기업지배구조와 기업의 사회적 책임이 주가에 미치는 영향

초록

The paper investigates the role of corporate social responsibility as a mediator between corporate governance and short-term stock performance. Based on the information efficiency, we investigate the effects of information regarding corporate governance. Structural Equation Model (SEM) is used to estimate relationship among Corporate Governance, Corporate Social Responsibility, and Short-term Stock Performance (measured by cumulative abnormal returns). The analysis using the SEM may explain the mediating effect of CSR in between CG and CARs. To analyze the mediating effect, we took the following steps. First, we measures the abnormal returns around the announcement of corporate governance evaluation. Second, to examine the signaling effect (or information effect), we compared the cumulative abnormal returns the announcement. Third, using the goodness of fit test, we measures how well the models with CSR explain better than models without. Finally, we analyze a mediating effect of corporate social responsibility in between the corporate governance and short-term stock returns. The result shows that the overall short-term stock returns are significantly affected by the corporate governance, but good corporate governance does not have a significant effect; the corporate governance itself is not considered as information for investment. Because of imperfect capital markets and informational asymmetry, corporate governance information is also inefficient; and as a result, the corporate governance does not have a direct effect on short-term stock returns, but have a positive indirect effect.

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