기업의 환경적 책임활동이 회계이익의 신뢰성에 미치는 영향

Nowadays, Corporate Social Responsibility is getting much attention and the that fact CSR activities would have a positive impact on the firm value and performance especially. The purpose of this study analyzed the effect of Corporate Social Responsibility on reliability of accounting earnings. For this analysis, CO₂ emissions and waste recycling are used as the measure of environmental activities, and also reliability of accounting earning is used as the measure of discretionary accruals. This study set a analyzing period from 2003 to 2010. The Sustainability Report of 165 companies’ were selected for analysis out of listed companies in Korea Stock Exchange. Because of accessibility issues, Sustainability report is limited as a company registered on the Sustainability portal. The relationship is tested by using empirical methods. The empirical results are summarized as follows. Environmental sustainability activities, CO₂ emissions (COE) is significantly and negatively associated with Discretionary accruals(DA). And Waste recycling rate(WRR) is significantly and positively associated with Discretionary accruals. Consequently, empirical results suggest that Discretionary accruals associated with the company’s CSR activities, such as COE, WRR. An important interpretation of our study is that environmental activities can play an important role in constraining manager’s opportunistinc behavior, specifically earnings management. The environmental activities fo firms can make financial reporting transaprent and reliable by controlling manager’s earnings management behavior. This result confirms that of the prior studies on relationship between environmental activities level and ethical management. In this study, there are limitation of generalizations and omitted variable problem.