The Effect of Corporate Social Responsibility and Board Gender Diversity on Bankruptcy: Evidence from Korea

IF 1.2 Q4 MANAGEMENT Asian Academy of Management Journal Pub Date : 2021-12-01 DOI:10.21315/aamj2021.26.2.3
Hyun-Jung Nam, Yohan An
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引用次数: 3

Abstract

This study investigates whether corporate social responsibility (CSR) activities and board gender diversity affect bankruptcy. The core issue focuses on the moderating effect between CSR activities and board gender diversity on bankruptcy. Using 4,654 firmyear observations from a sample of 581 non-financial firms listed on the Korean Stock Exchange over the period 2009–2017, we employ the fixed effect estimation and two-way fixed effect estimation of panel analysis to control endogenous. We find firms engaging more in CSR activities reduce the level of bankruptcy, but board gender diversity does not reduce the level of bankruptcy due to tiny portion of female director in the boardroom. The moderating effect on the relationship between CSR activities and board gender diversity reduce the level of bankruptcy. This result indicates that the influence of female directors on the boards of Korean listed firms is not yet strong but board gender diversity with good CSR activities positively operate to reduce the level of bankruptcy.
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企业社会责任和董事会性别差异对破产的影响——来自韩国的证据
本研究探讨企业社会责任(CSR)活动和董事会性别多样性是否影响破产。核心问题是企业社会责任活动和董事会性别多样性对企业破产的调节作用。利用2009-2017年在韩国证券交易所上市的581家非金融公司样本的4654个公司年观察结果,我们采用面板分析的固定效应估计和双向固定效应估计来控制内生效应。我们发现参与企业社会责任活动较多的公司降低了破产水平,但董事会性别多样性并没有降低破产水平,因为董事会中女性董事的比例很小。企业社会责任活动与董事会性别多样性之间的调节效应降低了企业破产水平。这一结果表明,女性董事对韩国上市公司董事会的影响力尚不强,但良好的企业社会责任活动的董事会性别多样性对降低破产水平起着积极的作用。
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来源期刊
CiteScore
1.70
自引率
0.00%
发文量
11
审稿时长
20 weeks
期刊介绍: The Asian Academy of Management Journal (AAMJ) is a refereed journal that is jointly published by the Asian Academy of Management (AAM) and Penerbit Universiti Sains Malaysia (http://www.penerbit.usm.my). The journal endeavors to provide forums for academicians and practitioners who are interested in the discussion of current and future issues and challenges impacting the Asian Management as well as promoting and disseminating relevant, high quality research in the field of management. The journal has an established and long history of publishing quality research findings from researchers not only in the Asian region but also globally.
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