S-Space College of Business Administration/Business School (경영대학/대학원) Dept. of Business Administration (경영학과) Theses (Master's Degree_경영학과)
Determinants of CSR and its Economic Consequences
기업의 사회적 책임과 그 경제적 귀결
- 경영대학 경영학과
- Issue Date
- 서울대학교 대학원
- Corporate social responsibility; Economic consequences; firm value; tobin's q; foreign equity investments
- 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2012. 8. 백복현.
- Corporate Social Responsibility has traits that are innately qualitative, as it addresses beyond what sheer numerical figures would portray in financial statements. In the advanced economy, firms comprehensively respond to the society with upscale CSR performance rather than a simple reporting of profits. This paper ventures into the determinant of CSR and how CSR affects firm economic performances. By incorporating major financial accounts within empirical analysis, the dynamics of CSR in terms of concrete financial factors are manifest, and in this way we look into the determining mechanisms of accounting measures. Observing Tobin’s Q and portions of foreign equity holders renders economic consequences of CSR-practicing firms visible. Using a large sample of Korean firms for the period of 2003-2009, we find that large firms, R&D oriented firms, and good performing firms are more likely to invest in CSR while financially distressed firms reduce investment in CSR. Further, we find that foreign institutional investors invest in firms with greater CSR investment and the market positively reacts to CSR.