본문 바로가기
KERD
논문KCI 등재

ESG 또는 기업의 사회적 책임, 그리고 기업 재무성과: 실증연구 고찰과 향후 발전 방향

ESG·CSR and Corporate Financial Performance: What Have We Learned, and Where Do We Go from Here?

박지현|김양민
한국전략경영학회 (Korean Strategic Management Society)|2021.08|전략경영연구 (Journal of Strategic Management)|제24권 제2호|pp. 75-114|DOI 10.17786/jsm.2021.24.2.004

0

조회

0

다운로드

116

인용

0

참고문헌

키워드

기업의 사회적 책임ESGCorporate Social Responsibility (CSR)기업의 재무성과Corporate Social Performance (CSP)Corporate Financial Performance (CFP)기업의 사회적 책임 성과
주제분류경영학

초록

비록 학술지에서 이 주제에 대해서 다룬 것은 한 세기 전까지 거슬러 올라갈 수 있지만, 기업의 사회적 책임(CSR), 또는 ESG에 대한 학문적 관심은 특히 지난 30여 년간 엄청나게 증가하였다. 이러한 관심을 반영하여 무수히 많은 연구가 이 분야에서 진행되었고, 지난 20여 년간 이 분야의 학자들이 가장 자주 다룬 주제는 바로 CSR․ESG와 기업의 재무성과(CFP)의 관계였다. CSR․ESG와 CFP의 관계를 검증한 연구들은 나름의 논리적 입장을 토대로 각기 긍정론, 부정론, 무효과론을 주장하고 있다. 정교한 연구 설계를 통한 최근의 연구들에서는 대부분 CSR․ESG와 CFP간의 정(+)의 관계를 보고하고 있으나 여전히 혼재된 결과들도 도출되고 있고, 특히, CSR․ESG를 잘 수행하면 재무성과가 좋아지는지, 즉 두 변수 사이에 확실한 인과관계가 존재하는지에 대한 논쟁은 계속되고 있다. 본 논문의 목적은 이 분야에서 이루어진 최신의 선행연구들을 검토하고, 그것을 바탕으로 앞으로의 연구 방향에 대하여 제언하는 것이다. 본 연구는 이 분야 최신 연구의 자세한 고찰을 토대로 다음의 몇 가지를 제안하였다. 첫째, ESG와 관련한 규제와 제도적 환경의 변화를 맞이하여 수혜를 받는 기업과 피해를 볼 기업에 대한 추가 연구의 필요성, 둘째, 현재의 ESG 지표가 지나치게 기술 중심 기업에 유리하고 고용을 많이 하고 세금 많이 내는 전통의 유통, 제조업에 불리하게 되어 있다는 지적을 감안한 연구의 필요성, 그리고 셋째, CSR․ESG와 CFP간의 인과관계 검증을 위해 CSR․ESG와 CFP의 시간차 고려와 장기간의 자료 사용, 내생성에 대한 철저한 통제, 그리고 보다 정교한 매개변수와 조절변수의 발굴을 통한 검증이다. 본 연구에서는 이러한 제안에 대한 보다 더 자세한 논의와 함께 이 분야의 학자들에게 조금이라도 도움을 줄 수 있는 향후 발전 방향에 대하여 제시하였다.

Abstract

Corporate social responsibility (CSR) or ESG had an incredible journey in the management literature over the past three decades. Whereas the scholarly literature about CSR dates to more than a century ago, its sensational rise in popularity in the 1990s and the 2000s implies that it is relatively a young area of academic research. While there are many research subjects, one of the most heavily studied topics in the area is the relationship between corporate social performance (CSP) and corporate financial performance (CFP). The empirical evidence on the relationship has been mixed. While most recent studies show a positive correlation between CSP and CFP, a considerable amount of research suggests that the relationship is not necessarily positive or significant. Furthermore, even in most studies that report a positive correlation between the two, it is not perfectly clear whether the relationship is causal whereby good CSR․ESG leads to good CFP. The purpose of this paper is to review the recent empirical studies, and develop suggestions for future research on this subject. We suggest that researchers on this subject must (1) focus more on impacts of ESG regulations on the relationship between CSP and CFP; (2) pay attention to a claim that ESG investment favors tech companies with fewer workers and low effective tax rate and the claim’s implication to the CSP-CFP relationship research; and (3) address endogeneity concerns of the causal relationship between CSP and CFP and find more convincing mediators and moderators between the two variables. We conclude with detailed directions for future research that will enable scholars to do a more fine grained study on this subject thereby revealing the relationship between CSP and CFP clearly.

참고문헌 (184)

  1. 김동주, "이해관계자 관점에서 본 기업의 외부적 CSR 활동과 종업원 및 주주의 이익", 인적자원관리연구, 16, pp.29~48 (2009), 한국인적자원관리학회
  2. 김성우, "기업의 CSR 활동과 이익의 질과의 관계", 대한경영학회지, 28(12), pp.3277~3299 (2015), 대한경영학회[DOI]
  3. 김윤경, "기업 비재무정보(ESG) 공시가 재무성과와 기업가치에 미치는 영향", 규제연구, 29(1), pp.35~59 (2020), 한국규제학회[DOI]
  4. 김창수, "기업의 사회적 책임 활동과 기업가치", 한국증권학회지, 38(4), pp.507~545 (2009), 한국증권학회
  5. 김창수, "환경경영과 기업가치", 재무연구, 23(2), pp.121~158 (2010), 한국재무학회
  6. 나영, "기업규모에 따른 CSR활동과 기업가치에 대한 실증분석", 회계저널, 20(5), pp.125~160 (2011), 한국회계학회
  7. 문정빈, "Measuring the costs and benefits of CSR through shareholder value", 금융지식연구, 12(1), pp.265~294 (2014), 금융지식연구소
  8. 민재형, "기업의 ESG 노력은 지속가능경영의 당위적 명제인가? 기업의 재무상태에 따른 비재무적 책임 향상 노력의 차별적 효과", 경영과학, 36(1), pp.17~35 (2019), 한국경영과학회[DOI]
  9. 민재형, "지속가능경영을 위한 기업의 환경적, 사회적, 지배구조적 요인이 주가수익률 및 기업 가치에 미치는 영향", 한국경영과학회지, 39(4), pp.33~49 (2014), 한국경영과학회[DOI]
  10. 민재형, "기업의 환경, 사회, 지배구조 요인과 재무성과의 관계 : 공유가치창출의 경험적 근거", 경영과학, 32(1), pp.113~131 (2015), 한국경영과학회[DOI]
  11. 박경서, "내생성(Endogeneity) 문제를 통제한 환경경영과 기업가치 간의 관계에 관한 연구", 재무연구, 25(2), pp.293~324 (2012), 한국재무학회
  12. 박범진, "기업의 사회적 책임과 회계성과에 대한 지배주주의 조절효과", 대한경영학회지, 32(5), pp.869~889 (2019), 대한경영학회[DOI]
  13. 박지현, "기업의 사회적 책임 성과와 기업 성과의 관계에 대한 연구: 가시성과 정부 및 정치적 기관과의 연관성의 조절효과를 중심으로", 인사조직연구, 22(4), pp.1~33 (2014), 한국인사조직학회
  14. 변상민, "기업별 마케팅 활동과 산업별 특성을 고려한 기업의 사회적 책임활동이 기업가치에 미치는 장기적 영향에 관한 연구", 경영학연구, 42(5), pp.1289~1313 (2013), 한국경영학회
  15. 배준영, "한국 진출 다국적기업 자회사의 사회책임활동이 자회사 현지 직원들의 조직동일시와 조직시민행동에 미치는 영향", 인적자원관리연구, 21(3), pp.265~287 (2014), 한국인적자원관리학회[DOI]
  16. 신민식, "기업의 사회적 책임 지출이 기업가치에 미치는 영향", 金融工學硏究, 10(1), pp.99~125 (2011), 한국금융공학회[DOI]
  17. 신영직, "기업의 사회적 책임(CSR) 활동과 주가붕괴위험 간의 관계에 관한 연구 : 대리인 문제의 관점에서", 회계저널, 28(5), pp.43~84 (2019), 한국회계학회[DOI]
  18. 여영준, "기업의 사회적 책임과 재무성과와의 선후행 관계에 대한 탐색적 연구", 경영컨설팅연구, 18(1), pp.189~198 (2018), 한국경영컨설팅학회
  19. 오상희, "ESG 평가요소와 기업가치의 관계에 관한 연구", 전산회계연구, 17(2), pp.205~223 (2019), 한국전산회계학회[DOI]
  20. 이균봉, "기업의 사회적 책임 수준과 재무이익－세무이익 차이", 세무회계연구, (62), pp.243~265 (2019), 한국세무회계학회[DOI]
  21. 이광윤, "내생성과 다기간 문제를 고려한 기업의 사회적책임의 세부활동과 기업가치와의 관계", 회계정보연구, 30(4), pp.115~145 (2012), 한국회계정보학회
  22. 이수열, "기업의 사회적 책임, 무책임, 그리고 기업성과", 경영학연구, 44(3), pp.677~711 (2015), 한국경영학회
  23. 이정기, "사회적 기업에 대한 사회성과 인센티브의 경제적 효과: 통제집단합성법(SCM)을 이용한 사례연구", 전략경영연구, 23(1), pp.81~100 (2020), 한국전략경영학회[DOI]
  24. 이정기, "“지속가능경영” 연구의 현황 및 발전방향: ESG 평가지표를 중심으로", 전략경영연구, 23(2), pp.65~92 (2020), 한국전략경영학회[DOI]
  25. 이정은, "완충제로써의 CSR 보고서: 기업의 사회적 책임 활동과 재무성과 사이의 조절효과를 중심으로", 경영학연구, 46(5), pp.1343~1365 (2017), 한국경영학회[DOI]
  26. 이중원, "기업의 사회적 책임(CSR) 활동이 재무성과에 미치는 영향: 직무만족도와 기업규모를 중심으로", 경영학연구, 49(4), pp.913~937 (2020), 한국경영학회[DOI]
  27. 이현수, "기업의 CSR활동과 내부 구성원의 태도: 절차공정성의 조절효과를 중심으로", 대한경영학회지, 32(2), pp.285~304 (2019), 대한경영학회[DOI]
  28. 이해성, "지속가능경영활동이 이익의 질과 조세회피 그리고 기업가치에 미치는 영향", 세무와회계저널, 16(5), pp.209~242 (2015), 한국세무학회
  29. 임욱빈, "비재무적 정보가 기업성과에 미치는 영향 : ESG 점수를 중심으로", 국제회계연구, (86), pp.119~144 (2019), 한국국제회계학회[DOI]
  30. 장지인, "기업의 사회적 책임(CSR)과 재무성과와의 관계", 대한경영학회지, 23(2), pp.633~648 (2010), 대한경영학회
  31. 정강원, "기업의 사회적 책임과 재무적 성과와의 관계에 관한 연구", 기업경영리뷰, 11(1), pp.15~34 (2020), KNU 기업경영연구소
  32. 지상현, "지속가능경영 기업의 회계이익의 질", 국제회계연구, (86), pp.235~258 (2019), 한국국제회계학회[DOI]
  33. 천미림, "기업의 사회적 책임활동이 기업 재무성과에 미치는 영향- CSR 활동의 실행동기(motive)와 몰입(commitment)의 조절효과를 중심으로 -", 경영학연구, 42(5), pp.1159~1185 (2013), 한국경영학회
  34. 최운열, "기업의 사회공헌활동이 기업가치에 미치는 영향: 기부금지출을 중심으로", 경영학연구, 38(2), pp.407~432 (2009), 한국경영학회
  35. 최준혁, "CSR은 기업의 여유자원의 결과인가? - 기업수명주기를 통한 분석 -", 회계정보연구, 35(3), pp.333~364 (2017), 한국회계정보학회
  36. 최현정, "기업의 사회적 책임활동과 회계투명성간의 관계", 회계학연구, 38(1), pp.135~171 (2013), 한국회계학회
  37. 최환석, "정부 연구개발 지원이 코스닥 기업의 외국인 지분율에 미치는 영향: PSM DID 순차적 적용을 통한 분석", 인사조직연구, 26(1), pp.7~36 (2018), 한국인사조직학회[DOI]
  38. 하석태, "사회적 책임기업 이미지가 기부금 지출과 기업가치의 관계에 미치는 영향", 회계와 정책연구, 22(6), pp.33~51 (2017), 한국회계정책학회[DOI]
  39. 하영원, "한국기업의 경영 패러다임 혁명: SKMS(SK Management System)의역할을 중심으로" (2010), 서강대학교 출판부
  40. Aguinis, H., "What we know and don’t know about corporate social responsibility : A review and research agenda", Journal of Management, 38(4), pp.932~968 (2012)
  41. Akerlof, G., "The market for ‘lemons’ : Quality and uncertainty and the market mechanism", The Quarterly Journal of Economics, 84(3), pp.488~500 (1970)
  42. Alcadipani, R., "When corporations cause harm : A critical view of corporate social irresponsibility and corporate crimes", Journal of Business Ethics, 167(2), pp.285~297 (2020)
  43. Alexander, G. J., "Corporate social responsibility and stock market performance", Academy of Management Journal, 21(3), pp.479~486 (1978)
  44. Anginer, D., "Stocks of Admired Companies and Despised Ones" (2007)[DOI]
  45. Arora, P., "Corporate governance and corporate social responsibility(CSR) : The moderating roles of attainment discrepancy and organization slack", Corporate Governance : An International Review, 19(2), pp.136~152 (2011)
  46. Arouri, M., "CSR performance and the value of cash holdings : International evidence", Journal of Business Ethics, 140(2), pp.263~284 (2017)
  47. Artiach, T., "The Determinants of Corporate Sustainability Performance", Accounting & Finance, 50(1), pp.31~51 (2010)
  48. Aupperle, K. E., "An empirical examination of the relationship between corporate social responsibility and profitability", Academy of Management Journal, 28(2), pp.446~463 (1985)
  49. Backhaus, K. B., "Exploring the relationship between corporate social performance and employer attractiveness", Business & Society, 41(3), pp.292~318 (2002)
  50. Bansal, P., "From issues to actions : The importance of individual concerns and organizational values in responding to natural environmental issues", Organization Science, 14(5), pp.510~527 (2003)
  51. Bansal, P., "Why companies go green : A model of ecological responsiveness", Academy of Management Journal, 43(4), pp.717~736 (2000)
  52. Barnett, M. L., "Beyond dichotomy : The curvilinear relationship between social responsibility and financial performance", Strategic Management Journal, 27(11), pp.1101~1122 (2006)
  53. Baron, D. P., "Integrated Strategy : Market and Nonmarket Components", California Management Review, 37(2), pp.47~65 (1995)
  54. Baron, D. P., "Integrated Market and Nonmarket Strategy in Client and Interest Group Politics", Business and Politics, 1, pp.3~34 (1999)
  55. Baron, D. P., "Private politics, corporate social responsibility, and integrated strategy", Journal of Economics and Management, 10(1), pp.7~45 (2001)
  56. Baron, D. P., "Business and Its environment" (2009), Pearson Prentice Hall
  57. Benabou, R., "Individual and corporate social responsibility", Economica, 77(305), pp.1~19 (2010)
  58. Ben Brik, A., "Market orientation, corporate social responsibility, and business performance", Journal of Business Ethics, 99(3), pp.307~324 (2011)
  59. Berman, S. L., "Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance", Academy of Management Journal, 42(5), pp.488~506 (1999)
  60. Bhagwat, Y., "Corporate sociopolitical activism and firm value", Journal of Marketing, 84(5), pp.1~21 (2020)
  61. Annual Report, "BlackRock", ~ (2020)
  62. Bowen, H. R., "Social responsibilities of the businessman" (1953), Harper and Row
  63. Borret, A., "Consensus is emerging on how to tax Big Tech", TechMonitor, ~ (2021)
  64. Boyd, B. K., "How advanced is the strategy paradigm? The role of particularism and universalism in shaping research outcomes", Strategic Management Journal, 26(9), pp.841~854 (2005)
  65. Brammer, S., "Corporate social performance and stock returns", Financial Management, 35(3), pp.97~116 (2005)
  66. Brammer, S., "The development of corporate charitable contributions in the UK, A stakeholder analysis", Journal of Management Studies, 41(8), pp.1411~1434 (2004)
  67. Brown, T. J., "The company and the product : Corporate associations and consumer product responses", Journal of Marketing, 61(1), pp.68~84 (1997)
  68. Carmeli, A., "The role of perceived organizational performance in organizational identification, adjustment and job performance", Journal of Management Studies, 44(6), pp.972~992 (2007)
  69. Chang, Y. K., "Exploring the relationship between board characteristics and CSR : Empirical evidence from Korea", Journal of Business Ethics, 140(2), pp.225~242 (2017)
  70. Chatterji, A. K., "Do ratings of firms converge? Implication for managers, investors and strategy researchers", Strategic Management Journal, 37(8), pp.1597~1614 (2016)
  71. Chen, Y. S., "The influence of green innovation performance on corporate advantage in Taiwan", Journal of Business Ethics, 67(4), pp.331~339 (2006)
  72. Clark, J. M., "The changing basis of economic responsibility", Journal of Political Economy, 24(3), pp.209~229 (1916)
  73. Clarkson, P. M., "Does It Really Pay to Be Green? Determinants and Consequences of Proactive Environmental Strategies", Journal of Accounting and Public Policy, 30(2), pp.122~144 (2011)
  74. Cohen, B. D., "Information asymmertry and investor valuation of IPOs : Top management team legitimacy as a capital market signal", Strategic Management Journal, 26(7), pp.683~690 (2005)
  75. Connelly, B. L., "Signaling theory : A review and assessment", Journal of Management, 37(1), pp.39~67 (2011)
  76. Deng, X., "Corporate social responsibility and stakeholder value maximization : Evidence from mergers", Journal of Financial Economics, 110(1), pp.87~109 (2013)
  77. DiMaggio, P. J., "The iron cage revisited : Institutional isomorphism and collective rationality in organizational fields", American Sociological Review, 48(2), pp.147~160 (1983)
  78. Dodd, E. M. Jr., "For whom are corporate manager trustees?", Harvard Law Review, 45(7), pp.1145~1163 (1932)
  79. Donaldson, L., "American anti-management theories of organization: A critique of paradigm proliferation" (1995), Cambridge University Press
  80. Dunn, M. B., "Institutional logics and institutional pluralism : The contestation of care and science logics in medical education, 1967-2005", Administrative Science Quarterly, 55(1), pp.114~149 (2010)
  81. Duque-Grisales, E., "Does green innovation affect the financial performance of Multilatinas? The moderating role of ISO 14001 and R&D investment", Business Strategy and the Environment, 29(8), pp.3286~3302 (2020)
  82. The impact of a corporate culture of sustainability on corporate behavior and performance, "Eccles, R.", NBER, 1~56 (2012)
  83. Eccles, R., "The impact of corporate sustainability on organizational processes and performance", Management Science, 60(11), pp.2835~2857 (2014)
  84. Ellen, P. S., "Charitable program and the retailer : Do they mix?", Journal of Retailing, 76(3), pp.393~406 (2000)
  85. Ferraro, F., "Economics language and assumptions : How theories can become self-fulfilling", Academy of Management Review, 30(1), pp.8~24 (2005)
  86. Flammer, C., "Corporate social responsibility as an employee governance tool : Evidence from a quasi experiment", Strategic Management Journal, 38(2), pp.63~183 (2017)
  87. Fombrun, C., "Building corporate reputation through CSR initiatives : Evolving standards", Corporate Reputation Review, 8(1), pp.7~11 (2005)
  88. Fombrun, C., "What’s in a name? Reputation building and corporate strategy", Academy of Management Journal, 33(2), pp.233~258 (1990)
  89. Freeman, R. E., "Strategic management: A stakeholder approach" (1984), Pitman
  90. Freeman, R. E., "Managing for Stakeholders: Survival, Reputation, and Success" (2007), Yale University Press
  91. Friede, G., "ESG and financial peformance: Aggregated evidence from more than 2000 empirical studies", Journal of Sustainable Finance & Investment, 5(4), pp.210~233 (2015)
  92. Friedman, M., "The social responsibility of business is to increase its profits", New York Times Magazine, 32(13), pp.122~126 (1970)
  93. Ghoshal, S., "Bad management theories are destroying good management practices", Academy of Management Learning & Education, 4(1), pp.75~91 (2005)
  94. Giese, G., "Deconstructing ESG ratings performance: Risk and return for E, S and G by time horizon, sector and weighting", MSCI, (2020), pp.1~51 (2020)
  95. Gilllan, S. L., "Firms and social responsibility : A review of ESG and CSR research in corporate finance", Journal of Corporate Finance, 66, pp.101889~ (2021)
  96. Graves, S. B., "Institutional owners and corporate social performance", Academy of Management Journal, 37(4), pp.1034~1046 (1994)
  97. Graves, S. B., "Beyond Built to Last Stakeholder Relations in ‘Built-to-Last’ Companies", Business and Society Review, 105(4), pp.393~418 (2000)
  98. Greening, D. W., "Corporate social performance as a competitive advantage in attracting a quality workforce", Business & Society, 39(3), pp.254~280 (2000)
  99. Grewal, J., "Market reaction to mandatory nonfinancial disclosure", Management Science, 65(7), pp.2947~3448 (2018)
  100. Gulati, R., "Which ties matter when? The contingent on IPO success", Strategic Management Journal, 24(2), pp.127~144 (2003)
  101. Gupta, K., "Stakeholder engagement strategies, national institutions, and firm performance : A configurational perspective", Strategic Management Journal, 41(10), pp.1869~1900 (2020)
  102. Hart, S. L., "A natural resource-based view of the firm", Academy of Management Review, 20(4), pp.986~1014 (1995)
  103. Hillman, A. J., "Shareholder value, stakeholder management, and social issues : What’s the bottom line?", Strategic Management Journal, 22(2), pp.125~139 (2001)
  104. Hossain, M., "Do LGBT Workplace Diversity Policies Create Value for Firms?", Journal of Business Ethics, 167(4), pp.775~791 (2020)
  105. Huettermann, H., "Mutual gains? Health-related HRM, collective well-being and organizational performance", Journal of Management Studies, 56(6), pp.1045~1072 (2019)
  106. Hull, C. E., "Firm performance : The interactions of corporate social performance with innovation and industry differentiation", Strategic Management Journal, 29(7), pp.781~789 (2008)
  107. Ioannou, I., "The impact of corporate social responsibility on investment recommendations : Analysts’ perceptions and shifting institutional logics", Strategic Management Journal, 36(7), pp.1053~1081 (2015)
  108. Jensen, M. C., "Value Maximization, Stakeholder Theory, and the Corporate Objective Function", Business Ethics Quarterly, 12(2), pp.235~256 (2002)
  109. Jiang, W., "Stakeholder relationship capability and firm innovation : A contingent analysis", Journal of Business Ethics, 167, pp.111~125 (2020)
  110. Johnson, R. A., "The effects of corporate governance and institutional ownership types on corporate social performance", Academy of Management Journal, 42(5), pp.564~576 (1999)
  111. Johnson, S., "ESG investment favours tax-avoiding tech companies", Financial Times, ~ (2021)
  112. Jones, D. A., "Does serving the community also serve the company? Using organizational identification and social exchange theories to understand employee responses to a volunteerism programme", Journal of Occupational and Organizational Psychology, 83(4), pp.857~878 (2010)
  113. Jones, T. M., "Instrumental Stakeholder Theory : A Synthesis of Ethics and Economics", Academy of Management Review, 20(2), pp.404~437 (1995)
  114. Kim, K., "Effects of corporate social responsibility on corporate financial performance : A competitive-action perspective", Journal of Management, 44(3), pp.1097~1118 (2018)
  115. Kim, Y., "Board network characteristics and firm performance in Korea", Corporate Governance : An International Review, 13(6), pp.800~808 (2005)
  116. Kiron, D., "Sustainability nears a tipping point", MIT Sloan Management Review, 53(2), pp.69~74 (2012)
  117. Korschun, D., "Corporate social responsibility, customer orientation, and the job performance of frontline employees", Journal of Marketing, 78(3), pp.20~37 (2014)
  118. Krüger, P., "Corporate Goodness and Shareꠓholder Wealth", Journal of Financial Economics, 115(2), pp.304~329 (2015)
  119. Lenz, I., "Can doing good lead to doing poorly? Firm value implications of CSR in the face CSI", Journal of the Academy of Marketing Science, 45(5), pp.677~697 (2017)
  120. Lev, B., "Is doing good good for you? How corporate charitable contributions enhance revenue growth", Strategic Management Journal, 31(2), pp.182~200 (2010)
  121. Lins, V. K., "Social capital, trust, and firm performance : The value of corporate social responsibility during the financial crisis", Journal of Finance, 72(4), pp.1785~1823 (2017)
  122. Liu, A. Z., "Too much of a good thing? The boomerang effect of firms’ on vestments on corporate social responsibility during product recalls", Journal of Management Studies, 57(8), pp.1437~1472 (2020)
  123. López, M. V., "Sustainable Development and Corporate Performance : A Study Based on the Dow Jones Sustainability Index", Journal of Business Ethics, 75(3), pp.285~300 (2007)
  124. Lourenço, I. C., "The value relevance of reputation for sustainability leadership", Journal of Business Ethics, 119(1), pp.17~28 (2014)
  125. Luo, X., "Corporate social responsibility, customer satisfaction, and market value", Journal of Marketing, 70(4), pp.1~18 (2006)
  126. Luo, X., "Corporate social performance, analyst stock recommendations, and firm future returns", Strategic Management Journal, 36(1), pp.123~136 (2015)
  127. Lubin, D. A., "The sustainability imperative", Harvard Business Review, 88(5), pp.42~50 (2010)
  128. MacKenzie, D. A., "An engine, not a camera: How financial models shape markets" (2006), MIT Press
  129. Madsen, P. M., "Looking good by doing good : The antecedents and consequences of stakeholder attention to corporate disaster relief", Strategic Management Journal, 36(5), pp.776~794 (2015)
  130. Margolis, J. D., "Misery loves companies : Rethinking social initiatives by business", Administrative Science Quarterly, 48(2), pp.268~305 (2003)
  131. Marom, I. Y., "Toward a Unified Theory of the CSP-CFP Link", Journal of Business Ethics, 67(2), pp.191~200 (2006)
  132. Matten, D., "“Implicit” and “Explicit”CSR: A conceptual framework for a comparative understanding of corporate social responsibility", The Academy of Management Review, 33(2), pp.404~424 (2008)
  133. McGuire, J. B., "Corporate social responsibility and firm financial performance", Academy of Management Journal, 31(4), pp.854~872 (1988)
  134. McWilliams, A., "Event Studies in Management Research : Theoretical and Empirical Issues", Academy of Management Journal, 40(3), pp.626~657 (1997)
  135. McWilliams, A., "Corporate social responsibility and financial performance : Correlation or misspecification?", Strategic Management Journal, 21(5), pp.603~609 (2000)
  136. McWilliams, A., "Creating and capturing value : Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage", Journal of Management, 37(5), pp.1480~1495 (2011)
  137. Menguc, B., "The interactive effect of internal and external factors on a proactive environmental strategy and its influence on a firm’s performance", Journal of Business Ethics, 94(2), pp.279~298 (2010)
  138. Mishra, D. R., "Post-innovation CSR performance and firm value", Journal of Business Ethics, 140(2), pp.285~306 (2017)
  139. Mishra, S., "Corporate social responsibility and shareholder wealth : The role of marketing capability", Journal of Marketing, 80(1), pp.26~46 (2016)
  140. Mohin, T., "The Top Ten Trends in CSR for 2012", Forbes, ~ (2012)
  141. Moore, G. M., "Corporate Social and Financial Performance : An Investigation in the U. K. Supermarket Industry", Journal of Business Ethics, 34(3), pp.299~315 (2001)
  142. Mudrack, P. E., "Equity sensitivity and business ethics", Journal of Occupational and Organizational Psychology, 72(4), pp.539~560 (1999)
  143. Muller, A., "Extrinsic and intrinsic drivers of corporate social performance : Evidence from foreign and domestic firms in Mexico", Journal of Management Studies, 47(1), pp.1~26 (2010)
  144. Nelling, E., "Corporate social responsibility & financial performance : The ‘virtuous cycle’ revisited", Review of Quantitative Finance and Accounting, 32(2), pp.197~209 (2008)
  145. Ng, T. W., "Employee perceptions of corporate social responsibility : Effects on pride, embeddedness, and turnover", Personnel Psychology, 72(1), pp.107~137 (2019)
  146. Orlitzky, M., "Institutional logics in the study of organizations : The social construction of the relationship between corporate social and financial performance", Business Ethics Quarterly, 21(3), pp.409~444 (2011)
  147. Orlitzky, M., "Corporate social and financial performance : A meta-analysis", Organization Studies, 24(3), pp.403~441 (2003)
  148. Ortiz-De-Mandozana, N., "The long-term benefits of organizational resilience through sustainable business practices", Strategic Management Journal, 37(8), pp.1615~1631 (2016)
  149. Pava, M. L., "The Association between Corporate Social Responsibility and Fianancial Performance : The Paradox of Social Cost", Journal of Business Ethics, 15(3), pp.321~357 (1996)
  150. Peloza, J., "The challenge of measuring financial impacts from investments in corporate social performance", Journal of Management, 35(6), pp.1518~1541 (2009)
  151. Raza, A., "Relationship between corporate social responsibility(CSR)and corporate financial performance(CFP) : Literature review approach", Financial Management, 46, pp.8404~8409 (2012)
  152. Reuer, J. J., "A Signaling thoery of acquisition premiums : Evidence from IPO targets", Academy of Management Journal, 55(3), pp.667~683 (2012)
  153. Reverte, C., "Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms", Journal of Business Ethics, 88(2), pp.351~366 (2009)
  154. Rowley, T., "A brand new brand of corporate social performance", Business Society, 39(4), pp.397~418 (2000)
  155. Ruf, B. M., "An empirical investigation of the relationship between change in corporate social performance and financial performance : A stakeholde theory perspective", Journal of Business Ethics, 32(2), pp.143~156 (2001)
  156. Rupp, D. E., "Employee reactions to corporate social responsibility : An organizational justice framework", Journal of Organizational Behavior, 27(4), pp.537~543 (2006)
  157. Russo, M.V., "A resource-based perspective on corporate environmental performance and profitability", Academy of Management Journal, 40(3), pp.534~559 (1997)
  158. Ryan, A. M., "Applicant self-election : Correlates of withdrawal from a multiple hurdle precess", Journal of Applied Psychology, 85(2), pp.163~179 (2000)
  159. Rynes, S. L., "Handbook of Industrial and Organizational Psychology, 2", pp.399~444 (1991), Consulting Psychologists Press
  160. Schnietz, K. E., "Exploring the financial value of a reputation for corporate social responsibility during a crisis", Corporate Reputation Review, 7(4), pp.327~345 (2005)
  161. Schuler, D. A., "A corporate social performance-corporate financial performance behavioral model for consumers", Academy of Management Review, 31(3), pp.540~558 (2006)
  162. Sen, S., "Does doing good always lead to doing better? Consumer reactions to corporate social responsibility", Journal of Marketing Research, 38(2), pp.225~243 (2001)
  163. Servaes, H., "The impact of corporate social responsibility on firm value : The role of customer awareness", Management Science, 59(5), pp.1045~1061 (2013)
  164. Sharma, S., "Managerial interpretations and organizational context as predictors of corporate choice of environmental strategy", Academy of Management Journal, 43(4), pp.681~697 (2000)
  165. Shiu, Y., "Does engagement in corporate social responsibility provide strategic insurance-link effects?", Strategic Management Journal, 38, pp.455~470 (2017)
  166. Spence, A. M., "Market Signaling: Informational Transfer in Hiring and Related Screening Processes" (1974), Harvard University Press
  167. Srivastava, J., "The role of inferences in sequential bargaining with one-sided incomplete information : Some experimental evidence", Organizational Behavior and Human Decision Processes, 85(1), pp.166~187 (2001)
  168. Strike, V. M., "Being good while being bad : Social responsibility and the international diversification of US firms", Journal of International Business Studies, 37(6), pp.850~862 (2006)
  169. Sun, W., "Reexamining corporate social responsibility and shareholder value : The inverted-U-shaped relationship and the moderation of marketing capability", Journal of Business Ethics, 160(4), pp.1001~1017 (2019)
  170. Surroca, J. A., "Is managerial entrenchment always bad and corporate social responsibility always good? A cross-national examination of their combined influence on shareholder value", Strategic Management Journal, 41(5), pp.891~920 (2020)
  171. Surroca, J. A., "Corporate responsibility and financial performance : The role of intangible resources", Strategic Management Journal, 31(5), pp.463~490 (2010)
  172. Tong, L., "Stakeholder preservation or appropriation? The influence of target CSR on market reactions to acquisition announcements", Academy of Management Journal, 63(5), pp.1535~1560 (2020)
  173. Turban, D. B., "Corporate social performance and organizational attractiveness to prospective employees", Academy of Management Journal, 40(3), pp.658~672 (1997)
  174. Vance, S. C., "Are socially responsible corporations good investment risks", Management Review, 64(8), pp.18~24 (1975)
  175. Vishwanathan, P., "Strategic CSR : A concept building meta-analysis", Journal of Management Studies, 57(2), pp.314~350 (2020)
  176. Waddock, S. A., "The corporate social performance-financial performance link", Strategic Management Journal, 18(4), pp.303~319 (1997)
  177. Waddock, S. A., "Quality of management and quality of stakeholder relations", Business & Society, 36(3), pp.250~279 (1997)
  178. Waldman, D. A., "Components of CEO transformational leadership and corporate social responsibility", Journal of Management Studies, 43(8), pp.1703~1725 (2006)
  179. Wang, H., "Corporate philanthropy and corporate financial performance : The roles of stakeholder response and political access", Academy of Management Journal, 54(6), pp.1159~1181 (2011)
  180. Wang, Q., "A meta-analytic review of corporate social responsibility and corporate financial performance", Business & Society, 55(8), pp.1083~1121 (2016)
  181. Weidenbaum, M., "Takeovers and stockholders : Winners and losers", California Management Review, 29(4), pp.157~168 (1987)
  182. Whelan, T., "How to Talk to Your CFO About Sustainability", Harvard Business Review, 99(1), pp.86~93 (2021)
  183. Williamson, O., "The economics of discretionary behavior:Managerial objectives in a theory of the firm" (1967), Markham Publishing Company
  184. Wright, P., "Agency conflict and corporate strategy : The effect of divestment on corporate value", Strategic Management Journal, 18(1), pp.77~83 (1997)

관련 논문AI추천

기업의 ESG(환경,사회공헌,지배구조) 각 활동이 재무성과에 미치는 영향에 관한 메타연구 : 국내실증연구를 중심으로김종아, 남정민, 최민창한국진로·창업경영학회 · 한국진로창업경영학회지2023 · 제7권 제2호“지속가능경영” 연구의 현황 및 발전방향: ESG 평가지표를 중심으로이재혁, 이정기한국전략경영학회 · 전략경영연구2020 · 제23권 제2호기업의 ESG 수준과 재무성과 및 기업가치와의 관계 : 산업별 효과를 중심으로박세열, 박소민한국전문경영인학회 · 전문경영인연구2022 · 제25권 제3호기업의 사회적 책임활동이 미래경영성과에 미치는 영향권순용, 김도연한국산업경영학회 · 경영연구2014 · 제29권 제2호국내 ESG 연구동향 탐색: 2012~2021년 진행된 국내 학술연구 중심으로김나라, 박재현, 한향원한국벤처창업학회 · 벤처창업연구2022 · 제17권 제1호ESG 경영과 재무성과에 관한 이론적 고찰 및 전략적 제언: 가족기업 경영자의 동기를 중심으로한주희한국윤리경영학회 · 윤리경영연구2022 · 제22권 제1호

이 간행물의 다른 논문 (5건)

신흥국에서 기업의 R&D 투자 활동과 정부 보조금이 기업성과에 미치는 영향진한빈, 부옹, 최성진pp. 1-21Competitor Identification and Value Creation of Strategic Alliance: A Cognitive Approach김광호pp. 23-45공동내집단 정체성 재범주화 개입을 통한 NIH(Not-Invented-Here) 신드롬 해소 전략서리빈pp. 47-74군사기술 네트워크가 민군겸용 기술개발에 미치는 영향김언수, 장용진, 김봉선pp. 115-143국내 사회적기업가정신 연구 동향 분석과 과제이상윤, 이선희, 신효진pp. 145-172
원문 보기