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  • The sensitivity of corporate social performance to corporate financial performance: A "time-based" agency theory perspective

    Author(s)
    Park, Bum-Jin
    Lee, Ki-Hoon
    Griffith University Author(s)
    Lee, Ki-Hoon
    Year published
    2020
    Metadata
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    Abstract
    This study focuses on micro-level phenomena and time issues that have been traditionally neglected in both corporate governance and corporate social responsibility research. Drawing on agency theory concerning time-based managerial incentives (i.e. short term and long term), we investigate which managerial incentives for compensation drive the sensitivity of corporate social performance (CSP) to corporate financial performance (CFP). Using data for publicly listed Korean firms, we found a significant and positive relationship between CSP and CFP, with this relationship strengthened in firms with high managerial ownership but ...
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    This study focuses on micro-level phenomena and time issues that have been traditionally neglected in both corporate governance and corporate social responsibility research. Drawing on agency theory concerning time-based managerial incentives (i.e. short term and long term), we investigate which managerial incentives for compensation drive the sensitivity of corporate social performance (CSP) to corporate financial performance (CFP). Using data for publicly listed Korean firms, we found a significant and positive relationship between CSP and CFP, with this relationship strengthened in firms with high managerial ownership but insignificant in those with high earnings-based compensation. Furthermore, we found that the interaction effects of CSP and high earnings-based compensation on CFP become positive in firms with high managerial ownership, indicating that the sensitivity between CSP and CFP is driven by long-term managerial incentives. JEL Classification: M12, M14, G35.
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    Journal Title
    Australian Journal of Management
    DOI
    https://doi.org/10.1177/0312896220917192
    Note
    This publication has been entered in Griffith Research Online as an advanced online version.
    Subject
    Commerce, Management, Tourism and Services
    Social Sciences
    Business & Economics
    Agency theory
    Publication URI
    http://hdl.handle.net/10072/397924
    Collection
    • Journal articles

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