기업의 사회적 책임(CSR)과 재무적 성과 : 정부의 산업 개입 지속성과 기업수명주기의 영향을 중심으로

다국어 초록 (Multilingual Abstract)

This study examines the impact of corporate social responsibility (CSR) activities on financial performance, focusing on the mediating effects of government industry intervention and the moderating effects of the corporate life cycle. Using panel data from 177 publicly listed manufacturing companies in China, CSR activities, government intervention, and financial performance were analyzed. Data were collected from the RLCCW and CSMAR databases, and analysis was conducted using SPSS 29.0 and PROCESS Macro 3.4. The results indicate that CSR activities positively influence financial performance. CSR enhances financial outcomes by fostering a positive corporate image, improving employee productivity, and increasing stakeholder trust. Additionally, government industry intervention was found to mediate the relationship between CSR and financial performance significantly. Companies engaged in CSR activities benefit indirectly from sustained government intervention, which amplifies the economic effects of CSR. The study also revealed a significant moderating effect of the corporate life cycle. The impact of CSR on financial performance is more pronounced during the maturity phase of a company's life cycle compared to the growth phase. Specifically, mature companies demonstrated stronger financial gains from CSR activities due to their established market position and resource availability, whereas growing companies showed limited effects. The hierarchical regression analysis and moderated mediation model confirm that CSR activities, when coupled with sustained government intervention and adjusted for the corporate life cycle, enhance financial performance more effectively. These findings suggest that CSR is not merely a compliance measure but a critical strategic tool for sustainable corporate growth. This study provides valuable insights for corporate leaders and policymakers by highlighting the importance of aligning CSR initiatives with government policies and adapting CSR strategies to the corporate life cycle. It underscores the need for a comprehensive approach to CSR that incorporates external factors such as government intervention and internal corporate characteristics, such as the stage of the corporate life cycle, to maximize financial performance. These findings contribute to the growing body of literature on CSR, offering a nuanced understanding of how CSR, external regulatory influences, and internal corporate dynamics interact to drive financial outcomes. The study's implications are particularly relevant for developing markets like China, where government intervention plays a pivotal role in shaping corporate strategies and performance.

목차 (Table of Contents)

• ABSTRACT· iv
• I. 서 론1
• 1. 연구배경 및 목적 1
• 2. 연구의 구성 및 방법 4
• Ⅱ. 이론적 배경· 5
• 1. 기업의 사회적 책임 5
• 1) 기업의 사회적 책임의 개념 5
• 나) 중국 내 기업의 사회적 책임 발전 현황· 7
• 2. 중국의 정부 개입 9
• 1) 중국 기업의 소유 구조 특징· 9
• 2) 중국의 지배구조 법규· 10
• 3. 재무적 성과 11
• 1) 재무적 성과의 개념 11
• 2) 재무적 성과의 구성요소 12
• 3) 재무적 성과 관련 선행연구· 13
• Ⅲ. 연구모형 및 연구가설 16
• 1. 연구모형 16
• 2. 연구가설17
• 1) CSR 활동과 재무적 성과의 관계 17
• 2) 정부 산업 개입 지속성의 매개효과·20
• 3) 기업수명주기의 조절효과·22
• Ⅳ. 분석방법· 26
• 1. 분석모델 26
• 2. 연구방법28
• 3. 변수의 측정방법 29
• Ⅴ. 분석결과· 31
• 1. 변수의 기술통계량 및 상관관계분석 31
• 2. 다중회귀분석 31
• 3. 간접효과 추론 검정· 34
• 4. 조건부 간접 효과 검정 35
• Ⅵ. 결론 38
• 1. 연구결과의 요약 38
• 2. 시사점 39
• 3. 한계점 및 향후 연구 방향 42
• <참고문헌> 44