기업의 사회적 책임의 매개효과: 지배구조와 기업성과를 중심으로

This study both explored a theoretical explanation and conducted an empirical examination about the influence of changes in corporate governance on firm value with corpoate social responsibility(CSR) as a mediating variable. Corporate governance adequacy, i.e., disclosure adequacy, was positively associated with CSR. And CSR was in turn positively associated with firm value. This result supports an argument of the extant literature that as a firm performs better CSR activities, the firm achieves better performance. CSR's mediating effect was identified for the first time between corporate governance and firm value. This result also supports the theoretical argument that corporate governance structure affects CSR and a firm's CSR activities brings about reputation effect for the firm, which in turn positively influences firm value. The results of this study suggest that on one hand, the firm can increase firm value by strengthening the monitoring and control of the management via reducing agency cost through the improvement of governance structure, but on the other hand, the firm can increase firm value by changing governance structure and subsequently enhancing CSR activities.