Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
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Firm Technological Innovation, CSR Initiatives, and Corporate Value

기업의 기술혁신과 사회적 책임활동이 기업가치에 미치는 영향

  • Lamei Meng (Division of Accounting, Zhengzhou University of Industrial Technology) ;
  • Hae-Young Byun (Division of Business Administration and Accounting, Kangwon National University)
  • 맹납매 (정저우공업응용기술대학교 회계학과) ;
  • 변혜영 (강원대학교 경영회계학부)
  • Received : 2024.05.30
  • Accepted : 2024.06.27
  • Published : 2024.06.30
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Abstract

Purpose - This study aims to examine the direct impact of corporate social responsibility initiatives on firm technological innovation and the moderating effect on the relationship between firm technological innovation and corporate value. Design/methodology/approach - This study collected 13,298 firm-year data by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010-2017. This study runs the multivariate regression using random effect generalized least squares (GLS) regression model. Findings - The research results of this study are as follows. First, corporate social responsibility initiatives do not increase the firm technological innovation, but rather reduce it. Second, firm technological innovation generally improves corporate value, whether it is book value or market value. Third, corporate social responsibility initiatives reduce the positive influence of firm technological innovation on corporate value. Research implications or Originality - There may be discussions on whether Chinese patent application data is a good indicator of the innovation of Chinese companies, but previous studies prove that the number of patent applications has a significant correlation with R&D expenditures or financial performance. However, there is a clear limitation in that it is not possible to confirm the result of registration after a patent application, but it is expected that such limitations can be overcome by using patent registration information or detailed citation documents in the future.

Keywords

Acknowledgement

이 논문은 2022년도 강원대학교 대학회계의 지원을 받아 수행한 연구임.

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