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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 6, pp.1663-1688
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2017
Received 27 May 2017 Revised 26 Sep 2017 Accepted 13 Nov 2017
DOI: https://doi.org/10.17287/kmr.2017.46.6.1663

기업의 사회적 책임(CSR) 활동에 대한 홍보가 기업가치에 미치는 영향

석준희* ; 이유석** ; 고사랑*** ; 김병도****
*(주저자) 서울대학교 경영대학 boss825@snu.ac.kr
**(공저자) 서울대학교 경영대학 eusuck1@snu.ac.kr
***(공저자) 서울대학교 경영대학 klover83@snu.ac.kr
****(교신저자) 서울대학교 경영대학 bxk@snu.ac.kr
Impact of Publicizing Corporate Social Responsibility on Firm Value
Junhee Seok* ; Youseok Lee** ; Sarang Go*** ; Byung-Do Kim****
*Ph.D. student, College of Business Administration, Seoul National University, Seoul, Korea, First Author
**Ph.D. student, College of Business Administration, Seoul National University, Seoul, Korea, Co-author
***Ph.D. student, College of Business Administration, Seoul National University, Seoul, Korea, Co-author
****Professor, Graduate School of Business, Seoul National University, Seoul, Korea, Corresponding Author

초록

기업의 사회적 책임(CSR)에 대한 논의는 그 개념이 제의된지 반세기가 넘었지만, 최근까지도 학계의 관심은 식지 않고 있다. 특히 CSR 활동이 실제 기업가치 증진에 어떤 도움을 주는지에 대해서는 여러 학자들이 다양한 주장을 하고 있다. 전통적인 미디어 이론 중 하나인 의제설정이론에 따르면, 미디어의 의제설정은 특정 주제에 대한 대중의 인식형성과정에 영향을 미친다고 한다. 같은 논리로 기업의 이해관계자는 미디어에 노출된 CSR 활동을 통해 특정기업의 CSR 수행 정도에 대한 인식을 형성할 것이다. 따라서 CSR 활동의 절대적인 양 외에도 이를 언론을 통해 얼마나 잘 홍보하였는지가 기업가치 증진에 영향을 미칠 것이라고 예상할 수 있다. 이러한 관점에서 본 연구는 CSR 활동의 절대적인 규모를 고려한 상황에서 CSR 활동에 대한 홍보와 기업가치 간의 관계, 그리고 그 관계에서 영향력이 전달되는 메커니즘을 밝히고자 하였다.

CSR 활동에 대한 홍보와 관련한 국내 데이터의 분석을 통해 우리는 다음 세 가지 결론을 도출하였다. 첫째, CSR 활동의 홍보 수준은 기업가치에 유의미하게 긍정적인 영향을 미친다. 여기서 주목할 만한 점은 CSR 활동의 홍보효과가 기부금 비율의 영향력을 통제한 후에도 나타났다는 것이다. 둘째, CSR 활동의 홍보는 기업평판을 통해 기업가치에 영향을 준다. 셋째, 기업규모에 따라 CSR 활동에 대한 홍보의 영향력이 다르게 나타날 수 있다. 특히, 규모가 작은 기업의 경우에 규모가 큰 기업에 비해 CSR 활동의 홍보효과가 높은 것으로 나타났다.

본 연구는 CSR 활동의 홍보가 기업가치에 미치는 영향력을 실증하고, 그 영향력의 메커니즘을 확인하였다는데 의의가 있다. 또한 본 연구의 결과는 기업이 보다 효과적인 CSR 활동 전략을 수립하는데 도움이 될 것으로 기대한다.

Abstract

In both industry and academia field, the debate over Corporate Social Responsibility(CSR) has been receiving great attention for over half a century. In particular, the answer to the question of whether CSR activities contribute to the enhancement of firm value is not constant with various claims. According to the agenda setting theory, which is one of the traditional media theory, media agenda setting is known to influence the process of public perception on a specific topic. With the same logic, corporate stakeholders will form their perception of a specific company’s CSR activities through CSR activities exposed to the media. Therefore, it can be inferred that the CSR activities publicized through the media are visible CSR activities to stakeholders. The purpose of this study is to clarify the relationship between publicizing CSR (PCSR) and firm value and the mechanism by which the influence is conveyed. In this study, PCSR is measured by counting the number of news articles describing the CSR activities of each corporation and Tobin’s q is employed to measure firm value.

Through the analysis of collected data, the following three results were obtained. First, the higher the PCSR, the greater the firm value. In the first analysis, the ratio of contribution to sales is added. Because the contribution is known as a representative measure for corporate socially responsible expenditure, this result implies that PCSR is significant even if the effect of CSR itself is controlled. Second, corporate reputation mediates the relationship between PCSR and firm value. To measure corporate reputation, we employed KMAC score. KMAC stands for Korea’s Most Admirable Companies, and it is a similar concept to FAMA (Fortune America’s Most Admirable Corporation). Lastly, the size of the firm moderates the effect of PCSR. Especially, in small firms, PCSR is more helpful for increasing firm value.

In this study, it is meaningful to verify the effect of PCSR on corporate value and to clarify the mechanism underlying our findings. Moreover, the findings imply that marketing managers can obtain benefits if they concentrate not only on finding good CSR activities but also on publicizing them well. In the position of small - and medium - size companies, they can take competitive advantage from well publicized CSR activities. On the other hand, in large companies, PCSR can be regarded as a competitive necessity.

Keywords:

Corporate Social Responsibility, Publicizing CSR, Corporate reputation, Firm value, Firm size

키워드:

기업의 사회적 책임, CSR 활동의 홍보, 기업평판, 기업가치, 기업규모

Acknowledgments

본 연구는 서울대학교 경영연구소 연구비 지원에 의해 이루어졌습니다.

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• 저자 석준희는 현재 서울대학교 경영대학 마케팅 전공 박사과정에 재학 중이다. 주요 연구분야는 기업의 사회적 책임, 기업평판, 구전마케팅 등이다.

• 저자 이유석은 현재 서울대학교 경영대학 마케팅 전공 박사과정에 재학 중이다. 주요 연구분야는 엔터테인먼트 마케팅, 마케팅 전략, 기업의 사회적 책임, 소비자 행동 등이다.

• 저자 고사랑은 현재 서울대학교 경영대학 마케팅 전공 박사과정에 재학 중이다. 주요 연구분야는 스포츠 마케팅, 마케팅 전략 등이다.

• 저자 김병도는 현재 서울대학교 경영대학 교수로 재직 중이다. 주요 연구분야는 기업의 사회적 책임, 데이터베이스마케팅, 상용고객보상제도, 제품/서비스 추천모형, 통계 모델링을 적용한 최적 마케팅 전략의 도출 등이다.