기업의 사회적 책임을 통한 기업위험과의 관련성 탐색

Recent Corporate Social Responsibility (hereinafter ‘CSR’) is emerged as new variables of corporate environment, and there is a claim that CSR should be recognized as corporate major competitive strategy beyond dispensing level that simply reconsiders corporate image. In this viewpoint, this study analyzed about the effect that CSR influence on corporate risk. For this, we analyzed if there is difference in corporate risk in accordance with CSR activity for overall listed corporations. Source data was gotten through KEJI index of Citizens Coalition for Economic Justice(hereinafter ‘CCEJ’). Specifically, we did actual proof analysis of relation with corporate risk by using six economic justice index score of the Citizens Coalition of Economic Justice affiliated CCEJ. Differences of this study with the advanced study are：first, though existing studies have dealt only with corporate value, social achievement or influence of financial achievement, this study analyzes that CSR is actually applied on credit rating as measurement standard of corporate risk；second, it uses credit rating offered by Korea Investors Service Inc. for every listed corporation as measured value of credit rating. It is different from advanced study because it raised possibility to generalize relation with CSR activity through this. Through this study result, though there are limitations like measurement error and endogeneity of sample organization in accordance with quantification of CSR, it is meaningful that we found that active participation on CSR works to advantage in corporate risk aspect but CSR induces corporate expenses and negatively influence on corporate achievement.