기업의 사회적 책임활동과 재무성과와의 관련성:환경시설투자를 중심으로

There has been much discussion in recent decades about the extent of firm's corporate social responsibility(CSR), increasing the pressure of stakeholder. Then, the environmental equipment investment is a important matter on corporate strategy. But managers don’t invest in environmental management activities without the assurance of environmental investment on financial performance. And there is little study on the relationship between environmental investment and financial performance. Therefore, the active effort of firm’s environmental investment was not stimulated, and the investment incentive of ethic investors or CSR investors was not caused. From this point of view, the main purpose of this paper is to find the relationship between environmental equipment investment and corporate financial performance (cost saving, increase of sales) in the environmental expropriation industry. This study can be summarized as follows: First, the result of this study provides empirical evidence that there is a significant negative relationship between environmental equipment investment and cost(gross manufacturing cost, material cost). It is commonly acceptable fact that in environmental expropriation industry, the extent of firm’s environmental equipment investment experience the decrease of gross manufacturing cost and material cost. But there is no a relationship between environmental equipment investment and the increase of sales.