Title Page
Contents
국문초록 8
Abstract 10
I. INTRODUCTION 12
II. LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 18
2.1. The Relationship between CSR and CFP 19
2.1.1. Definition of CSR 21
2.1.2. Theories of CSR 23
2.1.3. Arguments against and for CSR 27
2.1.4. Inconsistent Results of CSR-CFP Relationship 31
2.1.5. Hypothesis Development 41
2.2. Product Strategy as a Moderator of the CSR-CFP relationship 46
2.2.1. Reasons of Inconsistent Findings 47
2.2.2. Strategic Fit Perspective 48
2.2.3. CSR Activities and Product Strategy 50
2.2.4. Strategic Fit between CSR and Differentiation Product Strategy 54
2.2.5. Hypothesis Development 56
III. RESEARCH DESIGN 59
3.1. Data and Sample Selection 59
3.2. Research Design 63
3.3. Measurement of Variables 65
3.3.1. CFP: Market and Accounting Performance 65
3.3.2. CSR Activities: Unadjusted CSR Score and Adjusted CSR Score 69
3.3.3. Moderating Effect of Product Strategy 72
IV. EMPIRICAL RESULTS 78
4.1. Descriptive Statistics and Univariate Analysis 78
4.2. Empirical Results Using Unadjusted CSR Score 89
4.2.1. CSR Score and Tobin's Q 89
4.2.2. CSR Score and PBR 93
4.2.3. CSR Score and ROA 93
4.2.4. CSR Score and ROA_NI 98
4.2.5. CSR Score and ROE 101
4.3. Empirical Results Using Adjusted CSR Score 103
4.4. Robustness Tests 112
4.4.1. Regression Analysis of Individual Components of CSR Score 112
4.5. Summary of Empirical Results 119
V. SUMMARY AND CONCLUSION 123
Appendix 128
Appendix A. Variable Definitions 128
Appendix B. KEJI Index Measurement 129
References 130
Table 1. Theoretical Trend in CSR Thinking 26
Table 2. Summary of the Prior Empirical Studies on the Relationship between CSR and CFP 32
Table 3. Summaries of Review Studies on the Relationship between CSR and CFP 40
Table 4. Comparison of Differentiation and Cost Leadership Strategy 53
Table 5. Descriptive Statistics of Selected Variables 84
Table 6. Multiple Regressions of TOBINQ on CSR and DIFF*CSR 92
Table 7. Multiple Regressions of PBR on CSR and DIFF*CSR 96
Table 8. Multiple Regressions of ROA on CSR and DIFF*CSR 97
Table 9. Multiple Regressions of ROA_NI on CSR and DIFF*CSR 100
Table 10. Multiple Regressions of ROE on CSR and DIFF*CSR 102
Table 11. Multiple Regressions of TOBINQ on ADJ_CSR and DIFF*ADJ_CSR 107
Table 12. Multiple Regressions of PBR on ADJ_CSR and DIFF*ADJ_CSR 108
Table 13. Multiple Regressions of ROA on ADJ_CSR and DIFF*ADJ_CSR 109
Table 14. Multiple Regressions of ROA_NI on ADJ_CSR and DIFF*ADJ_CSR 110
Table 15. Multiple Regressions of ROE on ADJ_CSR and DIFF*ADJ_CSR 111
Table 16. Multiple Regressions of TOBINQ on Individual Components of CSR 115
Table 17. Multiple Regressions of ROA on Individual Components of CSR 117
Table 18. Summary of Empirical Results 122
Figure 1. Research Model 18
Figure 2. Sample Selection 62