기업의 사회적 책임 활동과 기업가치 관련성에 관한 연구

This study analyzed the Effects of corporate social responsibility activities and firm value. The analytical result of the study is summarized as follow：First, the result which used the integrated data (year－the number of companies) from 2004 to 2011 has found that the effect of the firm value of the previous year on the total CSR activities of companies in this year is the significant positive relationship.And the control variables which have the significant effect on the total CSR activities are business scale, debt ratio, advertising expense rates. but company age is not statistically significant. Second, the effect of the total CSR activities in this year on the firm value in the next year showed the significant positive relationship.And the statistically significant positive relationship is shown in soundness and fairness of corporate activities in this year, community service contributiveness, employee satisfaction and economic development contributiveness, and the firm value in the next year. Environmental protection satisfaction is not statistically significant. Third, there is no any difference in the effect of CSR activity levels of companies in this year on the firm value in the next year. In conclusion, the CSR activities of companies can be the very useful strategic means which ultimately improves the firm value by strengthening the competitiveness as well as satisfying increasing internal and external demand.