Despite the long history of corporate social responsibility (CSR) research, few studies have focused on CSR activities related to business partners in supply chains. In this regard, we investigate whether internal (or backward) CSR enhances firm value. Using an index from the Korea Commission for Corporate Partnership, which indicates whether a firm shares its profits with business partner companies, we find that firm value increases as this backward CSR increases. Further, after controlling for internal CSR, firms engaged only in external CSR have lower firm value than non-CSR firms. Interestingly, we find that firms involved in both internal and external CSR have higher value. Overall, by showing that internal CSR is a core activity that enhances firm value, our study provides policy implications for the regulatory bodies of different countries.

尽管企业社会责任（CSR）研究历史悠久，但很少有研究关注与供应链中业务合作伙伴相关的CSR活动。在这方面，我们研究了内部（或向后）企业社会责任是否能提高企业价值。使用韩国企业合作委员会的指数（该指数表明企业是否与商业伙伴公司分享利润），我们发现企业价值随着反向CSR的增加而增加。此外，在控制了内部企业社会责任之后，仅从事外部企业社会责任的企业的企业价值要比非企业社会责任的企业低。有趣的是，我们发现参与内部和外部企业社会责任的公司具有更高的价值。总体而言，通过显示内部企业社会责任是提高公司价值的核心活动，我们的研究为不同国家的监管机构提供了政策含义。