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Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market

Title
Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market
Authors
Choi, DaeheonChoi, Paul Moon SubChoi, Joung HwaChung, Chune Young
Ewha Authors
최문섭
SCOPUS Author ID
최문섭scopus
Issue Date
2020
Journal Title
SUSTAINABILITY
ISSN
2071-1050JCR Link
Citation
SUSTAINABILITY vol. 12, no. 4
Keywords
emerging Korean marketcorporate governancecorporate social responsibilityinstitutional blockholderinstitutional monitoring
Publisher
MDPI
Indexed
SCIE; SSCI; SCOPUS WOS
Document Type
Article
Abstract
This study investigates the monitoring effectiveness of the largest institutional blockholder in Korea, the Korean National Pension Service (KNPS), on firms' engagement in corporate social responsibility (CSR). We use a large, unique sample from Korea, where the financial market is primarily characterized by chaebols. We show that lagged KNPS blockholdings do not significantly influence investee firms' concurrent CSR indexes. This result indicates that even the largest institutional blockholder in Korea does not actively engage in firms' CSR initiatives to enhance their long-term performance and prosperity. Overall, our results suggest that institutional investors should more actively serve as an effective corporate governance mechanism in emerging Asian markets, where companies aim to be profitable and long-term corporate governance is very important.
DOI
10.3390/su12041680
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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