• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.127-133
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• 2018

Corporate social responsibility (CSR) is one of the strategies for managing firms' business activities but may have heterogeneity depending on ownership structures. This study investigates the association between group-affiliation and CSR activities. Drawing on a theory from the prior research, this study predicts that group-affiliated firms are less likely to invest on CSR activities. For instance, prior research finds that controlling shareholders expropriate the values of minority shareholders. As one of the motivations of investing on CSR activities is the harmonization among the stakeholders, it leads to the prediction that firms controlled by large shareholders are less likely to engage in CSR activities. Second, group-affiliated firms under poor financial performance benefit from other group members through sharing their financial resources. Thus, there is less incentive for managers of group-affiliated firms to increase their financial performance by conducting CSR. By leveraging firms listed in Korean stock market and CSR score from Korea Economic Justice Institute, the result shows that the group-affiliation is negatively related to CSR activities. The result is consistent in case of applying propensity score-matched sample. Based on the findings of this study, this paper contributes to the related literature by showing the significant association between group-affiliation and CSR decisions.

• 아태비즈니스연구
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• 제12권1호
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• pp.57-69
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• 2021

Purpose - The purpose of this study is to investigate the effect of macroeconomic conditions on the relationship between CSR and firm value. Design/methodology/approach - Employing KEJI index as a proxy for a firm's CSR activities, we investigate whether investors discount the value of CSR activity during the economic recession when a firm's bankruptcy risk is high and thus its future sustainability is suspected. Findings - Our empirical result represents that the value of a firm with high CSR score is undervalued during recession, reflecting investors doubt the sustainability of a firm whose CSR score is high when overall economy is exposed to high downside risk. Research implications or Originality - It implies that investors may not regard the CSR activities as an indicator of corporate sustainability. Also, the result represents that stable macroeconomic condition can be one of the important factors to make the CSR activity increase a firm's value.

• 한국환경과학회지
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• 제31권12호
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• pp.1117-1126
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• 2022

This study analyzed the effect of Corporate Social Responsibility and ESG (Environmental, Social and Governance) score on information asymmetry from the perspective of investors, who are important stakeholders of the company. For KOSPI-listed companies from 2017 to 2020, the effect of ESG overall score and each item score (E, S, G) on the bid-ask spread, which is a proxy for information asymmetry, was confirmed. The results are as follows. First, the increase in corporate CSR activities resulted in lowering information asymmetry of investors. It was found that the higher the ESG score, an indicator of CSR activity, the lower the bid-ask spread, which is a proxy variable for information asymmetry. Second, as a result of analysis using ESG scores for each section, information asymmetry decreased as companies with higher scores in the environmental (E) and social (S) aspects, while the governance (G) score did not have a statistically significant effect. The analysis confirmed that corporate CSR activities can contribute to improving market efficiency by resolving information asymmetry of investors and convergence of the stock market into a state of equilibrium. This means that the company's CSR activities are reflected in the investment decision-making, which suggests that the company should consider the investor as a stakeholder in decision-making related to CSR activities.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.563-570
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• 2021

This study aims at exploring the corporate social responsibility (CSR) practices in the listed companies of Bangladesh. One hundred eighty-two different companies from fifteen different sectors have been selected as a sample. A weighted disclosure index having fifty-two items has been applied to ensure the degree of CSR practices of the sample companies. Each of the content has been assigned a three-scale value starting from zero to two. After that, eight dimensions of CSR are identified from CSR literature and have been evaluated by the predetermined disclosure index. Finally, a composite CSR disclosure (CSRD) score has been computed to measure the extent of CSR practices of the sample companies. The findings of the study reveal a poor CSRD score by the sample companies. Besides, it has been found that the listed companies provide more CSR activities on employee-related issues and community service-related issues while the listed companies provide less information on energy-related CSRD and customer-related CSRD in the context of Bangladesh. The findings of the study imply that the government and the regulatory authority should give more attention to develop a harmonized standards or policies to measure the degree of CSR practices for comparative purposes.

• Journal of Periodontal and Implant Science
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• 제48권5호
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• pp.274-283
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• 2018

Purpose: Numerous indices have been proposed to analyse wound healing in oral soft tissues, but each has specific shortcomings. A new method of analysis, the Early Wound Healing Score (EHS), was evaluated in the present study. The aim was to assess more accurately early healing by primary intention of surgical incisions in periodontal soft tissues. Methods: Twenty-one patients were treated with different surgical procedures comprising 1 or 2 vertical releasing incisions as part of a surgical access flap. Twenty-four hours after surgery, early wound healing at the vertical releasing incisions was assessed using the EHS. This score assessed clinical signs of re-epithelialization (CSR), clinical signs of haemostasis (CSH), and clinical signs of inflammation (CSI). Since complete wound epithelialization was the main outcome, the CSR score was weighted to be 60% of the total final score. Accordingly, a score of 0, 3, or 6 points was possible for the assessment of CSR, whereas scores of 0, 1, or 2 points were possible for CSH and CSI. Higher values indicated better healing. Accordingly, the score for ideal early wound healing was 10. Results: Thirty vertical releasing incisions were assessed in 21 patients. At 24 hours after incision, 16 vertical releasing incisions (53.33%) received the maximum score of CSR, while 6 cases (20%) received an EHS of 10. None of the cases received 0 points. Conclusion: The EHS system may be a useful tool for assessing early wound healing in periodontal soft tissue by primary intention after surgery.

• 한국식품위생안전성학회지
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• 제30권4호
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• pp.315-322
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• 2015

본 연구는 서울지역에 위치한 대학생들을 대상으로 식품기업의 위기상황에서 기업의 사회적 책임활동에 대한 소비자의 인지가 기업이미지 및 재구매 의도에 미치는 영향을 알아보기 위하여 수행되었다. 식품기업 N사를 분석사례로 선정하고 실제사건을 인용한 설문지를 사용하여 대학생 235명을 대상으로 기업의 사회적 책임활동을 인지하기 전과 후의 기업이미지와 재구매 의도에 대한 변화를 측정하고 통계분석을 실시하였다. 사회적 책임활동에 대해 인지하기 전과 후의 기업이미지를 측정한 8문항과 재구매 의도를 측정한 5문항에 대한 대응표본 T검증을 실시한 결과, 기업이미지에 관한 8문항 모두 유의수준이 0.05보다 작게 나타나 통계적으로 유의함을 확인하였다. 이로써 기업의 사회적 책임활동에 대한 소비자의 인지가 식품기업의 위기상황에서 기업이미지를 긍정적으로 변화시킬 수 있다는 결론을 채택하였다. 같은 방법으로 재구매 의도에 관한 변화를 측정하고 분석한 결과, 제품의 만족과 관련된 문항을 제외하고는 모두 유의수준이 0.05보다 작게 나타나 통계적으로 유의함을 확인하였다. 따라서, 본 연구는 향후 식품안전사고의 발생, 즉 식품기업의 위기상황에서 소비자들에게 기업이 실시하고 있는 사회적 책임활동을 인지시키는 것이 기업이미지와 재구매 의도를 긍정적으로 변화시키는데 기여할 수 있다는 주장의 기초자료로 활용될 수 있을 것이며, 앞으로도 기업의 사회적 책임활동이 기업의 위기상황에 어떠한 영향을 미치는지에 대한 다양한 측면에서의 연구가 필요하다고 사료된다.

• 경영과정보연구
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• 제34권5호
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• pp.71-92
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• 2015

본 연구는 기업의 사회적 책임(CSR: corporate social responsibility)활동이 재무성과에 미치는 영향을 베이지안 네트워크를 통해 분석하였다. 본 연구에서는 선행연구에서 널리 사용되어 온 분석방법인 다중회귀분석방법의 종속변수와 설명변수간에 획일적인 선형함수만을 가정하는데에서 나오는 문제점을 극복하고자 한다. 즉, 기업의 재무성과에 영향을 미치는 경영자의 사회적 책임활동간에 존재하는 인과관계를 도출할 필요가 있다. 이는 어떤 변수가 다른 어떤 변수와 직접 또는 간접적 인과관계를 통하여 기업의 재무성과에 영향을 주는지를 의사결정자에게 알려줌으로써 보다 효과적으로 기업의 재무성과를 개선시킬 수 있도록 지원할 수 있다. 이를 위하여 본 연구에서는 일반 베이지안 네트워크 (GBN: General Bayesian Network)을 제안하고 GBN에서 유도되는 마코프 블랭킷 (Markov Blanket)을 제시한다. 본 연구는 경제정의실천시민연합 산하 경제정의연구소에서 조사한 한국의 대표적 기업 약200개의 2005년부터 2011년까지 경제정의지수(Korean economic justice institute index: KEJI index)를 기초로 실험한 결과 기업성과측정치에 따라 차이는 보이지만 건전성(CSR1_20)과 경제발전기여도(CSR7_10)는 모든 기업의 재무성과에 직접적인 인과관계를 나타내었으며, 소비자보호만족도(CSR4_7), 환경보호만족도(CSR5_10) 및 종업원만족도(CSR6_10)는 각 측정지표간의 직 간접적인 인과관계를 나타내어 서로에게 중요한 영향을 미치고 있음을 나타내었다. 또한, what-if 민감도 분석을 통해 기업재무성과에 직접적인 인과관계가 있는 변수들의 사전확률이 변할 대 사후확률의 변화를 분석하여, 본 연구에서 제안한 방법이 모두 통계적으로 유의한 결과를 제공한다는 것이 실증적으로 검증되었다.

• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2009년도 추계학술대회
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• pp.99-107
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• 2009

Mahalanobis Taguchi-System (MTS) has been used in different diagnostic applications to make quantitative decisions by constructing a multivariate system using data analytic methods without any assumption regarding statistical distribution. MTS performs Taguchi's fractional factorial design based on the Mahahlanobis distance as a performance metric. In this study, MTS used for analyzing automotive ride satisfaction, which measured as a CSR(Customer Satisfaction Rating). The automobile which has a good CSR score treated as a normal group for constructing Mahalanobis space. The results of this research show that two attribute (Impact Hardness and Memory Shake) have a minus gain value and can be removed from further analysis. With the linear regression model, the difference of CSR between using all 6 attributes and just using significant 4 attributes compared.

• 디지털융복합연구
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• 제21권2호
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• pp.33-40
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• 2023

본 연구에서는 기존 선행연구의 주요한 관심사인 기업의 사회적 책임 이행이 투자 효율성에 미치는 영향을 살펴보고자 한다. 연구 방법은 기존 선행연구를 참조하여 정성적 연구로 진행하고, 본 연구에서 다루고자 하는 주요 주장 세 가지를 정리하고, 연구 변수, 연구 모형들을 서술하고자 한다. 연구 결과로는 본 연구에서는 기존의 선행연구를 기반으로 하여 기업의 높은 수준의 사회적 책임 이행이 투자 효율성을 어떻게 증가시키는지 살펴보기 위해 세 가지 논점을 제시하여 보았다. 첫째, 기업의 높은 사회적 책임 이행은 투자 효율성과 양의 연관성이 있을 것이라고 주장한다. 둘째, 투자 효율성은 1차 이해관계자들의 이익을 대변하는 CSR 개별 구성 요소들과 양의 연관성이 있을 것이라고 주장한다. 셋째, CSR 지수가 너무 높은 기업과 CSR 지수가 너무 낮은 기업은 투자효율성과의 연관성이 떨어질 것이라고 주장한다. 본 연구의 기여도는 CSR이 기업의 투자 효율성에 미치는 영향을 보다 정확히 파악할 수 있을 것이다. 전망으로는 본 연구에서 제시한 세 가지 주장을 가설로 채택하여 실증 분석한 연구가 나와서 보다 추가적인 발견이 이루어졌으면 한다.

• 유통과학연구
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• 제14권3호
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• pp.45-54
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• 2016

Purpose - There have been numerous studies investigating the effects of corporate social responsibility initiatives on corporate associations or corporate images. In line of this research stream, current research examined the potential impact of customer participation in the process of corporate social responsibility initiatives on attitude toward the company. This research differentiates from previous studies that it is the first to connect corporate social responsibility and customer participation. Specifically, we suggest a structural model on corporate associations which was classified into corporate ability associations and corporate social responsibility associations that the more the customers participate in initiating corporate social responsibility, corporate associations were formed more positively. And this leads to the increase of revisit intentions through customer satisfaction. Research design, data, and methodology - To test our research model, we collected data of real consumers of a large discount store in Korea. At the large discount store, customers were given an opportunity to participate the discount store's CSR activity program. We performed field survey and collected data of 146 respondents. We analyzed the data using PASW statistics 21.0 and AMOS 16.0 in order to test our structural model. Results - The results showed that consumers who participated more in initiating corporate social responsibility revealed higher score for corporate ability associations and corporate social responsibility associations. These corporate associations had a positive effect on customer satisfaction, which leads to higher attitude toward revisit intentions. Specifically, hypothesis 1.1 "As Customer participation in CSR process increases, the evaluation of CA associations will be positive,"was supported. Hypothesis 1.2 "As Customer participation in CSR process increases, the evaluation of CSR associations will be positive," was supported. Hypothesis 2.1 "As the evaluation of CA associations is positive, satisfaction with the firm will increase," was supported. Hypothesis 2.1 "As the evaluation of CSR associations is positive, satisfaction with the firm will increase," was supported. Hypothesis 3 "As satisfaction with the firm increases, revisit intentions with the firm will increase," was supported. Conclusions - This research is the first to study the relationship between customer participation in CSR process, CSR, and consumer reactions. This research also contributes to customer participation and corporate social responsibility literature by suggesting customer participation as an antecedent and empirically demonstrating the positive relationships between the constructs. The findings of this research may offer managerial implications for marketing practitioners. When performing corporate social initiatives, it is better to let the customer participate in the process which leads to higher corporate ability associations and corporate social responsibility associations, also higher satisfaction and revisit intentions. Our results provide useful information to practioners that spontaneous participation of consumers makes CSR initiatives effective and successful. Limitations and ideas for further research remain in this research. For example, our focus on the logic was cognitive evaluations(e.g. corporate associations) but affective dimensions might be considered since recent researches are investigating the relationship between customer participation and affective reaction as a response. Despite the limitations, this research have unique and applicable implications for academics and practitioners.