중소기업의 사회적 책임활동이금융기관 부채조달비용에 미치는 영향

This study empirically evaluates the relationship between SMEs’ corporate social responsibility(CSR) and borrowing costs. More specifically, this study examines whether the association between SMEs’ CSR and borrowing costs is influenced by the information asymmetry. Finally, this study analyzes that the association between the propensity of SMEs’ CSR superiority and borrowing costs is affected by the export dependence. The major findings of this study are as follows. First, The result of this study indicates a negative relationship between the propensity of SMEs’ CSR superiority and borrowing costs. This implies that SMEs with the propensity of CSR superiority enjoy lower borrowing costs than those without the propensity of CSR superiority. Second, I find that the interaction item between information asymmetry and the propensity of SMEs’ CSR superiority (INFt*dCSRt) is negatively related to borrowing costs. The result of this study indicates that although SMEs with high information asymmetry experience higher borrowing costs, if they have CSR superiority, they enjoy lower borrowing cost. Third, I don’t find that the interaction item between export dependence and the propensity of SMEs’ CSR superiority (EXPt*dCSRt) is negatively related to borrowing costs. The results of this study may prove helpful for the formulation of SMEs’ CSR strategy in terms of communication with financial institutions, as well as KODIT’s strategic CSR action plan to ensure SMEs’ sustainability management.