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The Effect of Corporate Social Responsibility on Firm Value to Chinese Companies

중국기업의 사회적 책임이 기업 가치에 미치는 영향

  • 대맹 (배재대학교 경영학과) ;
  • 강호정 (배재대학교 경영학과)
  • Received : 2013.09.02
  • Accepted : 2013.09.27
  • Published : 2013.12.28

Abstract

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.

Keywords

Corporate Social Responsibility;Stakeholders;Firm Value;Tobin Q

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