기업의 사회적 책임 지출이 기업가치에 미치는 영향

In this paper, we analyse empirically the effects of corporate social responsibility CSR) expenditure on market value of firms listed on Korea Securities Market of Korea Exchange. The proxy variables of CSR expenditure are contribution expenditure ratio and KEJII(Korea Economic Justice Institute index). The main results of this study can be summarized as follows. CSR expenditure has nonlinear and inverted U shaped effects on firm value, because CSR expenditure has a positive and significant effect on firm value as the investment on intangible assets for reputation, whereas it has a negative and significant effect on firm value as the overinvestment by management discretion and the excessive perquisite consumption for maximizing manager's private utility. KEJII has a positive and significant effect on firm value. CSR expenditure has positive and significant effects on large firms as well as small and medium firms firm. Also, CSR expenditure has a positive and significant effect on non-chaebol firms, whereas it has insignificant effect on chaebol firms. In conclusion, firms listed on Korea Securities Market of Korea Exchange can create firm value through the CSR expenditure regardless of firm size. But chaebol firms cannot create firm value through the CSR expenditure. These results suggest that CSR expenditure is very important for understanding corporate governance structure.