Mutual fund investment and corporate social responsibility: evidence from Korea
- Authors
- Lee, Kyung Yun (Kailey); Mo, Kyoungwon; Yang, Eunju
- Issue Date
- May-2023
- Publisher
- ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
- Keywords
- Mutual funds; corporate social responsibility; coporate governance; monitoring
- Citation
- APPLIED ECONOMICS LETTERS, v.30, no.8, pp 1082 - 1089
- Pages
- 8
- Journal Title
- APPLIED ECONOMICS LETTERS
- Volume
- 30
- Number
- 8
- Start Page
- 1082
- End Page
- 1089
- URI
- https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/55099
- DOI
- 10.1080/13504851.2022.2036676
- ISSN
- 1350-4851
1466-4291
- Abstract
- This paper examines the monitoring role of mutual funds by empirically testing whether mutual fund investment enhances firms' corporate social responsibility (CSR) performance. Using Korean public companies as a sample, we find that firms' CSR performance, measured by Korea Economic Justice Institute (KEJI) index scores, increases as they receive investments from mutual funds. Further analysis also shows that there exists a strong association between mutual fund investments and their contribution to society. We confirm that these results are robust to different specifications of research design and after controlling for chaebol affiliation.
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