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Business groups and tunneling : Evidence from corporate charitable contributions by Korean companies

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  • Business groups and tunneling
  • Kim, Byungki; Pae, Jinhan; Yoo, Choong-Yuel
  • Korea Advanced Institute of Science and Technology


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Title Business groups and tunneling
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Sub Title

Evidence from corporate charitable contributions by Korean companies

Material Type Reports
Author(English)

Kim, Byungki; Pae, Jinhan; Yoo, Choong-Yuel

Publisher

[Daejeon, South Korea]:Korea Advanced Institute of Science and Technology

Date 2016
Series Title; No KAIST college of business working paper series / 2016-002
Pages 43
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Social Development < Others
Holding SSRN

Abstract

This paper investigates whether corporate philanthropic decisions are associated with a firm’s listing status and business group affiliation. Analyzing a large sample of public and private firms in Korea, we find that (1) public firms make more charitable contributions than private firms and (2) business group-affiliated firms make more charitable contributions than non-affiliated firms. The results suggest that public firms, owing to greater public scrutiny, and business groups, owing to higher political costs, are encouraged to make more corporate charitable contributions. Further, we find that (3) the greater corporate giving by public firms than private firms is more pronounced for business group-affiliated firms, compared with non-affiliated firms. (The rest omitted)