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발표자 : 양화 ( 경영혁신 전공 )
M2010516
2010.03.24
ABSTRACT
We test the relationship between shareholder value( 주식
가치 ), stakeholder management( 이해관계자 관리 ), and
social issue( 사회문제 ) participation.
Using corporate resources for social issues not related to
primary stakeholders may not create value for
shareholders.
We test these propositions with data from S&P 500 firms
and find evidence that stakeholder management leads to
improved shareholder value, while social issue
participation is negatively associated with shareholder
value.
KEY WORDS
shareholder value; Benefit for the shareholder. A shareholder value oriented company
policy aims at a fair rate of return for its shares.
social issues; Social issues are matters which directly or indirectly affect many or all
members of a society and are considered to be problems, controversies related to moral
values, or both.
market value added; A calculation that shows the difference between the market value
of a company and the capital contributed by investors (both bondholders and
shareholders). In other words, it is the sum of all capital claims held against the company
plus the market value of debt and equity.
Economic
Discretionary
responsibility
Responsibility to
to investors and
the community consumer Carroll (1979)
STAKEHOLDER MANAGEMENT
Shareholder Increased
value Shareholder value
CSP
Stakeholder
management
Using corporate resources to pursue social issues that are
not directly related to the relationship with primary
stakeholders may not create such advantages. Social issue
participation refers t o elements of corporate social
performance that fall outside of the direct relationships to
primary stakeholders .
We contend that the very nature of the relationship
between shareholder value and social issue participation
could be different from that with stakeholder
management because of the lack of a link to important
underlying sources of competitive advantage for the firm.
Hypothesis 3: Social issue participation is negatively
related to shareholder value creation.
Hypothesis 4: Social issue participation leads to
decreased shareholder value creation.
Additional analysis;
Result
SM and MVA are significantly and positively correlated (0.244, p < 0.01).
Thus, Hypothesis 1 is supported.
Result
Q&A