CSR과 기업성과 및 현금보유가치

This study examines the effect of corporate social responsibility(hereafter CSR) on corporate performance and value of cash holdings. While CSR has been interpreted as a charitable expenditure for the various stakeholders in society from the moral point of view, CSR has recently been used as a strategy to secure a sustainable growth strategy or competitive advantage as a part of investment. Using the Korean non－financial firms listed on the KOSPI market over the 2003－2011 period, We examine the effects of CSR on a firm’s cash holding value and corporate performance. The main results of this study can be summarized as follows. First, We found that CSR companies have higher corporate performance, compared to non－CSR companies. Second, CSR companies have positive effect on value of cash holdings. This results show that the cash holdings in firms with high CSR firms are more likely to be reflected to the firma value. Finally, We find that firms with higher CSR levels are more profitable and valuable, a consequence I partially attribute to corporate performance and value of cash holdings. This study provides evidence that CSR companies have low information asymmetry and high quality of accounting information which lead to corporate performance.