우리나라 기업의 사회적 책임(CSR) 활동과 기업가치의 비선형 관계 분석: 동태패널분석(2004~2015년)

This study focuses how CSR(Corporate Social Responsible) activities effect firm's value for the period 2004-2015 in Korea using Korean Economic Justice Institute(KEJI) Index as a measure of CSR activities. Earlier studies appear to be rather inconclusive with respect to the question of whether CSR activities improve firm's value. This study performs system generalized method of moments(GMM) estimation on a dynamic panel model which allow for the examination of both linear and nonlinear relationships to be considered. The results of the analysis are as follows: First, CSR activities have a significantly negative impact on firm's value in dynamic panel model, which is in contrast to the studies using static model that claims that CSR activities can increase firm's value. Second, the nonlinear models provide the evidence that CSR activities have a lagged U-shaped impact on firm's value. In other words, companies with high CSR activities can improve firm's value by time lag, although CSR activities may be negative for firm's value at the same time. In this regard, Korean CEOs with a negative stance on CSR activities should change their perceptions. Third, the U-shaped non-linear relationship appears in both SMEs and large corporations, and critical point where the influence of CSR activities on firm's value is changed is lower in SMEs than in large corporations. Therefore, SMEs could be encouraged to promote CSR activities as a strategy to increase firm's value.