본 연구는 사회적으로 바람직한 가치인 윤리경영이 기업가치(MBR)와 어떤 연관관계를 가지고 있는지 추정하여 윤리경영이 현실에서 더욱 실질적으로 이루어지기를 바라며 진행되었다. 이를 위해 1998년부터 2002년까지 5년간 연속적으로 한국증권거래소에 상장된 제조업 142개 기업의 데이터를 활용하여 연립방정식 모형의 하나인 2SLS(two stage least square)로 분석하였다. 윤리경영(EMI)과 기업의 가치(MBR)는 일방적인 영향만을 주는 것이 아니라 상호 긍정적(+) 영향을 주는 것이 추정되었으며, 기업가치(MBR)가 윤리경영에 더 큰 영향을 주는 것으로 추정되었다. 아울러 일부 윤리경영 구성요소(건전성․소비자만족․생태보호․국민경제기여)는 기업가치와 긍정적인 관계(+)를 보이기도 하였지만 다른 구성요소(공정성․사회공헌․근로자부문)는 통계적 유의성을 찾지 못했다. 이를 통하여 우리는 윤리경영의 영향이 증권자본시장을 통해서도 기업가치에 반영됨을 확인 할 수 있게 되었다.

Although business ethics management arises as a core value of corporations, there is not sufficient evidence that the business ethics have had positive influences on corporate return or market value amid only emphasis on the corporation's ethical role. This paper investigates the relationships among all of ethical factors with the corporate performance and value and whether or not business ethics conduct as a management strategy is to be trade-off with long term benefit. In order to verify these relations, I selected corporate data of 142 individual corporations which have been listed on the Korea Stock Exchange from 1998 to 2002 and adopted the two stage least square analysis. Of course, it considers the simultaneity of the each equation which contains endogenous variable. The result of this study showed that all conducts of business ethics assumed a positive factor on the MBR(market value to book value ratio).

Although business ethics management arises as a core value of corporations, there is not sufficient evidence that the business ethics have had positive influences on corporate return or market value amid only emphasis on the corporation's ethical role. This paper investigates the relationships among all of ethical factors with the corporate performance and value and whether or not business ethics conduct as a management strategy is to be trade-off with long term benefit. In order to verify these relations, I selected corporate data of 142 individual corporations which have been listed on the Korea Stock Exchange from 1998 to 2002 and adopted the two stage least square analysis. Of course, it considers the simultaneity of the each equation which contains endogenous variable. The result of this study showed that all conducts of business ethics assumed a positive factor on the MBR(market value to book value ratio).

business ethics, ethics management conduct, corporate social responsibility