Institutional blockholders and corporate social responsibility
Chune Young Chung,
Sang Jun Cho,
Doojin Ryu () and
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Chune Young Chung: Chung-Ang University
Sang Jun Cho: Chung-Ang University
Doojin Ryu: Sungkyunkwan University
Doowon Ryu: Korea University
Asian Business & Management, 2019, vol. 18, issue 3, No 1, 143-186
Abstract By analyzing the Korean market characterized by chaebol firms, we provide evidence for the effectiveness of institutional blockholders’ monitoring of firms’ engagement in corporate social responsibility (CSR) activities. Lagged institutional blockholder ownership has a significantly positive effect on an investee firm’s current CSR index, suggesting that institutional blockholders actively engage with firms’ CSR activities to improve these firms’ long-term prosperity and performance, primarily because these blockholders cannot sell their large holdings without eroding the values of their investments. Domestic institutional blockholders have a greater effect on CSR than foreign institutional blockholders have, although the latter blockholders are becoming increasingly influential.
Keywords: Asian market; Corporate governance; Corporate social responsibility; Institutional blockholder; Institutional monitoring (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
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