내생성과 다기간 문제를 고려한 기업의 사회적책임의 세부활동과 기업가치와의 관계

초록

This study examines whether there is positive association between CSR and firm value considering endogeneity and multi-period. The sample consists of 2,057 firm-year observations during 2003-2009. CSR data is obtained from CSR scores by Korea Economy Justice Institute(KEJI) Index. The index is composed of seven sub-indices; (1) shareholder's soundness (2) governance's fairness (3) community service (4) consumer protection (5) environment protection (6) employee's satisfaction (7) contribution of economic development. We investigate which sub-division of CSR is related with firm value using three research models; (1) controlling endogeneity (2) considering time-lag (3) including multi-period. The empirical results are as follows. First, we find significant relationships between CSR elements(governance's fairness, community service, employee's satisfaction and contribution of economic development) and firm value. Whereas, contribution of economic development shows a significant negative association with firm value. Second, the results of our test, using 1 period time-lag model between CSR and firm value, show significant bilateral relationship, with coinciding with the previous research by Waddock and Graves(1997). Third, CSR(total score)'s effect on the firm value lasts for four periods. Especially, current CSR activities have strong effect on current firm value while the effect decreases as time goes on. Furthermore, governance's fairness, environment protection, employee's satisfaction and contribution of economic development have sustainable effects on the firm value. For example, contribution of economic development has a strong positive relation with the firm value for five years. Consequently, our empirical results imply that firms with better CSR performance exhibit higher firm value while we consider endogeneity and multi-period.

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