Keywords: Business Group, Succession, CSR, Agency Problems, Reputation, Visibility
JEL classification: G30, G32
학회소식
[2022년 5차 CAFM2022]Corporate social responsibility in family succession: Evidence from Korean business groups
작성자 : 관리자
조회수 : 298
게시일 :
2022-12-20
We investigate whether and how Korean chaebols (business groups) exploit corporate social responsibility (CSR) in family succession. We find that chaebolsthat experienced succession during our sample period (2011-2020) engage in CSR activities significantly more than chaebols that did not experience succession, especially after, but not before, family succession. This pattern is more pronounced when only a small share of ownership is transmitted before succession, or when the successor is young or less experienced. This result suggests that chaebol firms opportunistically use CSR activities to ease the transition process for their successors. In addition, CSR performance and firm value are positively associated in general but are negatively associated following family succession, suggesting overinvestment in CSR to smooth succession.
첨부파일
