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The Effect of Owner-risk on Corporate Social Responsibility and Market Response: using Big Data
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오너리스크와 사회적책임활동(CSR) 및 시장반응연구: 빅데이터(Big data)활용

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Type
Academic journal
Author
Sun-A Kang (충남대학교) Sang-Min Cho (한남대학교)
Journal
management & economic research institute Journal of Management and Economics Vol.43 No.2 KCI Accredited Journals
Published
2021.5
Pages
53 - 71 (19page)

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Result
The Effect of Owner-risk on Corporate Social Responsibility and Market Response: using Big Data
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Abstract· Keywords

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This study examines the relationship among owner-risk, corporate social responsibility (CSR) and capital costs. It is an empirical analysis on whether CSR activities play a role as a back door mechanism at a time when companies that have recently become an owner-risk issue are actively engaged in CSR activities such as donations as a way to calm social public anger. Specifically, it provides evidence of whether companies with increased owner risks increase CSR activity after the fact and whether this affects the cost of capital.
For analysis, companies listed on the Korea Exchange"s securities from 2013 to 2019 are employed and we estimate proxy variable of owner-risk through big data approach. We use KEJI index as a proxy of CSR and examine them using Hechman’s two-stage model(1979).
The analysis found that companies with increased owner risk increased CSR activity after the fact. And as a result, the change of capital cost in the market was found to decrease. These results indicate that the company is using CSR afterwards as a way of risk management, which in turn reduces the cost of capital.
This study is meaningful in that it expands the field of owner-risk related research, which has lacked empirical evidence due to the difficulty of quantification, and that companies are using CSR activities as a back-door mechanism for insurance like protection or wealth preservation.
#오너리스크 #기업의 사회적책임(CSR) #자본조달비용 #시장반응 #Owner risk #Corporate social responsibility #WACC #Capital costs

Contents

요약
Ⅰ. 서론
Ⅱ. 선행연구검토와 가설설정
Ⅲ. 연구모형 및 표본선정
Ⅳ. 실증분석결과
Ⅴ. 결론
참고문헌
Abstract

References (34)

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김대원 / 2015 / 재벌의 부정적 이슈에 대한 공중(公衆)의 정당성평가와 부정적 정서: 정당성 훼손 사례와 유관한 트윗 내용 분석 / 사이버커뮤니케이션학보 32(3):5~47 dbpia 김선화 / 2018 / CSR활동이 경영위험과 정보비대칭에 미치는 영향과 채권자의 차별적 인지 : 대기업과 중소기업의 비교 / 회계ㆍ세무와 감사 연구 60(3):237~274 Crossref 김영신 / 2011 / 글로벌 시대 윤리경영과 기업의 사회적 책임에 관한 연구 / 윤리교육연구 (26):221~240 dbpia 김태웅 / 2017 / 경영학원론 / 신영사 google schola Tae-Ho Kim / 2018 / A Study on the Strategies for the Ownership Risk Management of Restaurant Franchise Companies Using Opinion Mining and Situational Crisis Communication Theory(SCCT) / Journal of Tourism Sciences 42(8):129~146 Crossref

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