This study examines the effect of the 2008 global financial crisis on firms’ corporate social responsibility (CSR) by analysing Korean CSR and market data from 2004 to 2016 (excluding 2007). We focus on the role of the 2008 global financial crisis in Korea, an emerging market. Our empirical analyses indicate that the financial crisis not only significantly positively affects CSR activities but also plays a major role in explaining the relationship between CSR and firm value in Korea. More specifically, we find a significant decrease in the negative effects of CSR activities during the 2008 global financial crisis.