Corporate social responsibility (CSR) activities of firms may or may not lead to good financial performance, depending on whether they can boost their revenue more than enough to cover the costs of CSR activities. However, when the earnings of CSR firms are not expected good enough owing to their CSR expenditure, the management of those firms may have motivation to manage earnings. Therefore, if financial performance of CSR firms appears good, it might result from earnings management. This study, defining CSR firms as the firms whose stocks are included in the socially responsible investing (SRI) fund, examines their financial performance in terms of ROE and ROA, and empirically tests whether there exists an association between these performance measures and earnings management. The sample used here consists of Korean listed firms whose stocks were selected into an SRI fund from 2010 to 2015. The study found an evidence of earnings management of SRI fund firms.