Title Page
ABSTRACT
국문 초록
PREFACE
Contents
CHAPTER 1. The Value of Corporate Social Responsibility during the COVID-19 Pandemic: Evidence from Korea 19
Abstract 19
1.1. Introduction 20
1.2. Research design and Sample 26
1.2.1. The COVID-19 pandemic 26
1.2.2. Sample and Data 28
1.2.3. Variables 29
1.2.4. Summary statistics 30
1.3. Empirical results 32
1.3.1. Univariate analysis 32
1.3.2. Stock returns and CSR 34
1.3.3. Difference-in-differences regression 36
1.3.4. Comparison Between E effects and S effects 38
1.3.5. Volatility and CSR 40
1.4. Additional tests 42
1.4.1. ESG effects and G effects 42
1.4.2. Pre-COVID-19 and post-COVID-19 periods 44
1.5. Conclusion 45
References 47
Appendices 72
Appendix A.1. Variable definitions and measures 72
Appendix B.1. Industry distribution 74
CHAPTER 2. The Value of Corporate Social Responsibility: Evidence from the Humidifier Disinfectant Scandal in Korea 75
Abstract 75
2.1. Introduction 76
2.2. Humidifier disinfectant scandal 79
2.3. Data and descriptive statistics 80
2.4. Empirical results 82
2.4.1. Market valuation of CSR 82
2.4.2. Regression estimates 83
2.4.3. Components of CSR 86
2.5. Additional tests 87
2.5.1. The Volkswagen scandal 87
2.5.2. Placebo tests 88
2.5.3. Industries more closely related to the scandal 88
2.6. Conclusion 89
References 91
CHAPTER 3. Agency Conflicts, Ownership Structure, and Corporate Social Responsibility 103
Abstract 103
3.1. Introduction 104
3.2. Hypothesis development 113
3.3. Data and measurement 115
3.3.1. Sample 115
3.3.2. Control-ownership disparity measurement 117
3.3.3. Other variables 119
3.3.4. Summary statistics 120
3.4. Empirical results 121
3.4.1. Control-ownership disparity 121
3.4.2. Voting rights and cash-flow rights 123
3.4.3. Mergers between affiliated firms 124
3.4.4. Pyramid layer and position 128
3.4.5. Family generations 130
3.4.6. ES Score and control-ownership disparity in recent trends 132
3.5. Conclusion 135
References 137
Appendices 156
Appendix A.3. Variable definitions 156
Appendix B.3. Industry Distribution 158
Table 1.1. Sample Distribution 51
Table 1.2. Descriptive Statistics 52
Table 1.3. Cumulative Abnormal Returns (CARs) and Stock Return Volatilities 54
Table 1.4. Cumulative abnormal returns (CARs) and CSR: Univariate estimates 55
Table 1.5. Cumulative abnormal returns (CARs) and CSR 56
Table 1.6. Difference-in-differences regressions for daily abnormal returns: CSR 58
Table 1.7. Difference-in-differences regressions for daily abnormal returns: sub-component 59
Table 1.8. Panel regressions for daily abnormal returns: CSR Score 60
Table 1.9. Stock Return Volatility and CSR: Univariate estimates 61
Table 1.10. Stock Return Volatility and CSR 62
Table 1.11. Cumulative abnormal returns (CARs) and G 64
Table 1.12. Panel regressions for daily abnormal returns: G 66
Table 1.13. Stock Return Volatility and G 67
Table 1.14. Regression estimates in the pre-COVID-19 period 68
Table 1.15. Regression estimates in the post-COVID-19 period 70
Table 2.1. Important Events of the Humidifier Disinfectant Scandal 94
Table 2.2. Variable definitions 95
Table 2.3. Descriptive Statistics 96
Table 2.4. Cumulative Abnormal Returns during the Humidifier Disinfectant Scandal 97
Table 2.5. Regression Estimates of Cumulative Abnormal Returns (CARs) on Corporate Social Responsibility 98
Table 2.6. Regression Estimates of Cumulative Abnormal Returns (CARs) on Corporate Social Responsibility (CSR) Components 100
Table 2.7. Regression Estimates of Cumulative Abnormal Returns during the Volkswagen Scandal 101
Table 3.1. Descriptive Statistics 145
Table 3.2. Regression Estimates of ES Score on Control-Ownership Disparity 146
Table 3.3. Regression Estimates of ES Score on Voting and Cash-flow Rights 147
Table 3.4. Regression Estimates of ES Score Changes on Control-Ownership Disparity Changes 148
Table 3.5. Regression Estimates of ES Score Changes on Control-Ownership Disparity Changes: sub-sample analyses 150
Table 3.6. Regression Estimates of ES Score on Pyramid Layer and Position 152
Table 3.7. Sample Distribution by Controlling Family Generation 153
Table 3.8. Regression Estimates of ES Score on Controlling Family Generations 154
Table 3.9. Regression Estimates of ES Score on Control-Ownership Disparity: Recent Trends 155
Figure 1.1. Korea Composite Stock Price Index 50
Figure 2.1. Google Trend Scores for the Humidifier Disinfectant scandal 92
Figure 2.2. Cumulative Abnormal Returns (CARs) from January to June 2016 93
Figure 3.1. Domestic Pension Funds: ESG Investment Trend 142
Figure 3.2. Google Trend Scores for ESG 143
Figure 3.3. Ownership Structure of a Simple Group 144