기업의 사회적 책임과 재무적 성과간 비선형관련성에 관한 연구：U－형태의 관련성 분석을 중심으로

This study examined the curvilinear relationship between corporate social responsibility and financial performance. Specifically, I expect U-shape relationship which social responsibility decreases financial performance to the extent of some degree, and then the relationship reverses to positive correlation. Corporate social responsibility is costly and administratively burdensome for a firm to engage in socially responsible practices. These additional costs and administrative burdens directly detract form the bottom line and so can put socially responsible firms at a poor performance. But the better a firm manages its relationships with the myriad groups that have some interest in the firm through socially responsible actions, the better its financial performance over time. Because a favorable social agenda builds valuable goodwill that can buffer a firm from unforeseen problems and even provide valuable new opportunities not available to less socially responsible firms. The results of this study show that corporate social responsibilities are not significantly effective for performance improvement to some degree. But energetically active social responsible action leads to corporate financial performance, as measured by continuing operating income. These results are expected to contribute to social change by informing an effective stakeholder management led to their above average financial performance and thereby encouraging corporate investment in enhancing social responsibility.