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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 5, pp.1343-1365
ISSN: 1226-1874 (Print)
Print publication date 31 Oct 2017
Received 16 Jan 2017 Revised 07 Jun 2017 Accepted 26 Jul 2017
DOI: https://doi.org/10.17287/kmr.2017.46.5.1343

완충제로써의 CSR 보고서: 기업의 사회적 책임 활동과 재무성과 사이의 조절효과를 중심으로

이정은* ; 김언수**
*(주저자) 고려대학교 경영대학 haniael@korea.ac.kr
**(교신저자) 고려대학교 경영대학 eskim@korea.ac.kr
CSR Report as a Buffer: Mitigating a Negative Effect of CSR Performance on Short-term Financial Performance
Jungeun Lee* ; Eonsoo Kim**
*Korea University Business School, First Author
**Korea University Business School, Corresponding Author

초록

본 연구는 기업의 사회적 책임(CSR, Corporate Social Responsibility) 활동을 이해관계자들에게 알리기 위해 가장 많이 사용되는 도구인 CSR 보고서의 발행이 CSR 활동과 재무성과 사이의 관계 사이에서 어떠한 영향을 미칠 수 있는 지에 대하여 검증하고자 하였다. 이와 같은 가설 검증을 위해서 1996년부터 2007년 사이의 미국 328개 기업을 대상으로 하여 얻어진 2,777개의 관측치를 가지고 실증 분석을 진행하였다. 그 결과 기업은 CSR 활동으로 인해 장기적인 관점으로 돌아오는 혜택보다는 단기적인 관점으로 발생된 비용에 더 큰 영향을 받기 때문에, 더 많은 CSR 활동은 기업의 단기적 재무성과에는 부정적인 영향을 미친다는 것을 알 수 있었다. 하지만, 기업의 CSR 보고서 발행은 CSR 활동과 기업의 단기 재무성과 사이의 부정적인 관계를 완화시키는 완충제와 같은 역할을 하는 것으로 나타났다. 이와 같은 연구결과의 요약과 함께 본 연구의 이론적·실무적 시사점과 한계점 및 향후 연구방향에 관해서도 논의하였다.

Abstract

This study examines the effect of Corporate Social Responsibility (CSR) performance on the short-term financial performance of a company. Specifically, we investigate how CSR reporting influences the relationship between CSR performance and corporate short-term financial performance. We found that the more companies participate in CSR activities, the more they spend, so there is a negative relationship between CSR performance and corporate short-term financial performance. However, we argue that the negative relationship between them become weaker when the company publish CSR reports to their stakeholders. Regarding our hypotheses, we find support for all expectation in a sample of 328 large companies in the States between 1996 and 2007. Based on the empirical results, the implication, limitation, and future direction of this research are discussed in the end.

Keywords:

Corporate Social Responsibility, CSR, CSR Report, CSR Reporting

키워드:

기업의 사회적 책임, CSR, CSR 보고서, 재무적 성과

Acknowledgments

본 연구는 고려대학교와 고려대학교 경영대학에서 지원된 연구비로 수행되었음

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• 저자 이정은은 고려대학교 경영대학 경영관리 전공의 수료연구생이다. 주요연구분야는 기업의 사회적 책임(CSR), M&A와 통합, 조직 지위(organizational status) 등이다.

• 저자 김언수는 현재 고려대학교 교수로 재직 중이며 한국전략경영학회장을 역임하였다. 주요 연구 관심분야는 경쟁전략, 전략 실행, 혁신, 군사전략 등이다. 경영전략과 관련된 8권의 저서와 Research Policy, Journal of Management 등 국내외 학술지에 게재논문들이 있다.