경영과학 (Korean Management Science Review)

한국경영과학회 (The Korean Operations Research and Management Science Society)
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기업의 환경, 사회, 지배구조 요인과 재무성과의 관계 : 공유가치창출의 경험적 근거

The Relationship between Firms' Environmental, Social, Governance Factors and Their Financial Performance : An Empirical Rationale for Creating Shared Value

  • 민재형 (서강대학교 경영전문대학원) ;
  • 김범석 (서강대학교 경영전문대학원) ;
  • 하승인 (서강대학교 경영전문대학원)
  • Min, Jae H. (Sogang Business School, Sogang University) ;
  • Kim, Bumseok (Sogang Business School, Sogang University) ;
  • Ha, Seungyin (Sogang Business School, Sogang University)
  • 투고 : 2014.11.05
  • 심사 : 2015.03.13
  • 발행 : 2015.03.31
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초록

We examine the relationship between firms' environmental (E), social (S), and governance (G) factors, with their financial performance in order to provide an empirical rationale for CSV (creating shared value) pursuing both of firms' profitability and CSR (corporate social responsibility). The financial performance is classified into four aspects such as profitability, stability, efficiency, and cash-flow, and each of these aspects is measured by two financial ratios respectively. To measure the firms' ESG performance, we employ the published performance grades by the Korea Corporate Governance Service for a three year span, from 2011 to 2013. Total of eight regression analyses are performed. The results show that firms' non-financial performance in general has statistically significant positive relationships with return on assets, return on net sales, and cash-flow from operating activities ratio, while it has negative relationships with net working capital ratio, asset turnover ratio, and cash-flow from investing activities ratio. It has no significant relationships with debt ratio and equity turnover ratio. The results imply that firms' non-financial performance may have a negative impact on some financial performance such as liquidity and efficiency in a short term, but it would eventually improve the firms' profitability and cash-generating ability, which provides an empirical evidence for the concept of CSV, and motivates the firms to participate in social contribution activities without sacrificing their profitability for their respective sustainablity management.

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