논문 해외 국제전문학술지(SCI급) THE VALUE RELEVANCE OF CORPORATE SOCIAL RESPONSIBILITY:FOCUSING ON DONATION EXPENDITURE
- 학술지 구분 국제전문학술지(SCI급)
- 게재년월 2016-07
- 저자명 권기정
- 학술지명 ASIAN SOCIAL SCIENCE
- 발행처명 Canadian Center of Science and Education
- 발행국가 해외
- 논문언어 외국어
- 전체저자수 1
홈페이지논문 초록 (Abstract)
This paper investigates the value relevance of corporate social responsi bility. In particular, the paper examines the time lag value relevance of donation expenditure on firm value over the period of 2000?2014 in the listed Korean stock markets. Through empirical analysis, the paper provides evi dence that donation expenditure has a significant effect on future firm value. The empirical results of this paper support research hypothesis 1 (donat ion expenses have an effect on firm value) and research hypothesis 2 (donation expenses have a time lag effe ct on firms’ future value). In particular, the results show that donation expenses havean effect on firm value and the time lag interval is from two to 12 years. These results suggest that donation expenses can be regarded as a ssets that have potential for firms’ future cash flows. The empirical evidence of this paper suggests there should be debate on whether the accounting treatment of donations should be changed in Korean accounting practices.