기업의 사회적 책임 활동과 MD&A 공시품질 간의 관련성에 관한 연구

The purpose of this study is to investigate the relationship between corporate CSR activities and corporate disclosure quality. To analyze this, the KEJI Index(Korea Economic Justice Institute Index) was used as a substitute for CSR activities, and the disclosure quality was measured by MD&A(Management Discussion and Analysis). The managers of companies that are good at social responsibility activities can make decisions based on the understanding of various members of society. These companies will also make a disclosure choice that considers members of society in the decision-making process. In this study, the quality of the disclosure information provided by the management was considered to reflect the social responsibility of the management. As the capital market becomes more complex, market participants are demanding transparent management. In response to the demands of these members, a highly socially responsible manager who strives to have a positive impact on the capital market will provide high quality MD & A disclosure information and expect transparent management activities.. The results of this study show that there is a significant positive relationship between the excellence of CSR activities and the quality of MD & A disclosure. This means that companies with high levels of CSR activity provide high quality information compared to companies that do not.. This shows the disclosure efforts for transparent management of companies that faithfully carry out social responsibility activities. In other words, the results provide meaningful implications for various stakeholders in the capital market. As a contribution of this study, we examined the relationship between CSR activities and disclosure quality. In particular, MD&A disclosures provide a means of providing useful information to supplement numerical accounting information. Therefore, it is meaningful in that it examined the attitudes of managers with social responsibility.