S-Space College of Business Administration/Business School (경영대학/대학원) Dept. of Business Administration (경영학과) Theses (Master's Degree_경영학과)
The Impact of Free Cash Flow on the Firms Level of Social Responsibility: the Moderating Role of Firm Leverage
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- 경영대학 경영학과
- Issue Date
- 서울대학교 대학원
- Free Cash Flow ; Firm Leverage ; Corporate Social Responsibility
- 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2013. 8. 조승아.
- In recent years companies have significantly increased the amount of resources allocated to corporate social responsibility (CSR). The present paper analyzes the impact of free cash flow on CSR. The paper argues that the availability of free funds, not allocated for other purposes, is a motivational force to invest into CSR. In addition, the study examines the moderating role of firm leverage. It shows that firm leverage negatively moderates the relation between FCF and CSR. The data for 1628 US companies between years of 2005 and 2010 has been employed. Significant results have been obtained both for the positive effect of FCF on CSR and the interacting negative effect of firm leverage.
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