기업의 사회적 책임활동과 재무성과

A study on the relationship between Corporate Social Responsibility and Financial Performance : Focusing on CSR reporting

This paper studies the relationship between corporate social responsibility and financial performance with a focus on the experience of CSR reporting in Korea. The sample size for this study consisted of 183 firms in Korea during the period covering 2006-2009, using the KEJI index as CSR performance proxy. Specifically, this study examined the effect of CSR performance on subsequent financial performance and the effect of subsequent financial performance on CSR performance in Korean firms. The next phase of the study looked into the differences between firms that do CSR reporting and those that do not. In conclusion, the findings suggest that CSR performance is positively associated with some aspects of subsequent financial performance In addition, results showed that: (1) there is no effect in expediency of CSR reporting; (2) CSR performance is positively associated with prior financial performance more thus strongly supporting the slack resource theory.