Since the past, Studies about corporate social responsibility have focused on the changes in environmental and financial performance. Noting the previous studies and social trends, We analyze the trends in companies' toxic reduction efforts by using financial performance data on Korean companies and toxic chemical release data on the Public Release and Transfer Registers (PRTR) over 18 years (from 2001 to 2018). We based our analysis on the trends observed in seven company cases from the Korean Other Transportation Equipment Manufacturing sector, which generates the largest share of toxic chemical emissions in Korea. We found that six out of seven firms had a negative environmental performance in regard to health-hazardous levels, according to the values calculated by the Toxic Release Reduction Efforts Measure. This analysis indicates the change in toxic release (i.e. total emission or health-hazard level) in relation to the company’s production volume changes. The finding provides evidence of the possibility of greenwash in companies, suggesting that companies only reduce disclosed total emissions
but do not reduce emissions of hazardous and toxic substances, such as carcinogens.

[Key Words] Corporate Social Responsibiliby, Environmental Performance, Toxic Chemical Release, Hazardous Score