- Volume 13 Issue 12
DOI QR Code
The Effect of Corporate Social Responsibility on Firm Value to Chinese Companies
중국기업의 사회적 책임이 기업 가치에 미치는 영향
- Received : 2013.09.02
- Accepted : 2013.09.27
- Published : 2013.12.28
The cognition for corporate social responsibility of Chinese companies is negative because it increases cost and causes reduction of profit. But interest and execution for corporate social responsibility of Chinese firms is increasing consistently. Purpose of this study is to find effect of corporate social responsibility on firm value to Chinese enterprises. To achieve this purpose, we performed multiple regression method to 647 firms listed on the Shanghai Stock Exchange of China in 2011. Dependent variable is firm value and independent variable is degree of execution of corporate social responsibility to stakeholders. Conclusions of this study are as follows. First, execution of corporate social responsibility for employees, bondholders, government appeared to have a significant positive effect to firm value at 1% significance level. Second, execution of corporate social responsibility for customers appeared to have a significant negative effect to firm value at 1% significance level. Third, execution of corporate social responsibility for stockholders, suppliers appeared to have a weak positive effect on firm value, however these variables showed statistical insignificant.
Corporate Social Responsibility;Stakeholders;Firm Value;Tobin Q
- 신민식, 김수은, 김병수, "기업의 사회적 책임 지출이 기업가치에 미치는 영향", 금융공학연구, 제10권, 제1호, pp.99-125, 2011.
- 위평량, "상장기업의 사회공헌과 기업가치 관계에 대한 실증분석", 경영연구, 제21권, 제4호, pp.97-115, 2006.
- 전인수, 설유영, 김철교, "기업의 사회적 책임과 기업가치 관련성", 경영교육연구, 제27권, 제5호, pp.361-387, 2012.
- 李菊, 企業社會賣任和財務積效相關性研究-以滬 市A股制造業爲例, 江蘇大學碩士論文, 2009.
- 张文宝, 企業社會賣任与財務積效關系的實証研究, 江蘇大學碩士論文, 2010.
- 朱金凤, 趙紅建, "慈善捐赠會提升企業財務積效嗎-来自滬市A股上市公司的實証檢驗", 會計之友, 10, pp.84-88, 2011.
- Content Analysis as a Method for Measuring Exploitation and Exploration: Discussion with Example Application to the Worldwide Optical Library Industry vol.14, pp.7, 2014, https://doi.org/10.5392/JKCA.2014.14.07.495