기업의 CSR활동이 정보비대칭에 미치는 영향: ESG활동과 산업의 진입장벽을 중심으로

Previous studies that studied the relationship between CSR and informationasymmetry is mixed results. The main causes of mixed results are the proxyfor CSR and endogenous problems. This study examine the relationship betweenCSR activity and information asymmetry after controlling endogenous by usingthe grade change of ESG activity. In addition, we investigate whether therelationship between CSR activities and information asymmetry is differentiatedaccording to entry barriers. The empirical analysis results of this study are as follows. First, as the ESGactivity and information asymmetry are negatively related. The above resultsshow that firms are actively conducting ESG activities to reduce informationasymmetry. Second, when companies belonging to industries with high barriersto entry increase their ESG activities, the effect of decreasing informationasymmetry is found to be greater. In addition, ESG activities are divided intoenvironments (E), society (S), and corporate governance (G), respectively. As aresult of the study, we find that social (S) activities and corporate governance(G) activities significantly reduced information asymmetry.