한국의 사회적 책임기업의 재무적 특성과 경제적 성과와의 관계：상황요인 관점에서 비교 분석

This paper analyzes the relationship between financial characteristics and economic performances of social responsibility companies in Korea. I investigate the characteristics of CSR companies in terms of the contextual factors, and also test how they influence on financial characteristics and economic performances. The results are as follows. Firstly, CSR companies have better financial characteristics such as liquidity, stability, and growth. I found that they reported higher economic performances next year when the companies performed CSR actively and also showed higher economic improvement as the debt ratio is lower and the size of the corporate is larger. Secondly, the corporate life cycles of the Korean CSR companies are usually in growth and mature stage, and companies that are in these stages have better economic performances, and also show the aspect of the economic improvement next year. There are more companies that persue a cost leadership strategy than those that persue a differential strategy in Korea, about 30 percentage of the Korean CSR companies involve in the risky industry environmentally. And the economic performances of the next year are more excellent in the case of differential strategy, or risk－free industry. This study investigating the relationship among financial characteristics, economic performances, and contextual factors(life cycle, strategy, environmental risk) in Korean CSR companies from cross－sectional and time series approach is expected to play a role as a basic standard to diagnose financial and contextual characteristics in Korean CSR companies.