중국 제조사들의 재무성과가 CSR에 미치는 영향: 소유권 구조와 탄소배출권 거래제의 조절효과를 중심으로

According to the resource-based view, firms are composed of a variety of tangible and intangible resources. To achieve sustainable competitive advantage, firms should be able to acquire and utilize various resources. Accordingly, various resources are necessary to fulfill corporate social responsibility(CSR), but in particular, financial resources are the most important one for fulfilling CSR. In addition, various types of owners can have a different impact on the decision-making process for the use of financial resources to implement CSR. Furthermore, the carbon emission trading system is considered to have a significant impact on CSR. Thus, this study analyzed the relationship between Chinese manufacturers' financial performance and CSR, the moderating effect of institutional share and state ownership on these relationships, and the three-way interaction effect of the carbon emission trading system. The findings present the financial performance of Chinese manufacturers has a positive effect on CSR. They show that institutional and national shares strengthen the positive (+) relationship between financial performance and social responsibility, respectively. Also, the carbon emission trading system strengthens this moderating effect through three-way interaction. The findings of this study implies that not only internal resources and ownership structures, but also external factors such as carbon emission trading systems can raise the level of corporate social responsibility.