기업의 사회적 책임활동이 투자의사결정에 미치는 영향

This paper examines the relationship between corporate social responsibility and investment efficiency. Specifically, I expect the positive effects of CSR on firm’s inefficient investment activities. Also it hypothesizes that positive relationship between CSR and investment efficiency is influenced by CSR dimension. I expect that CSR components that are directly related to primary stakeholders are more relevant in increasing investment efficiency. I perform the regression analysis using a sample of 1,245 firms listed over 2005－2013 and I find the results as follows. Companies with higher level of CSR results in lower level of investment inefficiency. Also I find evidence that, among the individual components of CSR, the positive effect of CSR on investment efficiency is statistically significant for firm with higher level of environment management, customer protection activities, and employee satisfaction. Additionally, the findings indicate that there is no relationship between CSR and investment efficiency in extremely low CSR firms and extremely high CSR firms The findings of this study may be considered as an effective way to improve investment efficiency. The results of this study imply that CSR plays an important role in gaining employees’ satisfaction or enhancing customers’ support that may result in an increase in investment efficiency, in time of financial stability, that, in turn, leads to high firm performance.