-

-5/19/2014

11 (1):200820091220112013K7 2014 MAC2 (2)2005 =>(Corporate Social Responsibility, CSR)3 (3)2007=>4 (4)2008Servaes and Tamayo (2013) => => CSR5

6

7 (1)CSR (Sen and Bhattacharya, 2001; Bhattacharya and Sen 2004) 8 (2) (Servaes and Tamayo, 2013) (Gisser, 1991; Vlachvei and Oustapassidis, 1998; Graham and Frankenberger, 2001)9 (1) (Fama, 1980)(Yermack, 1996)(MacAvoy and Millstein, 1999)10 (2)(Wiwattanakantang, 2001; Shleifer and Vishny, 1986) (Jensen and Ruback, 1983) (La Porta et al., 1999) 112005~2012 (TEJ)1.2.3.=> 6,645

12: (TOBINQ)MV: PS: LDEBT: TA: i: it: t

13

: (CSR) (1)1. (Good CSR, GCSR): => CSR=GCSRGCSR=102. (Common CSR, CCSR): // => CSR=CCSRCCSR=1014: (CSR) (2)3. (Negative CSR, NCSR): TEJ TEJ4 (1) (2) (3) (4) => CSR=NCSRNCSR=10

15: (CSR) (3)4. (CSR_I1): (GCSR) CSR_I1=1=0 5. ( CSR_I2) (GCSR+CCSR) CSR_I2=1=0

16: (ADI) (I_BOARD) (ADI): / (I_BOARD): =1=017: (CG_INDEX) (1)18

: (CG_INDEX) (2)0419 (SIZE): (ROA): (RD): /(RISK): t-4t(YEAR)(INDUSTRY)

20TOBINQ(++)/CSR(CSR_I1)(CSR_I2)ADI/CG_INDEX()I_BOARD10SIZEROARD( /) 100RISKln(t-4t)YEARINDUSTRY

21

(N=6,645)2250%75%95%TOBINQ1.04010.71540.20190.83211.25992.44084.2262ADI0.52481.37563000.28073.42438.0198CG_INDEX1.52270.885102234I_BOARD0.40850.491600111GCSR0.02090.143100001NCSR0.11580.320100011CCSR0.01210.109700001NON_CSR0.85350.353501111SIZE15.14941.347810.355715.006215.910317.639121.1473ROA7.220411.0632-94.577.1112.7824.0259.85RD3.45158.612801.183.5414.02329.37RISK4.00350.66501.35454.00514.42635.09827.179523

()24

25Model1Model2Model3Model4CONSTANT1.2915***(0.000)1.2534***(0.000)1.4808***(0.000)1.4562***(0.000)ADI_10.0146**(0.021)0.0139**(0.027)0.0154**(0.014)0.0148**(0.019)CG_INDEX_10.0496***(0.000)I_BOARD_10.0992***(0.000)CSR_I10.3816***(0.000)CSR_I20.2405***(0.000)SIZE_1-0.0522***(0.000)-0.0451***(0.000)-0.0607***(0.000)-0.0585***(0.000)ROA_10.0239***(0.0000)0.0235***(0.000)0.0236***(0.000)0.0237***(0.000)RD_10.0191***(0.0000)0.0189***(0.000)0.0189***(0.000)0.0190***(0.000)RISK_10.1067***(0.0000)0.1022***(0.000)0.1088***(0.000)0.1072***(0.000)YEARCONTROLCONTROLCONTROLCONTROLINDUSTRYCONTROLCONTROLCONTROLCONTROLF (Prob > F)70.49(0.0000)72.05(0.0000)72.87(0.0000)72.35(0.0000)N6,6456,6456,6456,64526Model1Model2Model3CONSTANT1.4177***(0.000)1.3929***(0.000)1.4328***(0.000) ADI_10.0148**(0.019)0.0285**(0.019)0.0141**(0.025)0.0272**(0.025)0.0145**(0.022)0.0279**(0.022)CG_INDEX_10.0481***(0.000)0.0595***(0.000)0.0487***(0.000)0.0603***(0.000)0.0483***(0.000)0.0598***(0.000)CSR_I10.3742***(0.000)0.0782***(0.000)CSR_I20.2358***(0.000)0.0616***(0.000)GCSR_10.4263***(0.000)0.0852***(0.000)NCSR_10.0275(0.191)0.0123(0.191)CCSR_1-0.0242(0.600)-0.0037(0.600)()27Model1Model2Model3

SIZE_1-0.0629***(0.000)-0.1185***(0.000)-0.0608***(0.000)-0.1145***(0.000)-0.0641***(0.000)-0.1209***(0.000)ROA_10.0236***(0.000)0.3657***(0.000)0.0237***(0.000)0.3670***(0.000)0.0237***(0.000)0.3670***(0.000)RD_10.0189***(0.000)0.2277***(0.000)0.0190***(0.000)0.2289***(0.000)0.0189***(0.000)0.2275***(0.000)RISK_10.1138***(0.000)0.1058***(0.000)0.1122***(0.000)0.1043***(0.000)0.1148***(0.000)0.1067***(0.000)YEARCONTROLCONTROLCONTROLCONTROLCONTROLCONTROLINDUSTRYCONTROLCONTROLCONTROLCONTROLCONTROLCONTROLF(Prob > F)70.73(0.0000)70.25(0.0000)66.29(0.0000)N6,6456,6456,64528Model1Model2Model3Model4Model5Model6CONSTANT1.4712***(0.000)1.4593***(0.000)1.4090***(0.000)1.4125***(0.000)1.3710***(0.000)1.4333***(0.000)ADI_10.0148**(0.019)0.0154**(0.017)0.0142**(0.025)0.0283***(0.005)0.0045(0.531)0.0209***(0.002)CSR_I10.3438***(0.000)0.3390***(0.000)0.3735***(0.000)0.3609***(0.000)0.3678***(0.000)ADI*CSR_I18.4131(0.140)7.8346(0.169)CSR_I20.2525***(0.000)ADI*CSR_I2-1.9499(0.387)CG_10.0479***(0.000)0.0526***(0.000)AD*CG_1-0.7909*(0.095)I_BOARD_10.0792***(0.000)ADI*I_BOARDD_12.4047**(0.040)CG_INDEX_10.1511***(0.000)ADI*CG_INDEX_1-3.3746***(0.005)()29Model1Model2Model3Model4Model5Model6SIZE_1-0.0601***(0.000)-0.0587***(0.000)-0.0623***(0.000)-0.0632***(0.000)-0.0551***(0.000)-0.0607***(0.000)ROA_10.0236***(0.000)0.0237***(0.000)0.0236***(0.000)0.0236***(0.000)0.0232***(0.000)0.0238***(0.000)RD_10.0189***(0.000)0.0190***(0.000)0.0189***(0.000)0.0188***(0.000)0.0187***(0.000)0.0189***(0.000)RISK_10.1092***(0.000)0.1072***(0.000)0.1141***(0.000)0.1141***(0.000)0.1099***(0.000)0.1143***(0.000)YEARCONTROLCONTROLCONTROLCONTROLCONTROLCONTROLINDUSTRYCONTROLCONTROLCONTROLCONTROLCONTROLCONTROLF(Prob > F)71.48(0.0000)70.35(0.0000)69.49(0.0000)68.54(0.0000)69.69(0.0000)68.84(0.0000)N6,6456,6456,6456,6456,6456,64530Model1Model2Model3Model4Model5CONSTANT1.3863*** (0.000)1.3584*** (0.000)1.4068***(0.000)1.3729***(0.000)1.3465***(0.000) ADI_10.0161***(0.008)0.0153**(0.011)0.0671***(0.000)0.0627***(0.000)0.0598***(0.001)CSR_I10.3713***(0.000)0.3601***(0.000)0.3665***(0.000)0.3643***(0.000)0.3535***(0.000)CG_INDEX_10.0480***(0.000)0.0485***(0.000)0.0484***(0.000)I_BOARD_10.0894***(0.000)0.0890***(0.000)ADI_12-0.0083***(0.002)-0.0074***(0.004)-0.0071***(0.006)SGA_SALES_10.0004**(0.042)0.0003**(0.047)0.0003**(0.047)0.0003*(0.052)EFFICIENCY_10.0208***(0.001)0.0203***(0.001)0.0002***(0.000)0.0002***(0.001)CAP_SALES_1-0.0003***(0.004)-0.0003***(0.005)-0.0003***(0.006)-0.0003***(0.007)CAPI_10.0000(0.535)0.0000(0.354)0.0000(0.693)0.0000(0.482)Servaes, H., and Tamayo, A.(2013)Berman et al. (1999) (strategy variables)1.(SGA_SALES_1)=/2.(EFFICIENCY_1)=/3.(CAPI_1)=/4.(CAP_SALES_1)=/

Model1Model5(CG_1)(i_board_1)

ADI_12Model3(ADI_1)0.0671(ADI_12)-0.0083Model4

30()31Model1Model2Model3Model4Model5SIZE_1-0.0621***(0.000)-0.0556***(0.000)-0.0633***(0.000)-0.0623***(0.000)-0.0557***(0.000)ROA_10.0242***(0.000)0.0238***(0.000)0.0236***(0.000)0.0242***(0.000)0.0238***(0.000)RD_10.0197***(0.000)0.0195***(0.000)0.0188***(0.000)0.0196***(0.000)0.0194***(0.000)RISK_10.1147***(0.000)0.1098***(0.000)0.1138***(0.000)0.1149***(0.000)0.1099***(0.000)YEARCONTROLCONTROLCONTROLCONTROLCONTROLINDUSTRYCONTROLCONTROLCONTROLCONTROLCONTROLF(Prob > F)64.98(0.0000)65.74(0.0000)68.72(0.0000)63.31(0.0000)64.04(0.0000)N6,6456,6456,6456,6456,6453132Model1Q(0.95)Model2Q(0.90)Model3Q(0.05)Model4Q(0.1)CONSTANT2.4978***(0.000)1.8693***(0.000)0.5182***(0.000)0.5028***(0.000)ADI_10.0265(0.709)0.0362(0.358)0.0276**(0.019)0.0351***(0.001)ADI_12-0.0087(0.377)-0.0077(0.182)-0.0022(0.270)-0.0030*(0.061)CSR_I10.7034***(0.000)0.5792***(0.000)0.0148(0.668)0.0182(0.647)CG_INDEX_10.1085***(0.001)0.0915***(0.000)-0.0062(0.223)-0.0010(0.849)SIZE_1-0.0904***(0.000)-0.0604***(0.000)-0.0105**(0.042)-0.0079*(0.051)ROA_10.0241***(0.000)0.0252***(0.000)0.0171***(0.000)0.0177***(0.000)RD_10.0601***(0.000)0.0527***(0.000)0.0042(0.102)0.0101***(0.000)RISK_10.2484***(0.000)0.1450***(0.000)0.0031(0.736)0.0146**(0.047)YEARCONTROLCONTROLCONTROLCONTROLINDUSTRYCONTROLCONTROLCONTROLCONTROLPseudo R20.27890.25460.18220.1856N6,6456,6456,6456,645?=>2000

Model1Model2Model3Model4

Model1Model2(ADI_1)0.02650.0362Model3Model4(ADI_1)0.02760.0351

(ADI_12)Model3Model410%

(CSR_I1)Model1Model232 (1)33 (2)34

=0=1=1=0

=1=0

10%=1=0

5%25%=1=0(10)