ScholarWorks@숙명여자대학교

초록

This study investigates the degree of corporate proactiveness in engaging in corporate social responsibility (CSR) activities and examines its impact on firm value. Departing from previous research that predominantly employed static, unidimensional measures such as the absolute amount of corporate donations, this study introduces a dynamic measure of donation volatility to capture CSR proactiveness. Specifically, the extent of annual fluctuations in corporate donations is used to assess how actively a firm engages in CSR initiatives over time. The analysis further explores whether the ownership share of foreign institutional investors moderates the relationship between CSR proactiveness and firm value. To empirically test these relationships, panel data comprising 2,856 firm-year observations from 410 manufacturing firms listed on the Korea Exchange (KOSPI) between 2012 and 2020 are analyzed. The empirical results reveal two key findings. First, CSR proactiveness, as measured by donation volatility, exhibits a significantly positive association with firm value. Active CSR engagement is interpreted as a strategic signal of transparency, stakeholder responsiveness, and long-term commitment, which in turn reduces firm-specific risks and enhances both financial and marketing performance. Second, foreign institutional ownership strengthens the positive relationship between CSR proactiveness and firm value. This implies that foreign institutional investors play an effective governance role by monitoring both managerial overinvestment and controlling shareholders’ underinvestment in CSR, thereby encouraging firms to maintain an optimal and value-enhancing level of CSR activity. These findings offer meaningful theoretical and practical implications for understanding how CSR behavior and investor composition jointly affect corporate financial outcomes in emerging markets.

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