기업의 사회적 책임성과가 국제화전략 및 기업가치에 미치는 영향

The Effect of Corporate Social Responsibility Performance on Internationalization Strategy and Firm Value

This study examines the effect of corporate social responsibility performance (here in after referred to as CSRP) on firm value and internationalization. While CSRP has been interpreted as a charitable expenditure for various stakeholders in society from the moral point of view, CSRP has recently been used as a strategy to secure sustainable growth or competitive advantage as part of firm investment. I propose that firms with higher CSRP will actively pursue internationalization. CSRP was measured using the KEJI index. Using a sample of 1,378 the KSE covering the period from 2002 to 2012. I find that the KEJI index is negatively related to internationalization. The main results of this study can be summarized as follows. First, I found that CSRP companies have higher firm value, compared to non-corporate social responsibility companies. Second, CSRP companies have a negative effect on internationalization. These results show that internationalization strategy in firms with high CSRP is more likely to be reflected in firm value. Finally, I find that firms with higher CSR levels are more profitable and valuable, a consequence I partially attribute to firm value and internationalization.