LOG IN창 닫기

  • 회원님의 아이디와 패스워드를 입력해 주세요.
  • 회원이 아니시면 아래 [회원가입]을 눌러 회원가입을 해주시기 바랍니다.

아이디 저장

   

아이디 중복검사창 닫기

HONGGIDONG
사용 가능한 회원 아이디 입니다.

E-mail 중복확인창 닫기

honggildong@naver.com
사용 가능한 E-mail 주소 입니다.

우편번호 검색창 닫기

검색

SEARCH창 닫기

비밀번호 찾기

아이디

성명

E-mail

학술자료 검색

Can CSR Alone Sufficiently Alleviate Investment Inefficiency? An Evidence from China, Korea and Japan

  • Abrar Maira Ph.D. Candidate, Konkuk Business School
  • Kook-Hyun Chang Professor, Konkuk Business School
This study investigates whether corporate social responsibility (CSR) alone sufficiently alleviates the problem of inefficient investment or not? This study considers firms registered on the Shanghai Exchange (China), Korean Exchange (South Korea)and Tokyo Exchange (Japan) for the period 2012 to 2016. Key findings are as follows. First, higher levels of CSR engagement have a positive role in alleviating investment inefficiency. Second, national culture plays a moderating role in the relationship between CSR and investment inefficiency for the entire sample. However, for China, national culture did not play any moderating role (weak culture). Korean national culture displays a partially moderating role (partially strong culture). Japan emerged as the strongest national culture because of the strong moderating role of its national culture. Third, information asymmetry has a mediating role between CSR and inefficient investment by solving the problem of underinvestment. Fourth, agency cost plays a mediating role between CSR engagement and inefficient investment by overcoming the problem of overinvestment. It concludes that CSR engagement alone is not sufficient for alleviating inefficient investment. However, the relationship between CSR and inefficient investment is explained more effectively, through the moderating effect of national culture and the mediating effect of information asymmetry and agency cost.

  • Abrar Maira
  • Kook-Hyun Chang
This study investigates whether corporate social responsibility (CSR) alone sufficiently alleviates the problem of inefficient investment or not? This study considers firms registered on the Shanghai Exchange (China), Korean Exchange (South Korea)and Tokyo Exchange (Japan) for the period 2012 to 2016. Key findings are as follows. First, higher levels of CSR engagement have a positive role in alleviating investment inefficiency. Second, national culture plays a moderating role in the relationship between CSR and investment inefficiency for the entire sample. However, for China, national culture did not play any moderating role (weak culture). Korean national culture displays a partially moderating role (partially strong culture). Japan emerged as the strongest national culture because of the strong moderating role of its national culture. Third, information asymmetry has a mediating role between CSR and inefficient investment by solving the problem of underinvestment. Fourth, agency cost plays a mediating role between CSR engagement and inefficient investment by overcoming the problem of overinvestment. It concludes that CSR engagement alone is not sufficient for alleviating inefficient investment. However, the relationship between CSR and inefficient investment is explained more effectively, through the moderating effect of national culture and the mediating effect of information asymmetry and agency cost.
CSR; Inefficient Investment; Moderation Effect; National Culture; Mediation Effect