산업역동성 조절효과가 기업의 사회적 책임 활동의 몰입 수준과 재무성과와의 관련성에 미치는 영향：매출액성장률과 시가－장부가비율을 중심으로

[Purpose]By classifying corporate social responsibility(CSR) activities into active and passive CSR based on the degree of CSR commitment, this study examines the relationship between CSR commitment and firms’ financial performances (sales growth ratio and market－to－book ratio), and then attempts to investigate the moderating effect of industrial dynamics on the association between CSR commitment and financial performances. [Methodology]Using a sample of 726 observations from 360 firms listed on Korea Economic Justice Institute (KEJI) index during the years 2012－2016, this study conducts random-effect GLS regression to test hypotheses. [Findings]From the empirical analyses, this study finds that overall active CSR activities are positively related, and passive CSR activities are negatively related to firms’ financial performances. This study further finds that the negative association between firms’ passive CSR and financial performances turns to be positive when the level of industrial dynamics is higher. [Implications]These findings imply that major stake－holders such as shareholders and consumers, would develop positive responses to firms’ active CSR activities but show negative response to passive CSR activities; yet these stake－holders would respond favorably to even passive CSR activities when firms are situated within a highly dynamic industry.