SHERP

Impact of Controlling Shareholders on Corporate Social Responsibility under External Financial Constraints

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Authors
Byun, Heesub; Lee, Jihye; Park, Kyungsuh
Issue Date
2015-12
Publisher
College of Business Administration, Seoul National University
Citation
Seoul Journal of Business, Vol.21 No.2, pp. 1-44
Keywords
controlling shareholdersconflict of interestcorporate social responsibilityexternal financial constraintsKorea
Abstract
This study examines the relationship between the ownership of controlling shareholders and corporate social responsibility in Korea under external financial constraints. Empirical results show that a negative relationship is observed only in firms with fewer external financial constraints, while it is weaker or disappears for firms with more financial constraints. We obtain similar results when we use the level of environmental management as a proxy for corporate social responsibility. These results confirm external financial constraints act as a monitoring mechanism and mitigate the agency problem of controlling shareholders.
ISSN
1226-9816
Language
English
URI
http://hdl.handle.net/10371/95350
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Seoul Journal of BusinessSeoul Journal of Business Volume 21, Number 1/2 (2015)
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