기업의 사회적 책임(CSR)과 사회적 책임투자(SRI)에 관한 고찰

• 영문명: A Study on Corporate Social Responsibility and Socially Responsible Investment
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 오성근(Sung-Keun O)
• 간행물 정보: 『비교사법』比較私法 제13권 제4호, 505~543쪽, 전체 39쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2006.12.01

영문 초록

  In recent months, while there have been numerous debates on so-called “corporate social responsibility" (or “CSR"), the concept of “socially responsible investment" (or “SRI"), which supports the idea of CSR from the perspective of investment, has also been receiving much attention from people in all walks of life. As SRI takes a variety of forms in reality, the market"s perceptions of it also vary from participant to participant. Within this context, by examining an example of SRI, so-called “portfolio screening", the author makes an attempt at determining whether or not SRI might, as many experts argue, enable the maximization of economic gains and economic values as well as the realization of social and ethical values. And the author concludes as follows:
  First, the maximization of economic values for the investor cannot be achieved by simply adopting SRI without asking whether or not the market itself is efficient.
  Second, in an efficient market SRI can not guarantee the realization of social and ethical values.
  Third, when a market is inefficient, one may expect that SRI enables the realization of social and ethical values to a certain degree however, the issue of to what degree SRI also realizes the social and ethical values of society hinges largely upon the elasticity of the stock demand curve.
  With respect to the argument that SRI is not desirable from the perspective of the maximization of investment returns for investors, which is regarded as one of the main purposes of investment, the author also reviews the investment management practices of corporate pension funds that have allegedly closely followed the concept of SRI. The author concludes that a)among corporate pension funds, applying the concept of SRI to the management of defined benefit funds poses a high possibility of violating the Prudent Man Rule, and also b) for desirable management of defined contribution funds, the managing agent is required to follow the Prudent Man Rule and thus provide a sufficient amount of information on the fund to a prospective investor before the investor makes his investment decision. Considering that the Prudent Man Rule in and of itself has its theoretical roots in conventional financial theories, one should note that these conclusions are based on the premise that it is more desirable to apply the rule as the basis for adopting the Duty of Care in management of a particular financial asset.

목차

Ⅰ. 머리말
Ⅱ. 사회적 책임투자의 정의 및 경위
Ⅲ. 사회적 책임투자의 종류와 방법
Ⅳ. 선별적 투자의 유용성
Ⅴ. 사회적 책임투자에 대한 평가와 법적 검토
Ⅵ. 맺음말
【참고문헌】
【Abstract】

키워드

기업의 사회적 책임 사회적 책임투자 선별적 투자 사회적 책임투자 펀드 체계적 위험 효율적 자본시장가설 확정급여형기업연금 Corporate Social Responsibility Socially Responsible Investment Portfolio Screening SRI Fund Systematic Risk Efficient Capital Market Hypothesis Defined Benefit