한국 해운물류기업의 사회적 책임 활동(CSR)에 대한 연구: 경제정의지수를 중심으로

This study examines the relationship between CSR and firm value by using data from 24 logistics firms listed on the Korean Stock Exchanges (KSE) from 2008 to 2014. In order to test the impact of CSR on firm value, the Korean Economic Justice Institute Index and firm value are used as a proxy of CSR and Tobins Q, respectively. We find a positive relationship between CSR and firm value, suggesting that green distribution activities were able to reduce external risks deriving from conducting management activities in a supply chain. In addition, management activities that emphasize social aspects provide the firm value in the long run, suggesting that potential profits can be reaped especially through CSR. Therefore, CSR activity improves and protects social welfare grants the firm its legitimacy and effectively solves problems such as trade disputes. This paper contributes to the CSR literature in two ways. First, this paper concentrates that how CSR specifically affects firm value in the logistic industry. Second, this paper emphasizes the need for logistics firms be aware of the importance of CSR and to engage in green logistic activities to improve firm value.