기업의 사회적 책임 활동이 기업의 가치와 자본비용에 미치는 영향

This study analyzed the effect of CSR(Corporate Social Responsibility) activity on corporate value and cost of capital. The period of analysis is from 2010 to 2019, and ESG ratings announced by the Korea Corporate Governance Service(KCGS) were used as substitutes for CSR activities. The analysis showed that, first, the CSR activities in the prior period had a negative effect on the financial valuation of corporate. The results showed that the environmental and social grades as well as ESG integrated rates had also the same results, and governance ratings show had negative effect on corporate valuation in the current and prior activities. This can be considered that it had negative(-) effect on financial valuation of corporate because CSR activities are recognized as expenses. Second, it was verified that CSR activity is a positive factor in corporate valuation in the long term since the activities for the prior period showed a positive effect on stock value. Third, as a result of the analysis of the effect of CSR activities on capital costs of corporate, the activities in the prior term showed to increase the cost of equity capital and to reduce the cost of debt capital. The results of this study suggests that CRS activity should be carried out actively by persuading shareholders that the activity is a factor to increase corporate value in the long run, not a cost.