사회적 책임활동 지수 신규편입과 시장반응

[Purpose]This study investigates whether corporate social responsibility affects the firm value by looking at the cumulative abnormal stock return before and after the date of the announcement of an addition to the corporate social responsibility index. [Methodology]The cumulative abnormal return was measured based on an addition to the index using the KRX ESG Social Responsibility Management Index disclosed by the Korea Exchange. The abnormal return adjusted on the basis of market value and their industries was used in measuring the cumulative abnormal return. [Findings]The Empirical results show that cumulative abnormal return before and after the disclosure date of an index addition is a partially significant. This result suggests that corporate social responsibility activities are positively related to the firm value. And the results also appear to stem from firms with larger ownership stakes by the largest shareholder and listed on the KOSPI. Therefore, the findings indicate that managerial opportunism affect the relation between corporate social responsibility and firm value. [Implications]This study directly identified the effect of corporate social responsibility on the firm value. And it also has the implication that the relation could vary depending on the possibility of control on the manager.