중국 식음료기업의 사회적 책임활동이 재무성과에 미치는 영향

The purpose of this paper is to investigate the impact that corporate social responsibility (CSR) has on the financial performance of food and beverage companies in China. The financial and CSR data were collected from CSMAR and Rankins CSR rating database, using data for 267 publicly listed Chinese firms in the food and beverage industry between 2011 and 2017. This paper tested hypotheses by regression models. The results shows a significantly positive relationship between voluntary CSR activities and financial performance, such as ROA, ROE, and Tobin’s q. The results also show a negative relationship between CSR disclosure and market measure such as Tobin’s q. It is potentially implying that voluntary CSR activities carried out by food and beverage companies in China could have a better influence on their financial performance. Furthermore, despite demonstrating a significantly positive relationship between the composite measure of the CSR disclosure index and financial performance, the findings also show a signifcantly positive relationship between the individual dimensions of the CSR disclosure index and the financial performance measure including, ‘macrocosm’, ‘content’ and ‘technique’. This paper sheds valuable implications of the positive effects of CSR activities. It also implies that managements not only adopt CSR in response to shareholders’ concerns, but also to voluntarily achieve their financial performance.