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http://dx.doi.org/10.5392/JKCA.2020.20.03.073

The Effects of National Pension's Ownership on Corporate Philanthropic Giving  

Park, Chul-Hyung (아주대학교 글로벌경영학과)
Cho, Young-Gon (상명대학교 글로벌경영학과)
Publication Information
The Journal of the Korea Contents Association / v.20, no.3, 2020 , pp. 73-80 More about this Journal
Abstract
Using 8,499 observations from 5 years-1,878 firms panel data during 2014 to 2018 in Korean stock exchanges, this study examines the impact of National Pension's ownership on corporate philanthropic giving. The empirical study finds that National Pension's ownership has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset and total sales, implying that National Pension plays a monitoring role in promoting target firms to increase the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values. The empirical study also finds that when National Pension is a blockholder holding more than 5% ownership in the target firms, it has positive relations with the extent of corporate philanthropic giving in terms of the amounts per employee, the expenditures with respect to total asset, implying that it exercises disciplinary roles on focal firms in promoting the extent of corporate philanthropic giving in order to increase target firms' long-term values. The results overall support that National Pension plays positive effects on target firms in promoting the extent of corporate philanthropic giving, which lead to increase in target firms' long-term values.
Keywords
National Pension; Corporate Philanthropic Giving; Corporate Social Responsibility; Blockholders;
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