Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market

Choi, Daeheon; Choi, Paul Moon Sub; Choi, Joung Hwa; Chung, Chune Young

doi:10.3390/su12041680

Cited by 13 publications

(17 citation statements)

References 66 publications

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“…Thus, H2 is supported. Our results contradict those of Barnea and Dam (2010); Scholtens (2012); and Choi et al (2020) who did not find significant empirical evidence to relate the power of institutional investors with CSR. However, our findings are in line with the results reported by several previous studies (Soliman et al , 2013; Choi et al , 2020; Kim et al , 2018; Oh et al , 2011; Aguila et al , 2006; Elgergeni et al , 2018; Zaid et al , 2020; Chabachib et al , 2020; Chen et al , 2019) which support the positive relationship between institutional holdings and CSR engagement.…”

Section: Resultscontrasting

confidence: 99%

“…Our results contradict those of Barnea and Dam (2010); Scholtens (2012); and Choi et al (2020) who did not find significant empirical evidence to relate the power of institutional investors with CSR. However, our findings are in line with the results reported by several previous studies (Soliman et al , 2013; Choi et al , 2020; Kim et al , 2018; Oh et al , 2011; Aguila et al , 2006; Elgergeni et al , 2018; Zaid et al , 2020; Chabachib et al , 2020; Chen et al , 2019) which support the positive relationship between institutional holdings and CSR engagement. They suggested that given the growing evidence of positive links between the long-term health of firms and their social behavior, institutional investors have an incentive to take the social responsibility of companies into account as they look for long-term cash flows.…”

Section: Resultscontrasting

confidence: 99%

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The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

Dakhli

2021

SBR

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Purpose The purpose of this paper is to investigate the relationship between ownership structure and corporate social responsibility (CSR). Specifically, this paper examines the impact of financial performance on the relationship between ownership structure and CSR. Design/methodology/approach This study uses panel data set of 200 French firms listed during 2007–2018 period. The direct and moderating effects were tested by using multiple regression technique. Findings The results indicate that investors have different attitudes toward CSR engagement. While institutional ownership affects positively CSR engagement, managerial ownership shows a negative effect. Findings also show that financial performance accentuates these effects. Research limitations/implications The findings have practical implications that may be useful to regulators and managers interested in enhancing CSR. For regulators, the results advise policymakers to restrict managerial ownership and promote institutional investments to improve CSR. For managers, the results suggest developing more sophisticated intervention mechanisms to deal with conflicting voices that could result from different owners’ attitudes toward CSR. As an extension to this research, further study can examine the impact of audit quality on CSR. Originality/value This study proposes the establishment of dynamic links between ownership structure and CSR around firm financial performance. In addition, it investigates not only the overall CSR ratings but also each of CSR pillars, namely, environmental, social and governance.

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Section: Resultscontrasting

confidence: 99%

Section: Resultscontrasting

confidence: 99%

The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

Dakhli

2021

SBR

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“…These examples include the growth of the Indian stock market [60], successful financing of clean energy infrastructure, entrepreneurial development, poverty reduction [56] increasing undertaking of corporate social [62], and improving firm performance [75]. There is also other evidence suggesting the positive correlation between institutional investors and social development, such as improvement of corporate governance quality [63], achieving sustainable development goals [64] and mitigating climate risks [76].…”

Section: Moderation: Role Of Government In Open Approachmentioning

confidence: 99%

Open Innovation of Institutional Investors and Higher Education System in Creating Open Approach for SDG-4 Quality Education: A Conceptual Review

Khan

Johl

Akhtar

et al. 2022

Journal of Open Innovation: Technology, Market, and Complexity

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The introduction of sustainable development goals has made sustainability a top priority for most nations. This has raised the investment into the educational system for potential growth and for creating an innovation culture in any country; the role of institutional investors in the development of financing clean energy infrastructure, entrepreneurial development, poverty reduction, and driving corporate social responsibility and firm development has been found significant. An intensive literature search of Scopus and the web of science database was explored with different relevant sets of keywords “Institutional investors AND Education”, “Institutional investors” AND “Higher education”, which drew 29 final articles between 2010–2021. This scoping review draws a new open approach for creating alternative sustainable funding for the higher education system and investment opportunities for institutional investors with government intervention. This research becomes the first that shows the road map to the higher education system in creating alternative funding through the proposed Institutional Investor & Sustainable University Funding Governance Code, which will make the higher education system independent and ease the burden on the government, as well as create a huge market opportunity for both players. This research model will scope the collaborative approach towards sustainable development goal 4—Quality education.

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“…However, the organizational structures and management mechanisms of privatized state-owned enterprises are yet to deviate from a centralized system because privatized state-owned enterprises have long been subsidized by the government. This situation results in poor management of state-owned enterprises [71] and in managers' opportunistic behavior through earnings management.…”

Section: Hypothesis Setting On the State-owned Stake And Earnings Manmentioning

confidence: 99%

Sustainable Corporate Ownership Structures and Earnings Management in the Vietnamese Stock Market

et al. 2020

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We conducted an empirical analysis to verify the relationship between companies’ ownership structures and earnings management. Our sample included 480 nonfinancial companies listed on Vietnam’s Ho Chi Minh Stock Exchange and Hanoi Stock Exchange from 2012 to 2017, and our explanatory variables included several ratios, such as the controlling shareholders’ stake, management ownership stake, state-owned stake, and foreign ownership stake, which represent different ownership structures. We examined the effects of these ratios on earnings management. Our results suggested that earnings management has a significant linear relationship with the state-owned and foreign ownership stakes. Our results can enhance the understanding of the role of companies’ sustainable ownership structures in limiting earnings management, and they can contribute to future studies of the relationship between earnings management and corporate social responsibility and sustainability reporting assurance practices that focus on corporate ownership structures.

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Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market

Cited by 13 publications

References 66 publications

The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

Open Innovation of Institutional Investors and Higher Education System in Creating Open Approach for SDG-4 Quality Education: A Conceptual Review

Sustainable Corporate Ownership Structures and Earnings Management in the Vietnamese Stock Market

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