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The Relationship Between Corporate Social Responsibility and Corporate Financial Performance in Korea

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  • Wankeun Oh
  • Seungho Park

Abstract

This study examines the relationships between corporate social responsibility (CSR) and corporate financial performance (CFP) for the period 2004–2010 in Korea. This study performs difference generalized method of moments (GMM) estimation on a dynamic panel model. The results for the entire industry show CSR has a positive effect on CFP in Korea, and the stakeholder theory seems valid. Industry analysis shows different results by each industry’s characteristics. The results also reveal the effect of CSR on CFP did not increase after the global financial crisis. The results suggest companies should improve CFP by taking a strategic approach to CSR.

Suggested Citation

  • Wankeun Oh & Seungho Park, 2015. "The Relationship Between Corporate Social Responsibility and Corporate Financial Performance in Korea," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(S3), pages 85-94, May.
    • Handle: RePEc:mes:emfitr:v:51:y:2015:i:s3:p:85-94
    DOI: 10.1080/1540496X.2015.1039903
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    Cited by:

    1. Gerda Barauskaite & Dalia Streimikiene, 2021. "Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 278-287, January.
    2. А. Dornean & D.-C. Oanea, 2018. "The Іmpact of Adopting CSR and Corporate Financial Performance. Evidence from BSE," Вестник Киевского национального университета имени Тараса Шевченко. Экономика., Socionet;Киевский национальный университет имени Тараса Шевченко, vol. 6(201), pages 47-53.
    3. Ting-Kun Liu, 2020. "The Impact of Corporate Social Responsibility on Performance in the Financial Industry," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 10(9), pages 1037-1050, September.
    4. Gonzalo Maldonado-Guzman & Sandra Yesenia Pinzon-Castro & Gabriela Citlalli Lopez-Torres, 2016. "Corporate Social Responsibility and Business Performance: The Role of Mexican SMEs," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 6(10), pages 568-579, October.
    5. Supriyati & Gunasti Hudiwinarsih, 2020. "The Importance of Corporate Social Responsibility in Improving Corporate Value: Case Study of Public Companies in Indonesia," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 9(3), pages 121-130, July.
    6. Francisco J. López-Arceiz & Ana J. Bellostas & Pilar Rivera, 2018. "Twenty Years of Research on the Relationship Between Economic and Social Performance: A Meta-analysis Approach," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 140(2), pages 453-484, November.
    7. Woon Leong Lin & Siong Hook Law & W. N. W. Azman‐Saini, 2020. "Market differentiation threshold and the relationship between corporate social responsibility and corporate financial performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(3), pages 1279-1293, May.
    8. Tahir Hamid, Kabir & Ibrahim, Mohammed, 2020. "The Moderating Effect Of Corporate Governance On The Relationship Between Corporate Social Responsibility And Financial Performance Of Listed Non-Financial Services Companies In Nigeria," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 9(1), pages 69-89, March.
    9. Marian Siminica & Mirela Cristea & Mirela Sichigea & Gratiela Georgiana Noja & Ion Anghel, 2019. "Well-Governed Sustainability and Financial Performance: A New Integrative Approach," Sustainability, MDPI, vol. 11(17), pages 1-21, August.
    10. Metin Borak & Hatice Dogukanli, 2023. "Effect of Corporate Social Responsibility on Portfolio Performance: Evidence From Turkey," SAGE Open, , vol. 13(4), pages 21582440231, December.
    11. Woon Leong Lin & Chin Lee & Siong Hook Law, 2021. "Asymmetric effects of corporate sustainability strategy on value creation among global automotive firms: A dynamic panel quantile regression approach," Business Strategy and the Environment, Wiley Blackwell, vol. 30(2), pages 931-954, February.
    12. Mai, Nhat Chi, 2021. "Corporate Social Responsibility in Small and Medium Enterprises in Vietnam," OSF Preprints acdm6, Center for Open Science.
    13. Eniola. A. Sokefun & Oluseyi. O. Oduyoye, 2018. "Corporate Social Responsibility as Strategy for Environmental Preservation and Control of Youth Restiveness: The Experience from South-West Nigeria," Business and Management Studies, Redfame publishing, vol. 4(2), pages 45-54, June.
    14. Ateufack Djogho Ramecesse, 2021. "Corporate Social Responsibility and Firm Performance in SMEs: Empirical Evidence from Cameroon," Business and Economic Research, Macrothink Institute, vol. 11(3), pages 88-105, December.
    15. Daehyeon Park & Jinhyeong Jo & Doojin Ryu, 2021. "Incentive Contracts for Sustainable Growth of Small or Medium-Sized Enterprise," Sustainability, MDPI, vol. 13(9), pages 1-10, April.
    16. Seles, Bruno Michel Roman Pais & Lopes de Sousa Jabbour, Ana Beatriz & Jabbour, Charbel Jose Chiappetta & Latan, Hengky & Roubaud, David, 2019. "Do Environmental Practices Improve Business Performance Even in an Economic Crisis? Extending the Win-Win Perspective," Ecological Economics, Elsevier, vol. 163(C), pages 189-204.

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