기업의 사회적 책임, 소유구조, 재무성과 간의 관련성에 관한 연구

This study examines the causal relationships between financial performance(FP), ownership structure, and corporate social performance (CSP) in Korea. We perform our empirical static and dynamic panel data analyses using CSP scores from the Korea Economic Justice Institute(KEJI). Based on the tests utilizing the panel data accrued during the period of seven years(2003-2009), the following main conclusions could be made from the study. First, we have found the effect of financial performance on CSP scores, but could not find the influence of CSP scores on financial performance(Tobin-q, ROA). Second, the static and dynamic models using the panel data provide only limited evidence of a significant impact of financial performance on CSP scores, and ROA(return on asset) are more useful than Tobin-q as a proxy for financial performance measure. Third, ownership structure(major share) have a negative impact on CSP score, but foreign ownership have a positive and insignificant impact on CSP score. Fourth, in cross-sectional estimation using pooled data and means of variable through the sample periods, financial performance is positively associated with CSP scores. Fifth, there is a positive and significant association from financial performance to certain CSP categories such as fairness, soundness, contribution to society and contribution to economy, especially financial performance has negative impact on CSP categories such as environmental protection. Finally, the additional analysis indicates that differences exist in the relations among financial performance, ownership structure and CSP grouped by industry classification. These results partially support the theory that corporate social performance and slack resource are positively related. Also, these findings, while subject to the limitations inherent in the use of specific CSP measures, provide mixed support for the business case for CSP.