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Korean Journal of Financial Studies 2009;38(4):507-545.
Published online December 31, 2009.
Corporate Social Responsibility and Firm Value
Chang Soo Kim
기업의 사회적 책임 활동과 기업가치
This paper investigates the characteristics of the firms that participate in the corporate social responsibility(CSR) activities. The results show the CSR firms tend to have longer age, higher growth potential, and better corporate governance. They also tend to be more diversified, profitable, and listed on the KOSPI200 index. As for the effect of CSR on the firm value, the models with the correction of endogeneity problem show the CSR activities are positively related to the firm value. This suggests that firms can derive a long-term benefit through CSR activities although such activities are cost factors in the short run. The results also indicate that when firms with better corporate governance do the CSR activities the firm value increase is higher. In addition, when firms with better cash flows and a lower leverage perform the CSR activities, the value impact is higher. And, the member firms of the large business group seem to benefit more from the CSR activities than the independent firms. Finally, the value impact analysis before and after the CSR activities shows that there is a big value increase for CSR firms differently from the non-CSR firms. Besides, the abnormal returns on the day of CSR announcements are significantly positive.
Key Words: 기업가치,기업의 사회적 책임,기업지배구조,내생성,초과수익률,Abnormal Return,Corporate Governance,Corporate Social Responsibility,Endogeneity,Firm Value

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