기업의 사회적 책임 활동과 자본비용 간의 관계에 관한 연구

• 영문명: The Effects of Corporate Social Responsibility on a Firm’s Cost of Capital
• 발행기관: 한국무역연구원
• 저자명: 강윤식(Yun-Sik Kang) 김문섭(Moon-Seop Kim)
• 간행물 정보: 『무역연구』제12권 제5호, 401~416쪽, 전체 16쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2016.10.30

영문 초록

We concentrate on the relationship between corporate social responsibility (CSR) and the cost of capital, because prior researches often focus on firm performance and research on cost of capital is scarce, despite equity and debt being a primary source of external capital. More specifically, this paper examines the effect of CSR on the cost of equity, cost of debt and weighted average cost of capital (WACC). For this empirical research, we take a comprehensive approach that examines various dimensions related to CSR, namely, environment, society and governance as well as sub-dimensions of society (i.e., employees, related companies, consumers and the community). For a sample of 2,400 Korean firm-year observations from 2011 to 2014, we find that firms with a better CSR score exhibit lower cost of capital (cost of equity, cost of debt and WACC) after controlling for other firm specific determinants. These findings support arguments in the literature that firms with socially responsible practices have higher valuation and lower risk.

키워드

Corporate Social Responsibility Cost of Debt Cost of Equity Firm Value WACC