기업의 사회적 책임활동(CSR)이 기업위험에 미치는 영향

Firms have done business with various stakeholders, and negative events with stakeholders can give bad effects to the firms. Negative events such as abuse of executives or staff members authorities made firms image badly. Though traditional risk management method is to remove risk factors, it has a limitation that is not easy to find risk factors since those are distributed over a wide area. In this study, we examine whether CSR(corporate social responsibility) activities can relieve bad effects from negative events with stakeholders. Researchers in prior studies said that a good impression from CSR activities can plays a role like a insurance and reduces social sanction to the firms. After verifying a hypothesis about the relation with CSR activities and negative events, we found that the firms which have performed more CSR activities have lower firm risk than the others. Then we expect that the reduction effect of CSR activities will be stronger in the firms which have much intangible assets, and examined moderating effects of intangible assets such as market to book value, firm size, advertising expenses and the number of staff members. We confirmed that the more intangible assets, the more firm risk is reduced by CSR activities.