기업의 사회적 책임활동이 이익조정 및 기업가치에 미치는 영향

Corporate social responsibility(CSR) is an activity that works for benefit of the social area, employees, consumer, and etc. In recent time, as corporate social responsibility gets importance, CSR which contributes to the society by doing healthy management, social services, environmental protection draws attention. ISO 26000, the international standard for CSR, has transparency, accountability, and respect for stakeholder as an important principle. In terms of accounting, CSR is closely connected with accounting transparencies. In this respect, the purpose of this study is to examine whether the corporation doing CSR has the higher accounting transparency and the higher value relevance to published accounting information. This study targets the corporations that have KEJI index (the alternative for CSR) in 2006～2011. the result；First, KEJI index negatively is associated with earnings management. It can be understood that the higher KEJI index means higher accounting transparencies. Second, KEJI index has a positive correlation with the earnings multiple. It is the result that shows the accounting transparencies boost the corporation confidence, and by this, published accounting information is greatly reflected on the firm value. Also, it can be interpreted that the corporation doing CSR actively are evaluated positively by investors.