CSR활동이 재무적 제약에 미치는 영향

CSR has been studied extensively in academia over the years. Especially the relationshipbetween CSR and firm‘s value attracted the attention of scholars. Of special interest is the lack ofconsensus regarding the relationship between CSR and firm value. Some people have insisted thatCSR may impose unnecessary costs to firms and give negative effects on firms' value and othersclaimed the reverse is true. In this paper, we study the empirical relationship between performance on corporate socialresponsibility (CSR) and financial constraints in Korea using a sample of 961 firm-years duringthe period from 2009 to 2011. We hypothesize that better performance on corporate socialresponsibility is likely to lower financial constraint due to reduced agency costs and informationasymmetry. To measure performance on corporate social responsibility, we use two proxies usingKEJI index. One is an equal-weighted CSR index and the other is a stakeholder-weighted CSRindex suggested by Akpinar, et al.,(2008) and Choi, et al.,(2010). Financial constraint ismeasured by KZ index suggested by Kaplan and Zingales (1997), credit rating, cash flowsensitivity of cash (Almeida, et al., 2004) and investment-cash flow sensitivity (Fazzari, et al.,1988). We find a negative and significant relationship between the performance on corporate socialresponsibility and financial constraint. To assess the robustness of the result, we use balancedpanel data analysis and 2SLS, which provide qualitatively the same results.