사회책임투자펀드 편입기업의 재무성과 분석

From early 2003 through late 2010 this study selected and analyzed 71 domestically operating (in South Korea) socially responsible investing (SRI) fund corporations that satisfied the selection criteria for analysis. By comparatively analyzing the before-incorporation and after-incorporation financial performances of these SRI fund corporations, this study proved that these corporate entities performed relatively better financially while being socially responsible albeit incurring costs for doing so-as compared to their business performances when they were neglecting social responsibility-and were viewed as superior investment targets by both institutional and individual investors. The analysis results are as follows. First, it was discovered that the incorporation of SRI funds has significant positive(+) effects on each of the two profitability characteristics of operating profit margin and return on equity and on each of the two growth characteristics of revenue growth and operating profit growth. Second, it was discovered that the bigger the scale of SRI funds, the bigger the positive(+) significant effects exerted on the profitability characteristics of operating profit margin and return on equity and on the growth characteristics of revenue growth and operating profit growth. Third, the business performance did not show any significant influence on the profitability characteristics of operating profit margin and return on equity; however, it did show meaningful positive(+) effects on the growth characteristics of revenue growth and operating profit growth. Fourth, the number of employees was found to exert positive(+) influence on the profitability indicator of operating profit margin and on the growth characteristics of revenue growth and operating profit growth. However, it did not show exerting any significant influence on the profitability characteristic of return on equity.