기업의 기부금 지출 결정요인

Abstract

Corporate donations is one of the most traditional firm policy for the corporate social responsibility. This paper examines the determinants of corporate donations using Tobit model. I constructed the firm-level panel data of 683 listed companies in Korea from 2000 to 2022. The estimation results find out that the corporate donations increase as the firm size is bigger, the debt ratio is lower, and the cash-flow ratio is higher. ROA has a significantly positive impact on the corporate donations during the whole analysis period, but it loses its significance for the sub-sample excluding global financial crisis and Corona-19 pandemic period. The results also show that firms donate more as they spends more money on advertising and R&D expenditure. Reduction of corporate tax rate in 2009 decreased the corporate donations significantly, and it has not been recovered to the initial level before the tax cut even after the tax rate re-increased in 2018. Change in tax deduction policy in 2014 did not affect corporate donations.