기업의 사회적 책임활동이 기업가치에 미치는 영향: 정보비대칭과 내재자본비용의 매개효과를 중심으로

Using path analysis, this paper is to investigate whether the mediated effect of information asymmetric and cost of equity appear or not to the effect of corporate social responsibility(CSR) activity on firm value for the firms listed in the Korean securities market that are available KEJI Index from 2003 to 2012. The results are as follows. First, indirect path of analysts forecast variance didn't appear about the effect of CSR activity on firm value, but indirect path of return volatility and turnover appear about the effect of CSR activity on firm value. Also total results of three information asymmetric path and factor score significantly appeared about the effect of CSR activity on firm value. According to that the mediated effect of information asymmetric significantly appeared, we adopt hypothesis 1 that negative relationship between CSR and cost of equity is mediated by information asymmetric. Also, according to that the mediated effect of information asymmetric and cost of equity significantly appeared, we adopt hypothesis 2 that positive relationship between CSR and firm value is mediated by information asymmetric and cost of equity. This paper contributes to suggest path analysis evidence in the existing research on doble causal relationship in the effect of CSR activity on firm value.