We empirically investigate whether corporate social responsibility (CSR) INTRODUCTIONhis paper examines whether corporate social responsibility (CSR) is really profitable in Korea. Specifically, we investigate whether the relationship between CSR and corporate financial performance (CFP) is affected by potential measurement problem of CSR scores measured by KEJI (Korea Economic Justice Institute) index in Korea setting. During the last four decades, stakeholders such as customers, employees, suppliers, and community groups have been asking firms to undertake CSR activities (McWilliams & Siegel, 2000). Some firms have proactively made an effort to meet these demands by investing more resources to CSR activities. Other firms have resisted insisting that investments on CSR activities do not benefit them to accomplish their goal to maximize profits.Reflecting these concerns in the business, researchers have primarily explored whether the relationship between CSR and CFP exists. However, they have not reached agreement on the definite relationship between two variables in international setting (Cochran & Wood, 1984;Akpinar et al., 2008;Hull & Rothenberg, 2008;Aguinis & Glavas, 2012) as well as Korea setting (J.-S. Choi et al., 2010;Heo & Chung, 2010;Jang & Choi, 2010;Na & Hong, 2011). Despite the inconsistent results, in Korea setting, the majority of studies to date report the positive relationship between CSR and CFP. Copyright by author(s); CC-BY 2168The Clute Institute Does CSR really contribute to enhancing firm value or increasing operating income in Korea setting? Is there no measurement problem in CSR score? If it exists, does the positive relationship maintain when adjusted CSR score is used? Waddock and Graves (1997) suggest CSR measurement problem is related to mixed results on the relationship between CSR and CFP. In Korea setting, prior studies have been widely employing KEJI CSR score to measure the level of a firm's CSR activities (e.g. Black et al., 2006;J.-S. Choi et al., 2010;Heo & Chung, 2010;Oh et al., 2011;B. B. Choi et al., 2013;H. Choi & Moon, 2013).We suspect that prior studies that report positive relationship between CSR and CFP using KEJI index is biased upward due to potential measurement problem of KEJI index that includes operating performance component. Then, our research question is "Does KEJI index have the measurement problem to proxy for the level of CSR activities in explaining the CSR-CFP relation? If yes, does the measurement problem significantly affect the positive relationship between CSR and CFP reported in prior studies? Given the strong impact of CSR score on CFP, it is meaningful to assess the measurement problem of KEJI CSR score. However, little study to date has addressed the KEJI index measurement problem in Korea setting. Moreover, C. H. Kim et al. (2013Kim et al. ( , p. 2588) point out that Korean firms' CSR activities tend to be a short term version with public relations focus because CSR in Korea is driven by government and societal regulative and norma...

We propose two measures of performance for a confidence interval for a binomial proportion p: the root mean squared error and the mean absolute deviation. We also devise a confidence interval for p based on the actual coverage function that combines several existing approximate confidence intervals. This "Ensemble" confidence interval has improved statistical properties over the constituent confidence intervals. Software in an R package, which can be used in devising and assessing these confidence intervals, is available on CRAN.

Most malignant tumors originate from epithelial tissues in which tight junctions mediate cell–cell interactions. Tight junction proteins, especially claudin-3 (CLDN3), are overexpressed in various cancers. Claudin-3 is exposed externally during tumorigenesis making it a potential biomarker and therapeutic target. However, the development of antibodies against specific CLDN proteins is difficult, because CLDNs are four-transmembrane domain proteins with high homology among CLDN family members and species. Here, we developed a human IgG1 monoclonal antibody (h4G3) against CLDN3 through scFv phage display using CLDN3-overexpressing stable cells and CLDN3-embedded lipoparticles as antigens. The h4G3 recognized the native conformation of human and mouse CLDN3 without cross-reactivity to other CLDNs. The binding kinetics of h4G3 demonstrated a sub-nanomolar affinity for CLDN3 expressed on the cell surface. The h4G3 showed antibody-dependent cellular cytotoxicity (ADCC) according to CLDN3 expression levels in various cancer cells by the activation of FcγRIIIa (CD16a). The biodistribution of h4G3 was analyzed by intravenous injection of fluorescence-conjugated h4G3 which showed that it localized to the tumor site in xenograft mice bearing CLDN3-expressing tumors. These results indicate that h4G3 recognizes CLDN3 specifically, suggesting its value for cancer diagnosis, antibody-drug conjugates, and potentially as a chimeric antigen receptor (CAR) for CLDN3-expressing pan-carcinoma.

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