2015.07.21
  • 심사 : 2015.09.11
  • 발행 : 2015.09.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

본 연구는 CSR활동의 성과가 기업의 가치에 미치는 영향을 공급계약 공시라는 주요 이해관계자와의 사건을 통하여 실증적으로 연구 분석하였다. 경제정의실천연구소에서 제공하는 CSR성과지표인 KEJI Index와 한국거래소의 공급계약 공시를 이용한 연구결과, CSR의 성과가 높을수록 공급계약을 맺을 확률이 낮았으며 공시일의 누적비정상수익률도 낮았다. 동결과는 기업의 CSR활동이 주주의 부를 감소시킨다는 CSR에 대한 부정적인 견해를 지지한다. 그러나 이러한 CSR활동의 부정적인 영향은 CSR성과의 수준별로 차이가 있으며, 최상위의 성과를 낸 경우에는 이러한 부정적인 영향이 없고, 차상위의 성과를 낸 경우에 이러한 부정적인 영향의 대부분이 집중되어 있었다. 이는 최상위의 성과를 내는데 실패한 CSR활동은 기업 가치에 부정적인 영향을 줌을 암시한다.

We examine the effect of Corporate Social Responsibility activities on the value of corporations through the supply contracts with customers, one of important stakeholders. The analyses using KEJI index and supply contract announcements show that the likelihood of involving in a supply contract is lower and the announcement return is lower when CSR performance is higher. However, this negative effect of CSR is different across the level of CSR performance. The negative effects of CSR do not exist in the firms with highest level of CSR performance while most of the negative effects are concentrated in the firms with mediocre performance in CSR. These results indicate that market recognizes not best CSR activities but mediocre CSR activities as sacrifice of shareholder value.

키워드

참고문헌

  1. M. Friedman. (1970, September 13) The social responsibility of business is to increase its profits. New York Times Magazine. 32-33, 122-124.
  2. K. E. Aupperle, A. B. Carroll, and J. D. Hatfield, "An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability," Academy of Management Journal, vol. 28, pp. 446-463, June 1985. DOI: http://dx.doi.org/10.2307/256210
  3. M. Pava and J. Krausz, "The association between corporate social-responsibility and financial performance: The paradox of social cost," Journal of Business Ethics, vol. 15, pp. 321-357, March 1996. DOI: http://dx.doi.org/10.1007/BF00382958
  4. H. Hong and M. Kacperczyk, "The price of sin: The effects of social norms on markets," Journal of Financial Economics, vol. 93, pp. 15-36, July 2009. DOI: http://dx.doi.org/10.1016/j.jfineco.2008.09.001
  5. W. O. Brown, E. Helland, and J. K. Smith, "Corporate philanthropic practices," Journal of Corporate Finance, vol. 12, pp. 855-877, December 2006. DOI: http://dx.doi.org/10.1016/j.jcorpfin.2006.02.001
  6. A. Barnea and A. Rubin, "Corporate social responsibility as a conflict between shareholders," Journal of Business Ethics, vol. 97, pp. 71-86, November 2010. DOI: http://dx.doi.org/10.1007/s10551-010-0496-z
  7. I.-H. Cheng, H. G. Hong, and K. Shue, "Do Managers Do Good with Other Peoples' Money?," presented at the AFA 2013, San Diego, 2014.
  8. C. C. Verschoor, "Ethical Culture: Most Important Barrier to Ethical Misconduct," Strategic Finance, vol. 87, pp. 19-20, December 2005.
  9. S. Landon and C. E. Smith, "The Use of Quality and Reputation Indicators by Consumers: The Case of Bordeaux Wine," Journal of Consumer Policy, vol. 20, pp. 289-323, September 1997. DOI: http://dx.doi.org/10.1023/A:1006830218392
  10. J. J. Griffin and J. F. Mahon, "The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research," Business and Society, vol. 36, pp. 5-31, March 1997. DOI: http://dx.doi.org/10.1177/000765039703600102
  11. A. Carmeli and A. Cohen, "Organizational reputation as a source of sustainable competitive advantage and above-normal performance: an empirical test among local authorities in Israel," Public Administration & Management: An Interactive Journal, vol. 6, pp. 122-165, 2001. DOI: http://dx.doi.org/10.1108/s1574-0765(2011)0000015008
  12. J. L. Blazovich and L. M. Smith, "Ethical corporate citizenship: Does it pay?," in Research on Professional Responsibility and Ethics in Accounting, ed, 2011, pp. 127-163. DOI: http://dx.doi.org/10.1108/s1574-0765(2011)0000015008
  13. M. B. E. Clarkson, "A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance," The Academy of Management Review, vol. 20, pp. 92-117, 1995. https://doi.org/10.5465/amr.1995.9503271994
  14. R. A. Schwartz, "Corporate philanthropic contributions," The Journal of Finance, vol. 23, pp. 479-497, 1968. DOI: http://dx.doi.org/10.1111/j.1540-6261.1968.tb00821.x
  15. S. T. Bruyn, The Field of Social Investment: Cambridge University Press, 1991.
  16. H. Jo and M. A. Harjoto, "Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility," Journal of Business Ethics, vol. 103, pp. 351-383, 2011. DOI: http://dx.doi.org/10.1007/s10551-011-0869-y
  17. X. Deng, J.-k. Kang, and B. S. Low, "Corporate social responsibility and stakeholder value maximization: Evidence from mergers," Journal of Financial Economics, vol. 110, pp. 87-109, October 2013. DOI: http://dx.doi.org/10.1016/j.jfineco.2013.04.014
  18. P. Krueger, "Corporate goodness and shareholder wealth " Journal of Financial Economics, forthcoming, 2014. DOI: http://dx.doi.org/10.1016/j.jfineco.2014.09.008
  19. A. C. MacKinlay, "Event Studies in Economics and Finance," Journal of Economic Literature, vol. 35, pp. 13-39, 1997.