기업의 수명주기에 따른 사회적 책임활동과 이익조정

This study investigates whether the firm life cycle affects CSR differences. According to firm life cycle stage, corporations’ financial position and competitive environment may change and management strategic decision also can be shown differences. We also examine the CSR’s moderating effects on life cycle and discretionary accruals. The empirical results of this study are as following. Firms in growth stage have less CSR activities in spite of the firm’s earnings dramatically growing. While the firms at mature stage have active CSR because firms engage in more stable earnings and liquidities responding to majority of the stockholders’ requirements. At the decline stage, firms have less CSR activities due to declining earnings and increasing financial risks. Firms in growth and decline stage engage in more earnings managements than firms in mature stage. And firms in growth stage are associated with upward earnings management, however firms in decline stage are likely to lower earnings management. We also find that firms which practice CSR activities in growth stage are likely to alleviate earnings management due to ethical and responsible attitude for financial reporting.