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Institutional blockholders and corporate social responsibility

Author

Listed:
  • Chune Young Chung

    (Chung-Ang University)

  • Sang Jun Cho

    (Chung-Ang University)

  • Doojin Ryu

    (Sungkyunkwan University)

  • Doowon Ryu

    (Korea University)

Abstract

By analyzing the Korean market characterized by chaebol firms, we provide evidence for the effectiveness of institutional blockholders’ monitoring of firms’ engagement in corporate social responsibility (CSR) activities. Lagged institutional blockholder ownership has a significantly positive effect on an investee firm’s current CSR index, suggesting that institutional blockholders actively engage with firms’ CSR activities to improve these firms’ long-term prosperity and performance, primarily because these blockholders cannot sell their large holdings without eroding the values of their investments. Domestic institutional blockholders have a greater effect on CSR than foreign institutional blockholders have, although the latter blockholders are becoming increasingly influential.

Suggested Citation

  • Chune Young Chung & Sang Jun Cho & Doojin Ryu & Doowon Ryu, 2019. "Institutional blockholders and corporate social responsibility," Asian Business & Management, Palgrave Macmillan, vol. 18(3), pages 143-186, July.
    • Handle: RePEc:pal:abaman:v:18:y:2019:i:3:d:10.1057_s41291-018-00056-w
    DOI: 10.1057/s41291-018-00056-w
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    More about this item

    Keywords

    Asian market; Corporate governance; Corporate social responsibility; Institutional blockholder; Institutional monitoring;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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