경영권 방어수단, 사회적 책임활동, 신용평점에 관한 연구

The purpose of this study empirically examines the stakeholder theory is supported by corporate social responsibility activities. According to stakeholder theory, entrenched managers avoid making long-term investments that have no economic incentives to invest in corporate social responsibility. The sample firms were listed on KOSPI from 2013 to 2019 and total data consists of 4,406 firm-year samples. I use a method of fixed effects panel model and two-stage panel regression considering the endogeneity problem among variables and derived the following implications. The empirical results show the followings: First, antitakeover provisions have a negative economic effect on corporate social responsibility activities measured by ESG social evaluation and KEJI Index. Second, antitakeover provisions have a negative effect on the credit score. Third, using two-state panel regression, ESG social evaluation and KEJI Index effects on higher KIS credit score. Forth, corporate social responsibility activities have a less impact on credit scores in groups with antitakeover provisions. These results imply that the stakeholder theory point of view is supported in companies with corporate social responsibility activities.