지속가능성장률과 기업의 사회적 책임 활동이 기업가치에 미치는 영향

Abstract

Purpose: The purpose of this study is to evaluate the influence of firm’s sustainable growth rate, the level of corporate social responsibility(CSR), firm’s investing decision, and dividend policy on firm’s value measured by Tobin’s Q ratio. In detail, we used KEJI Index as a measure of the CSR level. we also applied the amount of capital investments, and dividend yield in managers’ investing and financing decision respectively. Research design, data, and methodology: To implement research, we selected sample companies listed in KRX from 20005 to 2014. There were total of 1,504 companies satisfied the criteria of this study. To test the hypothesis, we employed multiple regression model. In the research model, dependent variable was firm’s value measured by Tobin’s Q ratio and the independent variables related with CEO’s various decisions-making which included sustainable growth rate, the CSR level, amount of capital investments, and dividend yield. Results: First of all, We find out that the sustainable growth rate is positively associated with firm’s value and the level of CSR is also positively associated with firm’s value. Second We find out that the amount of the firms’ capital investments are positively correlated with firm’s value but dividend yields are not associated with firm’s value measured by Tobin’s Q ratio. Third, we find that the higher levels of CSR, capital investment, and dividend yield strengthen the impact of the sustainable growth rate on the corporate value. Fourth, we also find that the higher dividend yield does not reinforce the impact of CSR on the firm’s value. Conclusions: Based on this study, the search results mean that the decisions of the executive with a long-term perspective are important factors that are directly connected to the firm's value. In addition, management decisions with a long-term perspective can create synergistic effects on firm’s value. The results of this study suggest that to improve the firms’ value, managers should make ongoing and long-term decisions.