오너리스크와 사회적책임활동(CSR) 및 시장반응연구: 빅데이터(Big data)활용

This study examines the relationship among owner-risk, corporate social responsibility (CSR) and capital costs. It is an empirical analysis on whether CSR activities play a role as a back door mechanism at a time when companies that have recently become an owner-risk issue are actively engaged in CSR activities such as donations as a way to calm social public anger. Specifically, it provides evidence of whether companies with increased owner risks increase CSR activity after the fact and whether this affects the cost of capital. For analysis, companies listed on the Korea Exchange's securities from 2013 to 2019 are employed and we estimate proxy variable of owner-risk through big data approach. We use KEJI index as a proxy of CSR and examine them using Hechman’s two-stage model(1979). The analysis found that companies with increased owner risk increased CSR activity after the fact. And as a result, the change of capital cost in the market was found to decrease. These results indicate that the company is using CSR afterwards as a way of risk management, which in turn reduces the cost of capital. This study is meaningful in that it expands the field of owner-risk related research, which has lacked empirical evidence due to the difficulty of quantification, and that companies are using CSR activities as a back-door mechanism for insurance like protection or wealth preservation