Does corporate ownership enforce sustainable development? An empirical study on Korean companies.

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2021-12-10 DOI:10.21315/aamjaf2021.17.2.9

Youngsoo Ra

引用次数: 3

Abstract

This study examined Korean companies on whether ownership affects corporate social responsibility performance (CSP) to influence on the corporate financial performance (CFP). According to the results, ownership has causational relationship with financial performance of firms varies upon proxy of CFP. Ownership and CFP demonstrates reverse-U type with ROA but U-type with market to book ratio (MB ratio). Second, ownership and CSP does not prove to have any causality. Partly, ownership shows negative effects on corporate governance. Finally, CSP does not affect profit (ROA) but improve the market value. For the moment, CSP is not an active factor to find out that high proportion of the companies in the sample during the research period were credited low CSP. Most of the companies with high credits on CSP are efficient and stable profit earning companies which leave room to consider the slack-resource theory.

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公司所有权是否能促进可持续发展?对韩国企业的实证研究。

本研究考察了韩国企业所有权是否影响企业社会责任绩效（CSP），进而影响企业财务绩效（CFP）。结果表明，所有权与企业财务绩效之间存在因果关系，企业财务绩效随CFP的变化而变化。所有权和CFP与ROA呈倒U型，但与市场账面比率（MB比率）呈U型。其次，所有权和CSP没有任何因果关系。所有权在一定程度上对公司治理产生了负面影响。最后，CSP不影响利润（ROA），但提高了市场价值。目前，CSP并不是发现研究期间样本中高比例公司被认为是低CSP的积极因素。在CSP上拥有高信用的公司大多是高效稳定的盈利公司，这给松弛资源理论留下了思考的空间。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets