기업의 사회적 책임활동(CSR) 성과요인과 지속성장성 예측

Corporate social responsibility(CSR) activity is already a core component of corporate strategy. With regard to this, there is a need for confirming the relationship between corporate characteristics and the CSR performance, and then the influence of CSR performance on the economic performance and the corporate sustainability. From the literature review, corporate characteristics variables such as firm size, profitability, financial constraints, and tax ratio are selected. As the proxy of CSR performance, KEJI index was used. From the results, we can identify that CSR activities are influenced by corporate characteristics such as ownership structure(equity ownership, foreign investors), economic conditions(profitability, firm size), and manager's discretional costs (advertisement expense, expenses for education training). The debt ratio and the valid tax rates have no influence on CSR activities. The results also shows that CSR performance has a positive effect on firm value(PBR) and the firm's sustainability. These findings mean that CSR performance become different with the corporate's ownership structure and economic conditions, and the CSR performance could be used as a forecast indicator of the firm's sustainability.