earticle

영어

This study focuses how CSR(Corporate Social Responsibility) subsection activities effect thecontinuous growth and financial performance of the companies. Instead of traditional advertisingfocusing on product benefits, lots of recent studies are drawing attention to CSR activities as corporatepromotional tools for enhancing firm value. CSR activities are recognized as necessary methodsfor constructing good relationships with stake-holders through the efforts of solving problems asgood social members. Nonetheless studies on the categorization of various CSR activities andinfluence of those activities by industry are very limited. In order to analyze the relationship betweenCSR subsection activities and firm value by industry, the empirical analysis has been done by takingthe 7-year data from 2005 to 2011, which promotes KEJI index of a substitution of CSR activities,debt ratio, total assets, the rate between total assets and R&D costs for the independent variables,while using Tobin’s Q, a substitution of firm value, as the dependent variable. This work is conductedon a number of samples selected from 200 corporations that possess KEJI Index which is issuedby the Korean Economic Justice Institute annually. KEJI Index is composed of 5 main CSR subsectionactivities which are community service contributiveness, environmental protection satisfaction,customer service satisfaction, employee satisfaction and economic development contributiveness. Through the analysis, the effect of the total CSR activities in the previous year on the firm valueby industry in this year showed the significant positive relationship. And independent variables whichhave the significant effect on the total CSR activities are total assets and the rate between totalassets and R&D costs, but debt ratio and company age is not statistically significant. And the analytical result of the study which is the effects of CSR subsection activities to firmvalue by industry is summarized as follows. In chemistry industry, the statistically significant positiverelationship is shown in economic development contributiveness of CSR subsection corporateactivities in the previous year and the firm value in this year. In food and drug industry, the statisticallysignificant positive relationship is shown in environmental protection satisfaction of CSR subsectioncorporate activities in the previous year and the firm value in this year. In machinery and electronindustry, the statistically significant relationship is not shown in community service contributiveness,environmental protection satisfaction, customer service satisfaction, employee satisfaction andeconomic development contributiveness of CSR subsection corporate activities in the previous yearand the firm value in this year. In raw materials products industry, the statistically significant positiverelationship is shown in employee satisfaction of CSR subsection corporate activities in the previousyear and the firm value in this year. In non-manufacture and service industries, the statisticallysignificant positive relationship is shown in economic development contributiveness of CSRsubsection corporate activities in the previous year and the firm value in this year. In conclusion, the proper CSR subsection activities of companies can be the very useful strategicmeans which ultimately improves the firm value by strengthening the competitiveness as well assatisfying increasing internal and external demand.

한국어

본 연구는 경제정의연구소에서 조사하는 KEJI 지수를 CSR 활동의 대용변수로 사용하여 산업별CSR 활동과 기업가치 간의 관계를 분석하여 CSR 활동이 산업별로 기업가치에 미치는 영향이 상이할 수있는가를 검정하였고, 이를 바탕으로 기업의 총체적인 CSR 활동뿐만 아니라 CSR 활동의 세부항목인 기업의환경보호, 소비자보호만족도, 사회봉사기여도, 경제발전기여도, 종업원만족도와 같은 요인이 산업별로 기업가치에 상이한 영향을 미칠 수 있는지에 대하여서도 검정하였다. 결과는 화학 산업에서는 경제발전기여도와관련된 CSR 활동이 기업가치에 의미 있는 긍정적 영향력을 미치고, 식약 산업에서는 환경보호 CSR 활동이기업가치에 의미 있는 긍정적 영향력을 미치며, 기계전자 산업에서는 경제발전기여도, 환경보호, 사회봉사기여도, 종업원만족도, 소비자보호만족도 모두 기업가치에 유의미한 영향을 미치지 못하는 것으로 나타났다. 또한 비제조서비스 산업에서는 경제발전기여도 CSR 활동이 기업가치에 의미 있는 긍정적 영향력을 미치고,원자재가공생산 산업에서는 종업원만족도와 관련된 CSR 활동이 기업가치에 의미 있는 긍정적 영향력을미침을 확인할 수 있었다. 이러한 분석 결과는 산업별로 기업의 특성에 적합한 차별화된 CSR 세부활동이기업가치에 상이하게 영향을 미칠 수 있다는 의미를 제시하는 것으로, 기업의 특성을 무시한 대외 홍보적인CSR 활동이나 천편일률적인 CSR 활동보다는 실질적으로 기업가치를 제고시킬 수 있는 산업별 기업별로차별화된 CSR 활동전략의 수립의 가능성을 확인시켜주는 결과라고 할 수 있으며, 이러한 가능성의 발견이이 연구의 핵심 취지라고 할 수 있겠다.