CSR 성과의 지속성과 회계정보의 질

[Purpose]In this study, we examine the association between consistency of CSR and the accruals quality. Specifically, we question whether externally ethical CSR－firms also behave in an internally responsible manner to improve accounting quality in the financial reporting. Provided that firms’ externally ethical behavior(CSR) is consistent with their internal ethical behavior, it is expected that consistency of CSR would play an important role in a link between external and internal ethical behaviors. [Methodology]We analyze samples with KEJI index for the period 2011~2019. We measure CSR consistency by Wang and Choi(2012) and accrual quality by McNichols(2002) while it is subdivided into innate accrual quality and discretionary accrual quality by Dechow and Dichev(2002). [Findings]We find the following results. First, firms with higher CSR scores present higher accrual quality. Second, the consistency of CSR amplifies the positive relation between accrual quality and CSR scores. This implies that firms with consistent CSR tend to meet ethical expectations in society by providing investors more transparent information in financial reporting. [Implications]This paper shows that domestic firms with consistently high CSR scores are not likely to potentially be linked to the pursuit of managers’ self－interest to cover up the impact of corporate misconduct, but more likely to be innately ethical firms. Thus our findings provide important implications on investors’ decision making suggesting that ethical concerns are likely to drive managers to produce high－quality financial reports.