Earticle

초록

영어

This study investigates whether corporate social responsibility (CSR) alone is enough to alleviate the problem of inefficient investment, or certain moderating or mediating factor loadings are required. The moderation effect of national culture and the mediation effect of information asymmetry and agency cost are analyzed. This study considered firms registered on the Shanghai Exchange (China), Korean Exchange (South Korea), and Tokyo Exchange (Japan) for the period 2012 to 2016. The findings of the study are as follows. First, higher levels of CSR engagement have a positive role in alleviating investment inefficiency. Second, national culture plays a moderating and influencing role in the relationship between CSR and investment inefficiency for the entire sample. However, in the context of China, national culture did not play any role in moderating the relationship between CSR and investment inefficiency (weak culture). Korean national culture displays a partially moderating role, in removing inefficient investment through CSR (partially strong culture). Japan emerged as having the strongest national culture because of the strong moderating role its national culture plays in the relationship between CSR and investment inefficiency. Third, information asymmetry has a mediating role between CSR and inefficient investment in terms of solving the problem of underinvestment for the entire sample as well as the samples for each country. Fourth, agency cost plays a mediating role between CSR engagement and inefficient investment by overcoming the problem of overinvestment for the entire sample as well as the samples for each country. It is concluded that CSR engagement alone is not sufficient for alleviating inefficient investment. However, the relationship between CSR and inefficient investment can be explained through the moderating effect of national culture and the mediating effect of information asymmetry and agency cost.

목차

Abstract
1. Introduction
2. Literature Review and Hypothesis Development
3. Sample and Methodology
4. Empirical Results
4.1 Descriptive Statistics and Correlation Analysis
4.2 Regression Analysis and Results
5. Conclusion
References

키워드

저자

• Abrar Maira [ Konkuk Business School ]
• Kook-Hyun Chang [ Konkuk Business School ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330