http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
- 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
- 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
RISS 인기검색어
- 검색키워드
- 저자 : 최운열(Woon Yeol Choi) (검색결과 2 건)
- 무료
- 기관 내 무료
- 유료
-
-
최운열(Woon Yeol Choi),이호선(Ho Sun Lee),홍찬선(Chan Sun Hong) 한국경영학회 2009 經營學硏究 Vol.38 No.2
Recently, CSR(Corporate Social Responsibility) is widely discussed as the necessary obligation of a member of society and the means of sustainable management. In the capital market, concerns about the SRI(Socially Responsible Investment) Fund which is focused on public goods are also grown. Yet there are no sufficient researches that examine the relation between CSR and firm value maximization. This paper examines empirically how CSR expenditure is related to firm value. In this paper, we expect that the relation between CSR expenditure and firm value is nonlinear and inverted U shaped because CSR expenditure has influence on firm value positively as the investment on intangible assets for reputation, while it also affects firm value negatively as the overinvestment by management discretion and the perquisite consumption for maximizing manager`s private utility. Therefore we get two hypotheses between CSR expenditure and firm value. Firstly a firm`s CSR expenditure is positively related with firm value because there are more social pressures on firms regarding the increase of CSR expenditure. Secondly a firm`s CSR expenditure is nonlinearly related with firm value like the inverted U shape previously mentioned. We run tests on the publicly traded non-financial firms during 1999-2005 using Pooled OLS, fixed effects panel analysis and random effects panel analysis. We use Tobin`s Q as the proxy for firm value, and corporate contributions as the proxy for CSR expenditure. As the result of these tests, We find that CSR expenditure and firm value have nonlinear and inverted U shape relation, and have positively linear relation in some tests. This nonlinear relation is consistent through the robustness check. Also, we confirm that firms which have more CSR expenditure are the higher valued firms by 2SLS analysis. And finally we test the effect of corporate governance on the relationship between CSR expenditure and firm value. We use foreign stock holding ratio as the proxy variable of the corporate governance, and find the inverted U shape relation in firms with higher foreign stock holding ratio. However, we find that firm value and CSR expenditure are negatively related in firms with lower foreign stock holding ratio. These results show that CSR expenditure proxied by corporate contributions is positively related with firm value and located below the optimal expenditure level. Also these results indicate that the increase of CSR expenditure may not affect firm value negatively when firm has good corporate governance structure. Therefore, it is important that firms find the optimal level of CSR expenditure.
연관 검색어 추천
이 검색어로 많이 본 자료
활용도 높은 자료
