기업의 지배구조, 사회적 책임 활동과 기업가치에 관한 연구: 대리인문제 및 기업가치제고 관점을 중심으로

This study empirically examines which of the following two competing points of view, the agency problem viewpoint or the value enhancement viewpoint, is supported by corporate social responsibility (CSR) activities in Korea. Using fixed effects model, this study also investigates to see if the economic effects of the CSR activities are manifested differently depending on the corporate governance structures of the firms by using the anti-takeover provisions (ATPs) of the listed companies as proxy variables of corporate governance. Results reveal that CSR activities have a positive economic effect on firm value, thereby supporting the value enhancement viewpoint. Moreover, the positive effect of CSR on firm value is statistically significant when the firms do not have ATPs, but becomes insignificant when firms have ATPs. This implies that the value enhancement point of view is supported in companies with good corporate governance while the agency problem point of view is supported in companies with poor governance. Our results are robust even when the instrument variable is introduced to control the endogeneity problems.