한국산학기술학회논문지 (Journal of the Korea Academia-Industrial cooperation Society)

  • 제14권11호
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  • Pages.5586-5593
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  • 2013
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  • 1975-4701(pISSN)
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  • 2288-4688(eISSN)
한국산학기술학회 (The Korea Academia-Industrial cooperation Society)
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기업의 사회책임과 재무성과: 한국기업의 MSCI ESG 평가를 중심으로

Corporate Social Responsibility and Financial Performance: The impact of the MSCI ESG Ratings on Korean Firms

  • 김진욱 (건국대학교 경영학과) ;
  • 정성곤 (싱가폴 경영대학 회계학과) ;
  • 박청규 (미시간대학교 경영대학)
  • 투고 : 2013.09.24
  • 심사 : 2013.11.07
  • 발행 : 2013.11.30
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초록

본 논문은 기업의 사회적 책임이 재무성과에 영향을 미치는지를 고찰하였다. 선행연구들은 지금까지 일관적이지 않은 결과를 보여주었으며, 본 연구는 기업의 사회책임이 기업의 재무성과에 긍정적인 영향을 미친다는 것을 발견하였다. 모건스탠리에서 발간되는 한국기업의 사회적 책임 성과평가 자료를 분석한 결과, 기업의 사회적 책임과 자본시장에서의 재무성과 간에 양의 상관관계가 있음을 발견하였다. 구체적으로 회귀분석의 결과 기업의 사회책임 평가가 한 단계 높으면 주가수익률이 평균 3.4% 정도 높은 것으로 나타났다. 본 연구의 결과는 다른 나라의 자료를 토대로 하는 선행연구의 결과를 지지하며, 한국기업의 사회적 책임에 대한 체계적이고 분석적인 평가 결과를 제공하였다는 데에 의의가 있다.

This study investigates how the Corporate Social Responsibility (CSR) performance of a firm is associated with its financial performance in the stock market. Prior studies provide mixed evidence on the relation between CSR and financial performance. This study sheds some lights on the positive effect of CSR on firms' financial performance. Using a unique set of data on CSR performance of Korean firms provided by Morgan Stanley Capital International (MCSI), we find that firms' CSR performance is positively associated with their contemporaneous stock returns and Tobin's Q in the Korean market. This finding suggests that stock market participants value firms' CSR activities. This is the first study that provides empirical evidence on the existence of the positive association between the CSR performance of Korean firms and their financial performance using MCSI data which is considered more reliable than the data used in the prior CSR studies in Korea.

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참고문헌

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피인용 문헌

  1. The impacts of environmental, social, and governance factors on firm performance vol.29, pp.2, 2018, https://doi.org/10.1108/MEQ-03-2017-0033