Impact of Controlling Shareholders on Corporate Social Responsibility under External Financial ConstraintsImpact of Controlling Shareholders on Corporate Social Responsibility under External Financial Constraints
- Other Titles
- Impact of Controlling Shareholders on Corporate Social Responsibility under External Financial Constraints
- Authors
- 변희섭; 이지혜; 박경서
- Issue Date
- 2015
- Publisher
- 서울대학교 경영연구소
- Keywords
- controlling shareholders; conflict of interest; corporate social responsibility; external financial constraints; Korea
- Citation
- Seoul Journal of Business, v.21, no.2, pp.1 - 44
- Indexed
- KCI
- Journal Title
- Seoul Journal of Business
- Volume
- 21
- Number
- 2
- Start Page
- 1
- End Page
- 44
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/95754
- DOI
- 10.35152/snusjb.2015.21.2.001
- ISSN
- 1226-9816
- 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 that external financial constraints act as a monitoring mechanism and mitigate the agency problem of controlling shareholders.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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