Corporate social responsibility and financial constraints: Evidence from Korean firms
- Authors
- Choi, S.B.; Kawk, Y.M.
- Issue Date
- 2015
- Publisher
- People and Global Business Association
- Keywords
- Corporate financial constraints; Corporate social responsibility; Korea; KZ index
- Citation
- Global Business and Finance Review, v.20, no.2, pp.15 - 26
- Indexed
- SCOPUS
- Journal Title
- Global Business and Finance Review
- Volume
- 20
- Number
- 2
- Start Page
- 15
- End Page
- 26
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/95945
- DOI
- 10.17549/gbfr.2015.20.2.15
- ISSN
- 1088-6931
- Abstract
- This paper examines the relationship between corporate social responsibility (CSR) and corporate financial constraints by using a sample 1,584 firm-years of Korea during 2002-2011. We measure corporate social responsibility by both an equal-weighted CSR index and a stakeholder-weighted CSR index suggested by Akpinar et al.(2008) and Choi et al.(2010). Corporate financial constraints are measured by KZ index suggested by Kaplan and Zingales(1997). We find a negative and significant relationship between corporate financial constraints and the stakeholder-weighted CSR index, but not the equal-weighted CSR index. This finding implies that only CSR strategies with which stakeholders are prioritized can provide a positive impact upon the firm's ability to access finance in capital market. © 2015 Global Business and Finance Association.
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