기업의 사회적 책임, 지배구조, 자본비용 간의 관련성

This paper provides the effects of corporate social responsibility activities of firms on cost of capital and the moderation effects of corporate governance on relationships. First, this study is to test whether the causal relationships between cost of capital and corporate social performance in Korea. We perform our empirical static and dynamic panel data analyses using corporate social performance scores form the Korea Economic Justice Institute(KEJI). Based on tests utilizing the panel data accrued during the period of four years(2005-2008). Summarizing the results of analysis as following;First, I have found the effect of cost of capital on corporate social responsibility activities, also could find the influence of corporate social responsibility activities on cost of capital. Second, the static and dynamic models using the panel data provide evidence of a significant impact of cost of debt. Third, ownership structure have a negative impact on corporate social responsibility activities, and foreign have a negative and insignificant impact on corporate social responsibility activities. Finally, in cross-sectional estimation using pooled data and means of variable through the sample periods cost of capital is negatively associated with corporate social responsibility activities. This study would provide the opportunity to lay emphasis on corporate governance importance and implementation for corporate social responsibility and sustainable corporate development. Also, these findings while subject to the limitations inherent in the use of specific corporate social responsibility measures, provide mixed support for the business case for corporate social responsibility.