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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 49, No. 1, pp.51-74
ISSN: 1226-1874 (Print)
Print publication date 29 Feb 2020
Received 16 Aug 2019 Revised 05 Nov 2019 Accepted 26 Nov 2019
DOI: https://doi.org/10.17287/kmr.2020.49.1.51

신경망모델(Neural Network Model)을 활용한 CSR활동의 영향력 분석

김주영* ; 유승경**
*(제1저자, 교신저자) 서강대학교 jkimsg@sogang.ac.kr
**(공저자) 서강대학교 ysg412@naver.com
Analyzing the Impact of CSR Activities Using a Neural Network Model
Juyoung Kim* ; Seunggyeong Yu**
*Sogang Business School, First Author, Corresponding Author
**Sogang Business School, Co-Author

초록

기업경영에 있어서 기업의 CSR은 국제 표준 가이드라인이 발표될 만큼 중요한 부분으로 자리매김하고 있다. 국제표준화기구(International Organization for Standardization: IOS)에서는 ISO26000라는 기업의 CSR에 대한 표준 가이드라인을 발표하였으며, 인권, 공정한 영업 관행, 커뮤니티 관여 및 개발 등을 주요 주제로 삼았다. 이는 기업의 CSR 중 내부적 CSR의 중요성을 나타낼 뿐만 아니라, 세계 표준에 맞추어 한국 기업들 역시 내부적인 CSR을 고려해야 함을 뜻한다. 하지만 기존 국내 기업의 CSR 활동은 대부분 기부, 자선단체 설립, 지역 사회 개발과 같은 외부적 CSR 활동에 치중해 있으며, CSR 활동과 재무적 성과 간의 관계를 분석한 여러 연구 결과 역시 외부적 CSR 활동과 많은 관련이 있다.

본 연구는 기업의 내부적 CSR 시행 여부가 기업 성과에 어떤 영향을 미치는지 인공 신경망을 통해 알아보았다. 2015년부터 2018년까지 국내 상장기업의 사업보고서 데이터와 내부적 CSR 활동에 대한 데이터를 바탕으로 내년도 기업의 성과를 예측하는 인공 신경망 모델을 구현하였다. 총 7가지 모델을 구현하였으며 각 모델은 독립, 매개, 조절 효과의 특징을 반영하였다. 모델들의 적합도 비교는 데이터들을 bootstrap과 같이 re-sampling 하여 모델별로 500개의 RMSE를 계산하여 t-test를 실행하였는데, 조절효과 모델이 가장 좋은 결과를 보였다.

다음으로 가장 결과가 좋았던 조절효과 모델을 바탕으로 기업이 내부적 CSR 활동을 한다고 가정하였을 때 기존성과에 비해 기업성과가 어떻게 나타나는지를 예측해보았다. 그 결과 통계적으로 주식가격, 매출액, 영업이익에서 모두 유의한 차이가 나타났다.

Abstract

Corporate CSR in corporate management is positioned as an important part as international standard guidelines are published. The International Organization for Standardization (IOS) released ISO 26000, a standard guideline for corporate CSR, with the main themes of human rights, fair business practices, community involvement, and development. This not only shows the importance of internal CSR incorporate CSR but also means that Korean companies need to consider internal CSR in line with global standards. However, most of the CSR activities of existing domestic companies were donated and charitable organizations were established, focusing on external CSR activities such as the development of local communities, and analyzing the relationship between CSR activities and financial results Some research results are also related to external CSR activities.

In this study, we investigated the effect of whether or not a company's internal CSR is implemented on corporate performance through an artificial neural network. Based on the business report data of domestic manufacturing companies from 2015 to 2018 and the data of internal CSR activities, an artificial neural network model that predicts the business performance of the next year was implemented. Seven types of models were implemented, and each model independently reflected the characteristics of parameters and adjustment effects. For the comparison of model fits, re-sampling the data like bootstrap and calculating 500 RMSEs per model and running t-test, the adjustment effect model showed the best results.

Next, based on the adjustment effect model with the best results, we assumed how the company's business performance would be displayed compared to the existing results, assuming that the company has internal CSR activities. As a result, there were statistically significant differences in stock prices, sales, and operating income.

Keywords:

Artificial neural network, internal CSR, company financial performance, moderating effect, mediating effect

키워드:

인공신경망, 내부적 CSR, 기업재무성과, 조절효과, 매개효과

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• 저자 김주영은 현재 서강대학교 경영대학 마케팅 전공 교수로 재직 중이다. 고려대학교 경영대학 및 대학원 경영학과를 졸업하였으며, 미국 미시간대학교에서 통계학 석사, 경영학(마케팅) 박사를 취득하였다. 주요연구분야는 Deep Learning을 활용한 모델링, 유통연구, 행동심리연구, 디지털마케팅전략 등이다.

• 저자 유승경은 숙명여자대학교 경영학부를 졸업하고, 서강대학교에서 경영학 석사 학위를 받았다.