Does CSR Really Enhance Sustainability?: A Perspective of Business Cycle

• 발행기관: 강원대학교 경영경제연구소
• 저자명: Kwang-Hwa Jeong Sejoong Lee
• 간행물 정보: 『아태비즈니스연구』제12권 제1호, 57~69쪽, 전체 13쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2021.03.31

영문 초록

Purpose - The purpose of this study is to investigate the effect of macroeconomic conditions on the relationship between CSR and firm value. Design/methodology/approach - Employing KEJI index as a proxy for a firm’s CSR activities, we investigate whether investors discount the value of CSR activity during the economic recession when a firm’s bankruptcy risk is high and thus its future sustainability is suspected. Findings - Our empirical result represents that the value of a firm with high CSR score is undervalued during recession, reflecting investors doubt the sustainability of a firm whose CSR score is high when overall economy is exposed to high downside risk. Research implications or Originality - It implies that investors may not regard the CSR activities as an indicator of corporate sustainability. Also, the result represents that stable macroeconomic condition can be one of the important factors to make the CSR activity increase a firm’s value.

목차

Ⅰ. Introduction

Ⅱ. Prior literature and hypothesis development

Ⅲ. Methodology

Ⅳ. Empirical results

Ⅴ. Conclusion

키워드

Corporate Social Responsibility Firm Value Macroeconomic Conditions