기업의 여유 자원이 이해관계자 만족도에 미치는 차별적 효과

다국어 초록 (Multilingual Abstract)

Which company can make good stakeholder relations, rich company or good company? This study investigates the discriminatory benefit of corporate social performance in point of stakeholder relations. We divided corporate social perfo- rmance into two categories by stakeholders, such as primary stakeholder relations and secondary stakeholder relations. Using a sample of 52 firms and 312 firm-year observations based on the Korea Economic Justice Institute data, we found empirical results supporting our arguments. The results suggest that corporate financial performance has positive effect on primary stakeholder relations only, but corporate social contribution has positive effect on both primary and secondary stakeholder relations. Furthermore, corporate financial performance has positive effect on overall stakeholder relations when corporate social contribution is high. These findings provide new insight that can lead to systematic understanding of complex relations among corporate financial performance, corporate social contribution, and corporate social performance.

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