기업의 사회적 책임활동이 기업 재무성과에 미치는 영향 = CSR활동의 실행동기(motive)와 몰입(commitment)의 조절효과를 중심으로

다국어 초록 (Multilingual Abstract)

Corporate social responsibility (CSR) has become an increasingly important issue for firms`management. More firms are willing to work on the CSR because they believe that there is a close relationship between CSR and the firms` long-term sustainability. The substantial rise of CSR practices has recently fuelled research on the relationship between CSR activities and firms` performance. However, prior researches have produced controversial finding on the CSR effects. They have revealed that CSR outcomes could be different contingent on the different theoretical orientations. Research approach on CSR can be changed its theoretical base such as marketing or accounting; attracted variables and their definitions can be changed according to its approach, which leads to draw non-consistent results on CSR effects. Moreover, CSR effect could be dependent on the explored moderating variables in each study. This paper considers two factors to have non-controversial findings. First, it has conducted multidisciplinary and multi-level analysis considering accounting and marketing research. Second, the study considers CSR motive and commitment derived from marketing-oriented theory as moderating variables that explain the variance of the relationship between CSR and financial performance. This research also focuses on how to implement CSR activities rather than whether to do with firms practicing CSR activities above market average. The study finds that the more firms exhibit CSR practices the better financial performance is in the case of firms practicing CSR above market average. This relationship is found to be moderated by firms` motive and commitment of CSR. It is known that firms with high level of CSR activities are considered as ethical and transparent one. If CSR activities are companied with high earning management, it reduces the positive effect of CSR on financial performance since interested parties may doubt firms` intention of CSR and recognize that the managers exploit superior CSR actions to conceal their bad behavior. Further, the study finds that firms` committing on CSR activities increase financial performance. Firms implementing CSR activities with continuity are more likely to raise financial benefit than without. These findings imply that firms should consider multi-level factors then design their CSR activities to improve its effectiveness.

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