Journal of the Korea Convergence Society (한국융합학회논문지)

Korea Convergence Society (한국융합학회)
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The Effect of Corporate Social Responsibility and Audit Size on Credit Rating

기업의 사회적 책임과 감사인 규모가 기업신용등급에 미치는 영향

  • Jeon, Jin-Ho (Dept. of Business Administration, Catholic Kwan-Dong University)
  • 전진호 (가톨릭관동대학교 경영학과)
  • Received : 2017.11.13
  • Accepted : 2018.01.20
  • Published : 2018.01.28
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Abstract

This study analyzed annual final sample data from 159 companies based on firms selected as economic justice companies by Economic Justice Institute in Citizens' Coalition for Economic Justice in South Korea according to interest variables from 2005 until 2011. Analyzed results are as follows. First, higher scores in soundness and corporate social activities among CSR items suggested that corporate credit rating upgraded. This indicates that credit rating institutions give a good evaluation on their social activities and reflect them in credit rating assessment. However, environmental protection satisfaction and corporate credit rating showed the opposite results. Second, high objectivity and contribution to the economic development as well as supervision by giant auditors had substantial effects on higher corporate credit rating. In contrast, high soundness and supervision by giant auditors reduced corporate credit rating. Based on this outcome, it is estimated that there is a discriminatory response among CSR activities in terms of credit rating evaluation conducted by credit rating institution.

본 연구는 기업의 사회적 책임과 감사인 규모가 기업의 신용등급에 어떠한 영향을 미치는지를 실증적으로 분석하였다. 본 연구는 관심변수를 기준으로 2005년부터 2011년까지 경실련 경제정의연구소가 경제정의기업으로 선정한 기업을 대상으로 최종표본 159개 기업/연 자료를 분석하였다. 분석결과는 다음과 같다. 첫째, CSR 항목 중 건전성과 기업의 사회적 책임활동 총점이 높을수록 기업신용등급은 유의하게 높게 나타났다. 이러한 결과는 신용평가기관이 기업의 사회적 책임활동을 긍정적으로 평가하여 신용등급에 반영한다는 것을 의미한다. 그러나 환경보호만족도와 기업신용등급 간에는 반대의 결과가 나타났다. 둘째, CSR 활동 중 공정성과 경제발전기여도가 높고 대형감사인이 감사할수록 기업신용등급은 유의하게 높게 나타났다. 반면, 건전성이 높고 대형감사인이 감사할수록 기업신용등급은 낮게 나타나 신용평가기관이 신용등급을 평가함에 있어 CSR 활동 간에 차별적인 반응이 있는 것으로 파악된다.

Keywords

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