Effect of corporate social contribution on corporate financial performance

기업의 사회공헌활동이 기업의 재무성과에 미치는 영향

  • 오덕교 (한국기업지배구조원) ;
  • 신범철 (경기대학교 경상대학 경제학과) ;
  • 이의영 (군산대학교 경상대학 경제학과)
  • Received : 2016.08.15
  • Accepted : 2016.09.27
  • Published : 2016.09.30


This research is purposed to analyze the effect of firms' current socially responsible management on the future corporate financial performance with specified areas of socially responsible management according to the beneficiaries. Tobin's Q statistic and return on assets are calculated and exploited as measures of corporate financial performance. as of empirical analysis results, we found that the social contributions in the consumer area and external social contribution at time t influence the Tobin's Q statistic at time (t+1) in the aggregate analysis. as it is revealed that there is no effect in the firms with the outstanding social performance to the future corporate financial performance, we understand that the capital market is very sensitive to the external social contribution including consumers of firms with the weak social performance rather than the social contribution of socially outstanding firms. This sensitivity of capital market can effectively enhance the social contribution of firms, in particular listed firms with the weak social performance.