자료실
자료실
[2020년 제 5차] The Dark side of Independent Boards, the Case of Corporate Social Responsibility
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게시일 :
2020-12-11
Independent boards have been documented to have a positive effect on corporate governance,
however, I show that independent boards improve shareholder value at the cost of sacrificing
corporate social responsibility (CSR). Specifically, I find that stakeholders such as employees
and consumers' interest have been compromised as a result of board myopia. This result
is even stronger among firms in industries with intense product market competition, and
among firms with more analysts followed. My result also suggests that negative corporate
social behavior may not be fully priced by investors.