기업의 환경, 사회, 지배구조 요인과 재무성과의 관계 : 공유가치창출의 경험적 근거

We examine the relationship between firms' environmental (E), social (S), and governance (G) factors, with theirfinancial performance in order to provide an empirical rationale for CSV (creating shared value) pursuing both of firms’profitability and CSR (corporate social responsibility). The financial performance is classified into four aspects suchas profitability, stability, efficiency, and cash-flow, and each of these aspects is measured by two financial ratiosrespectively. To measure the firms’ ESG performance, we employ the published performance grades by the KoreaCorporate Governance Service for a three year span, from 2011 to 2013. Total of eight regression analyses are performed. The results show that firms' non-financial performance in generalhas statistically significant positive relationships with return on assets, return on net sales, and cash-flow from operatingactivities ratio, while it has negative relationships with net working capital ratio, asset turnover ratio, and cash-flowfrom investing activities ratio. It has no significant relationships with debt ratio and equity turnover ratio. The resultsimply that firms' non-financial performance may have a negative impact on some financial performance such as liquidityand efficiency in a short term, but it would eventually improve the firms’ profitability and cash-generating ability, whichprovides an empirical evidence for the concept of CSV, and motivates the firms to participate in social contributionactivities without sacrificing their profitability for their respective sustainablity management.