사회적 책임활동과 기업가치의 연관성: KEJI와 KSI 통합 분석

Abstract

Recent developments in the world economy raise concerns that corporate social responsibility under modern capitalism can be a key strategic management factor influencing firm value and performance. Many literatures support the evidence that the benefits from corporate social responsibility depend on such things as strategic fits and corporate goals. One firm can accomplish corporate social responsibility role in several ways and there are also different results between a various type surrounding these corporate social responsibilities. The major forms of indicating corporate social responsibility in Korea are indexes usage such as KEJI (Korea Economic Justice Index) and KSI (Korean Sustainability Index). In this paper, we examine the economic effect of corporate social responsibility which occupies an important part of corporate strategy to enhance the market value of the company (Tobin's Q) and firm performance (ROA) together with the global financial crisis and various firm characteristics. To this end, we investigate the sample of listed firms on the stock exchange from 2004 to 2014 (KEJI) and from 2010 to 2014 (KSI) and search the impact on enterprise value taking into account of the internal characteristics such as asset size, liabilities, EBIT, foreign equity weight, business group and financial crisis period. We classify sample firms into two groups depending upon corporate social responsibility index level by KEJI and KSI to determine which category is better to increase the market value of the firm and for the investors after corporate social responsibility management. Also, we include financial crisis period and firm characteristics to see how these factors affect firm value changes. In this regard, our research suggests additional important evidence about the effect of corporate social responsibility on firm value with a case of an derivatives trading outcome in Emerging market. corporate social responsibility in Korean financial market has good characteristics that are suitable to examine the value of the firms following non-operational strategy. The major empirical results of the study are summarized as follows, First, we find that firm value by indicated by Tobin's Q become better if the corporate social responsibility indexes are increased by corporate implementation. Second, in the corporate characteristics, firm value become better if the stock share of foreigners or the rate of operating profit are higher and firms are belonging to short ages. Third, Tobin's Q became better if KEJI and KSI management will be combined both. These results support the hypotheses that corporate social responsibility is critical strategy to enhance the fim value. Our results also suggest that it is necessary to consider the fundamental characteristics of enterprise as well as the external economic environment to get a more efficient performance after corporate social responsibility. Overall, the appreciation of financial performance is attributable for the factors around corporate social responsibility.