• Management & Information Systems Review
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• v.36 no.3
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• pp.255-268
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• 2017

This study examines whether firms with tax avoidance of Corporate Social Responsibility(CSR) performance is tempered by the extent firms engage in CEO turnovers. Considering the increasing interest in CSR activities of the firm to secure sustainable growth of national economy, this paper investigates the benefit and cost of CSR activities by combining the agency theory using the firm level data. Prior studies document that investors positively value tax avoidance. The rationale for this finding is that tax avoidance provides cash savings that can be used by firm managers to generate future shareholder wealth. Prior studies also show that investors' valuations are sensitive to the risk of future negative tax outcomes. Assuming that many types of CSR performances are low risk, low yielding uses of firm resources, we posit that higher levels of CSR performance may signal to investors that cash generated via tax avoidance has not been fully used to generate a return sufficient to offset the risk associated with aggressive tax planning strategies. Consistent with this argument, we predict and find that the positive association between CSR performance and tax avoidance is significantly weakened when firms have higher positive levels of CEO turnovers. Further, we predict and find that 'philanthropic' types of CSR activities in particular are associated with investor discounting of tax avoidance. We interpret our results as suggesting the equity market views CSR activities to be ostensibly funded through cash savings generated via tax avoidance.

• Management & Information Systems Review
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• v.31 no.4
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• pp.491-516
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• 2012

The KPI of the four perspectives in BSC need to modify because of the change of management environment. In particular, the KPI of the financial perspective needs to modify necessarily. The KPI of financial perspective has been consisted of short-term measures: net profit current year, operating profit, ROE, ROIC, and EVA. But this financial indicators cannot afford to represent essential corporate sustainability management in the change of management environment. So this study suggests CSV(Creating Shared Value) as an additional KPI of financial perspective. And this study investigates whether CSV represents business performance as the additional KPI in BSC adoption firms. To verify a hypothesis, the sample includes listed firms announcing CSR index publicly between 2005 and 2010. The results of this study are summarized as follows. The high CSV firms is higher on the value relevance of firm in comparison with low CSV firms. Moreover, The firm value of BSC adoption firms is lower than otherwise, but it is insignificant. Limitation of Our study is that we have no choice but to use dummy variable. Because it is a material question as CSV measurement. Nevertheless, contribution of our study is to suggest new KPI of BSC perspective to meet management environment.

• Journal of Microbiology and Biotechnology
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• v.28 no.12
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• pp.2095-2105
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• 2018

In our previous studies, we have identified several in vivo-induced antigens and evaluated their potential as subunit vaccine candidates in a murine model, in which the recombinant protein GalT showed the most potent immunogenicity and immunoprotective efficacy against Actinobacillus pleuropneumoniae. To exploit a more efficient way of delivering GalT proteins, in this study, we employed the widely studied E. coli outer membrane vesicles (OMVs) as a platform to deliver GalT protein and performed the vaccine trial using the recombinant GalT-OMVs in the murine model. Results revealed that GalT-OMVs could elicit a highly-specific, IgG antibody titer that was comparable with the adjuvant GalT group. Significantly higher lymphocyte proliferation and cytokines secretion levels were observed in the GalT-OMVs group. 87.5% and 50% of mice were protected from a lethal dose challenge using A. pleuropneumoniae in active or passive immunization, respectively. Histopathologic and immunohistochemical analyses showed remarkably reduced pathological changes and infiltration of neutrophils in the lungs of mice immunized with GalT-OMVs after the challenge. Taken together, these findings confirm that OMVs can be used as a platform to deliver GalT protein and enhance its immunogenicity to induce both humoral and cellular immune responses in mice.