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dc.contributor.author이정환-
dc.date.accessioned2019-07-18T06:16:54Z-
dc.date.available2019-07-18T06:16:54Z-
dc.date.issued2019-02-
dc.identifier.citationThe Journal of Asian Finance, Economics and Business, v. 6, NO 1, Page. 21-31en_US
dc.identifier.issn2288-4637-
dc.identifier.issn2288-4645-
dc.identifier.urihttp://jafeb.org/journal/article.php?code=65745-
dc.identifier.urihttp://repository.hanyang.ac.kr/handle/20.500.11754/107636-
dc.description.abstractThis paper examines how corporate social responsibility is related to the degree of asymmetric information in the Korean financial market. Recent theory argues that there is a negative relationship between a firm’s corporate social responsibility and its information asymmetry. To test this hypothesis, we use the environment, social and governance (ESG) score, published by the Korean Corporate Governance Service, to proxy a firm’s management practices toward socially responsible activities. In the entire sample of the Korean firms, we find contrasting results; the ESG score shows negative relationships with the price impact measure but statistically insignificant relationships with the dispersion of analyst forecasts. However, the ESG score shows negative relationships with both measures when we exclude chaebol affiliates from the sample. These findings are robust when we examine environmental, social and corporate governance scores separately. This set of results argues for the extant theory, expecting a negative relationship between a firm’s engagement in corporate social responsibility and asymmetric information. It further argues for the importance of firm characteristics in determining the influence of socially responsible activities.en_US
dc.language.isoenen_US
dc.publisherKorea Distribution Science Associationen_US
dc.subjectCorporate Governanceen_US
dc.subjectCorporate Social Responsibilityen_US
dc.subjectESG scoreen_US
dc.subjectInformation Asymmetryen_US
dc.titleCorporate social responsibility and information asymmetry in the Korean market: Implications of chaebol affiliatesen_US
dc.typeArticleen_US
dc.relation.no1-
dc.relation.volume6-
dc.identifier.doi10.13106/jafeb.2019.vol6.no1.21-
dc.relation.page21-31-
dc.relation.journalThe Journal of Asian Finance, Economics and Business-
dc.contributor.googleauthorYoon, Bohyun-
dc.contributor.googleauthorLee, Jeong-Hwan-
dc.relation.code2019045212-
dc.sector.campusS-
dc.sector.daehakCOLLEGE OF ECONOMICS AND FINANCE[S]-
dc.sector.departmentDIVISION OF ECONOMICS & FINANCE-
dc.identifier.pidjeonglee-
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COLLEGE OF ECONOMICS AND FINANCE[S](경제금융대학) > ECONOMICS & FINANCE(경제금융학부) > Articles
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