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Financial Performance of Socially Responsible Investing Fund Firms

고완석
한국국제회계학회 (Korea International Accounting Association)|2017.02|국제회계연구 (Korea International Accounting Review)|제71호|pp. 289-308|DOI 10.21073/kiar.2017..71.011

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참고문헌

키워드

Corporate Social ResponsibilityTobin’s Q기업의 사회적책임(CSR)토빈 QSocial Responsibility InvestingSRI Fund사회적책임투자(SRI)사회적책임투자펀드

초록

While corporate social responsibility (CSR) activities are socially desirable, CSR firms may or may not perform financially well, depending on whether they can convey good corporate image to their customers and financial community, and enhance their revenue enough to cover the expenses resulting from their CSR activities. There have been many studies looking into this issue, with their conclusions being inconclusive where CSR firms are variously defined. This study examines the financial performance of CSR firms, defined as the firms whose stocks are selected into the SRI (Socially Responsible Investing) funds. The study empirically tests whether CSR firms (SRI fund firms) reveal good financial performance in terms of reported earnings and a market measure, based on a sample of Korean listed firms whose stocks were included in an SRI fund during the period from 2010 to 2015. The study found that SRI fund firms revealed better financial performance than non－SRI fund firms: their ROE and Tobin’s Q are relatively significantly higher. This evidence implies that SRI fund firms draw favor from the social and economic community and signal better economic prospect of SRI firms to the present and potential investors.

Abstract

While corporate social responsibility (CSR) activities are socially desirable, CSR firms may or may not perform financially well, depending on whether they can convey good corporate image to their customers and financial community, and enhance their revenue enough to cover the expenses resulting from their CSR activities. There have been many studies looking into this issue, with their conclusions being inconclusive where CSR firms are variously defined. This study examines the financial performance of CSR firms, defined as the firms whose stocks are selected into the SRI (Socially Responsible Investing) funds. The study empirically tests whether CSR firms (SRI fund firms) reveal good financial performance in terms of reported earnings and a market measure, based on a sample of Korean listed firms whose stocks were included in an SRI fund during the period from 2010 to 2015. The study found that SRI fund firms revealed better financial performance than non－SRI fund firms: their ROE and Tobin’s Q are relatively significantly higher. This evidence implies that SRI fund firms draw favor from the social and economic community and signal better economic prospect of SRI firms to the present and potential investors.

참고문헌 (27)

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관련 논문AI추천

An Explanatory Study on the Performance of Socially Responsible Funds in Korea김회림, 최종학한국산업경영학회 · 경영연구2009 · 제24권 제1호Evaluation of CSR in South Korean Market with Indices on KRX송동섭, 홍수희한국상업경영학회 · 상업경영연구2016 · 제30권 제1호사회책임투자지수(SRI)편입 공시와 경영성과 사이의 관련성에 관한 연구류수전, 황성준한국디지털정책학회 · 디지털융복합연구2018 · 제16권 제12호Corporate Social Responsibility and Financial Performance in Korean Retail Firms김상수, Jeong Hwan Lee, Yun-Sik Kang한국유통과학회 · 유통과학연구2018 · 제16권 제5호기업의 ESG와 재무성과김용현, 장승욱한국재무관리학회 · 재무관리연구2013 · 제30권 제1호Price Impact of ESG Scores: Evidence from Korean Retail Firms손삼호, 이정환한국유통과학회 · 유통과학연구2019 · 제17권 제7호

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