기업의 사회적 가치와 회계투명성

This study comprehensively empirically analyzed corporate social values and accounting transparency at the present time when the importance of corporate social values is re－examined in accordance with the increase in social responsibility activities of Korean companies and the introduction of stewardship codes. To estimate corporate social value, it was measured by corporate social responsibility (CSR) based on the KEJI index, published by the Institute for Economic Justice, and profit transparency measured by the response of the capital market to profits (Barth et al. 2013) To measure accounting transparency. We verified whether CSR activities are related to corporate profit transparency and whether continuous CSR activities have a positive effect on profit transparency. It was found that the transparency of profits increased for companies performing CSR activities, and this was also consistent among companies performing CSR activities continuously (continuously). In other words, it was found that capital market participants have a higher interest in profit information that performs CSR activities. In addition, it suggests that CSR activities provide more useful information, as opposed to concerns that CSR activities may negatively affect corporate value due to the additional cost burden of CSR activities. This suggests that the increase in profit transparency due to CSR activities outweighs the costs of CSR activities. This is a result of proving that CSR activities can increase the value of a company by not only approaching it in terms of cost, but also that CSR activities affect the company’s sales growth. It also suggests that consumers consume the value of the right company as well as the price and competitiveness of the product. It is also expected to provide useful information to the executives of the company in that a company that plays a leading role in social value can increase market competitiveness.