기업의 사회적 책임활동이 재무적 성과에 미치는 영향: 고객만족의 매개 및 조절효과를 중심으로

The issues and importances of corporate social responsibility have increased both in Korea and in the world. Then the researches of CSR and related subjects have been studied intensively in academics. The important issues for the Korean academics were the relationship between CSR activities and corporate financial performances in macro view. In micro view, however, the role of marketing performance in the relationship has not been studied actively enough and thus has remained at the beginning stage. If corporations cannot figure out their performance, or if their customers turn away from them, their activities for social responsibility become meaningless. The main point of this study is to reveal the role of customer satisfaction between CSR activities and financial performances of Korean companies with financial data and the score of NCIS from 1999 to 2011. The results of multiple regressions are as follows. Customer satisfaction does not play a mediate role between corporate contribution expenditure and financial performance, ROA and Tobin’s q. It plays a moderate role between contribution expenditure and ROA but does not play any moderate role between contribution expenditure and Tobin’s q. This implicates that if Korean companies raise their level of customer satisfaction, they can heighten their performance more than their rivals with the same level of contribution expenditure ratio. Therefore, we argue that Korean companies should control the ratio of corporate contribution expenditure to the degree of customer satisfaction to improve their financial performance in their limited resources and management situations.