학술논문
Corporate Social Responsibility and Information Asymmetry in the Korean Market
이용수 21
- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Bohyun Yoon Jeong-Hwan Lee
- 간행물 정보
- 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 6 No.1, 21~31쪽, 전체 11쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2019.01.31
무료
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국문 초록
영문 초록
This paper examines how corporate social responsibility is related to the degree of asymmetric information in the Korean financial market. Recent theory argues that there is a negative relationship between a firm’s corporate social responsibility and its information asymmetry. To test this hypothesis, we use the environment, social and governance (ESG) score, published by the Korean Corporate Governance Service, to proxy a firm’s management practices toward socially responsible activities. In the entire sample of the Korean firms, we find contrasting results; the ESG score shows negative relationships with the price impact measure but statistically insignificant relationships with the dispersion of analyst forecasts. However, the ESG score shows negative relationships with both measures when we exclude chaebol affiliates from the sample. These findings are robust when we examine environmental, social and corporate governance scores separately. This set of results argues for the extant theory, expecting a negative relationship between a firm’s engagement in corporate social responsibility and asymmetric information. It further argues for the importance of firm characteristics in determining the influence of socially responsible activities.
목차
1. Introduction
2. Related Literature
3. Data and Empirical Method
4. Main Results
5. Concluding Remarks
References
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