Management Overconfidence and CSR Activities in Korea with a Big Data Approach
Abstract
:1. Introduction
2. Previous Studies and Hypothesis Development
2.1. Prior Studies
2.2. Hypotheses
3. Research Design
3.1. Research Models
- j = 1: CSR_Index, log of Korea Economic Justice Institute (KEJI) index from Citizen’s Coalition for Economic Justice.
- j = 2: CSR_Adv, log of number of CSR-related positive news articles.
- j = 3: FIT, the difference between quintile rank of CSR_Index and quintile rank of CSR_Adv.
- j = 4: CSR_Tech, primary CSR (Log of primary CSR activities, such as soundness, fairness, and employee satisfaction in KEJI index).
- j = 5: CSR_Social, social CSR (Log of social CSR activities, such as social contribution, environmental management, and consumer protection in KEJI index)
- CG1: JB, 1 if the firm is one of the top 30 chaebol companies, 0 otherwise.
- CG2: OwnerCEO, 1 if the manager is the owner, 0 otherwise.
- SIZE: Log of total assets.
- AGE: Log of firm age.
- ROA: Return on assets (operating income/total asset).
- LEV: Leverage (total liabilities/total assets).
- CASH: Cash holdings ((cash + cash equivalent)/total assets).
- RnD: R&D expenditures ((R&D expenditures)/total assets).
- Advertising: Advertising expenses (advertising expenses/total assets).
- CAPEX: Capital expenditures (capital expenditures/total assets).
- SGE: Selling and general expenses (selling and general expenses/total assets).
- IND_DUM: Industry dummies.
- YEAR_DUM: Year dummies.
3.2. Definition of Variables
3.2.1. Dependent Variables (Corporate Social Responsibility, CSR)
3.2.2. Independent Variable (Overconfidence)
3.2.3. Moderating Variables (Chaebol, Owner-manager)
4. Empirical Results
5. Sensitivity Test
6. Discussion and Conclusions
Author Contributions
Funding
Acknowledgments
Conflicts of Interest
References
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Variables | Mean | Sth | p1 | p25 | Median | p75 | p99 |
---|---|---|---|---|---|---|---|
CSR_Index | 4.12 | 0.07 | 3.95 | 4.08 | 4.13 | 4.17 | 4.26 |
CSR_Adv | 2.45 | 1.81 | 0.00 | 0.70 | 2.30 | 3.76 | 6.85 |
FIT | 0.00 | 1.83 | −4.00 | −1.00 | 0.00 | 1.00 | 4.00 |
CSR_Tech | 3.75 | 0.08 | 3.57 | 3.70 | 3.75 | 3.81 | 3.94 |
CSR_Social | 2.93 | 0.15 | 2.58 | 2.82 | 2.95 | 3.06 | 3.20 |
OC | 0.57 | 0.50 | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 |
JB | 0.32 | 0.47 | 0.00 | 0.00 | 0.00 | 1.00 | 1.00 |
OwnerCEO | 0.24 | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 |
SIZE | 20.29 | 1.48 | 17.69 | 19.21 | 20.00 | 21.16 | 23.96 |
AGE | 3.48 | 0.64 | 1.39 | 3.37 | 3.66 | 3.87 | 4.26 |
ROA | 0.05 | 0.06 | −0.15 | 0.02 | 0.05 | 0.08 | 0.22 |
LEV | 0.45 | 0.22 | 0.05 | 0.29 | 0.44 | 0.60 | 1.05 |
CASH | 0.06 | 0.06 | 0.00 | 0.01 | 0.04 | 0.09 | 0.26 |
RnD | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 | 0.02 | 0.09 |
Advertising | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 | 0.01 | 0.09 |
CAPEX | 0.05 | 0.05 | 0.00 | 0.013 | 0.03 | 0.07 | 0.25 |
SGE | 0.16 | 0.15 | 0.01 | 0.05 | 0.10 | 0.21 | 0.64 |
CSR_Index | CSR_ADV | FIT | OC | JB | OwnerCEO | CSR_Tech | CSR_Social | SIZE | AGE | ROA | LEV | CASH | RnD | Advertising | CAPEX | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSR_Index | 1 | 0.14 | 0.59 | 0.14 | 0.14 | −0.03 | 0.73 | 0.52 | 0.28 | −0.01 | 0.18 | −0.19 | 0.13 | 0.30 | 0.22 | 0.10 |
CSR_ADV | 0.14 | 1 | −0.65 | 0.08 | 0.36 | 0.03 | 0.02 | 0.19 | 0.47 | −0.05 | 0.03 | 0.05 | −0.12 | 0.07 | 0.13 | 0.03 |
FIT | 0.62 | −0.64 | 1 | 0.02 | −0.17 | −0.04 | 0.50 | 0.22 | −0.16 | 0.02 | 0.11 | −0.2 | 0.17 | 0.18 | 0.06 | 0.05 |
OC | 0.14 | 0.09 | 0.01 | 1 | 0.09 | −0.05 | 0.10 | 0.08 | 0.12 | −0.08 | 0.14 | 0.05 | −0.07 | 0.08 | 0.10 | 0.57 |
JB | 0.13 | 0.35 | −0.17 | 0.09 | 1 | −0.08 | 0.05 | 0.16 | 0.69 | −0.06 | 0.01 | 0.16 | −0.07 | −0.11 | −0.13 | 0.06 |
OwnerCEO | −0.04 | 0.02 | −0.05 | −0.05 | −0.08 | 1 | −0.10 | 0.08 | −0.07 | 0.03 | −0.02 | −0.15 | −0.04 | 0.02 | −0.05 | −0.12 |
CSR_Tech | 0.72 | 0.01 | 0.51 | 0.09 | 0.04 | −0.10 | 1 | −0.19 | 0.12 | −0.03 | 0.24 | −0.17 | 0.13 | 0.31 | 0.3 | 0.14 |
CSR_Social | 0.50 | 0.19 | 0.21 | 0.08 | 0.15 | 0.08 | −0.19 | 1 | 0.27 | 0.02 | −0.04 | −0.06 | 0.02 | 0.06 | −0.06 | −0.02 |
SIZE | 0.23 | 0.42 | −0.16 | 0.13 | 0.66 | −0.07 | 0.09 | 0.26 | 1 | −0.01 | 0.06 | 0.17 | −0.08 | −0.08 | −0.10 | 0.12 |
AGE | −0.02 | 0.02 | −0.03 | −0.08 | −0.09 | 0.08 | −0.07 | 0.06 | 0.03 | 1 | −0.12 | −0.04 | −0.01 | 0 | −0.09 | −0.01 |
ROA | 0.20 | 0.04 | 0.10 | 0.16 | 0.03 | −0.04 | 0.28 | −0.06 | 0.08 | −0.16 | 1 | −0.27 | 0.25 | 0.05 | 0.13 | 0.20 |
LEV | −0.20 | 0.07 | −0.21 | 0.06 | 0.16 | −0.14 | −0.19 | −0.07 | 0.16 | −0.08 | −0.29 | 1 | −0.17 | −0.09 | −0.14 | 0.15 |
CASH | 0.13 | −0.09 | 0.14 | −0.06 | −0.03 | −0.07 | 0.14 | 0.01 | −0.02 | −0.07 | 0.26 | −0.18 | 1 | −0.02 | 0.01 | −0.11 |
RnD | 0.31 | 0.08 | 0.18 | 0.1 | −0.15 | 0.01 | 0.30 | 0.07 | −0.16 | 0.02 | 0.05 | −0.05 | 0.05 | 1 | 0.29 | 0.09 |
Advertising | 0.28 | 0.26 | 0.00 | 0.12 | −0.08 | −0.03 | 0.31 | −0.02 | −0.02 | −0.03 | 0.15 | −0.08 | −0.02 | 0.33 | 1 | 0.06 |
CAPEX | 0.17 | 0.04 | 0.07 | 0.73 | 0.08 | −0.15 | 0.18 | 0.01 | 0.13 | −0.06 | 0.25 | 0.12 | −0.07 | 0.14 | 0.10 | 1 |
SGE | 0.22 | 0.08 | 0.10 | 0.16 | −0.18 | −0.04 | 0.28 | −0.08 | −0.26 | −0.13 | 0.17 | −0.08 | 0.07 | 0.40 | 0.77 | 0.16 |
Overconfidence (OC) | Chaebol (JB) | Owner CEO (OwnerCEO) | |||||||
---|---|---|---|---|---|---|---|---|---|
Variable | OC | Non-OC | Diff (t-Value) | JB | Non-JB | Diff (t-Value) | Owner | Non-Owner | Diff (t-Value) |
CSR_Index | 4.13 | 4.11 | 0.02 (4.90 ***) | 4.14 | 4.11 | 0.03 (6.80 ***) | 4.11 | 4.12 | −0.01 (0.77) |
CSR_Tech | 3.76 | 3.74 | 0.02 (3.71 ***) | 3.76 | 3.75 | 0.01 (1.73 *) | 3.75 | 3.77 | −0.02 (−3.02 ***) |
CSR_Social | 2.94 | 2.92 | 0.02 (3.04 ***) | 2.97 | 2.92 | 0.05 (5.60 ***) | 2.92 | 2.89 | 0.03 (2.30 **) |
CSR_ADV | 2.57 | 2.23 | 0.34 (3.04 ***) | 3.41 | 1.92 | 1.50 (13.87 ***) | 2.53 | 2.40 | 0.13 (1.06) |
FIT | −0.02 | −0.10 | 0.08 (0.15) | −0.44 | 0.15 | −0.58 (−5.03 ***) | −0.19 | −0.01 | −0.18 (−1.34) |
PANEL A | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Variable | CSR_Index | CSR_Tech | CSR_Social | CSR_ADV | FIT | |||||
Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | |
Intercept | −44.76 | −15.25 *** | 47.77 | 9.32 *** | 10.78 | 4.28 *** | 0.41 | 0.66 | 7.02 | 1.87 * |
OC | 0.26 | 2.17 ** | 1.08 | 2.44 ** | 0.46 | 1.52 | 0.21 | 2.82 *** | 0.38 | 1.05 |
CSR_Indext−1 | 11.09 | 13.33 *** | ||||||||
CSR_ADVt−1 | 0.63 | 26.08 *** | ||||||||
SIZE | 0.12 | 2.65 *** | −0.41 | −1.70 * | 0.49 | 3.87 *** | 0.07 | 2.24 ** | −0.40 | −2.56 ** |
AGE | −0.20 | −2.17 ** | −0.07 | −0.14 | 0.31 | 1.41 | 0.01 | 0.14 | −0.18 | −0.38 |
ROA | −1.44 | −1.80 * | 8.19 | 1.79 * | −6.74 | −2.63 ** | −0.51 | −0.74 | 3.13 | 0.74 |
LEV | −0.74 | −2.72 *** | −1.76 | −1.32 | −1.59 | −2.22 ** | 0.01 | 0.05 | −0.95 | −1.02 |
CASH | 1.61 | 1.66 * | 3.47 | 0.89 | 4.32 | 1.76 * | −0.05 | −0.08 | 3.37 | 1.19 |
RnD | 5.55 | 1.84 * | 15.02 | 1.42 | 3.08 | 0.32 | 1.46 | 0.75 | 1.62 | 0.21 |
Advertising | −0.02 | −0.01 | −10.67 | −0.71 | −16.29 | −1.70 * | −0.84 | −0.36 | −16.79 | −1.41 |
CAPEX | −0.73 | −0.59 | −6.49 | −1.27 | 2.07 | 0.64 | −1.03 | −1.17 | −1.27 | −0.35 |
SGE | 0.94 | 1.48 | 3.37 | 1.27 | 0.76 | 0.53 | 0.22 | 0.62 | 0.39 | 0.21 |
IND_DUM | Inc. | Inc. | Inc. | Inc. | Inc. | |||||
YEAR_DUM | Inc. | Inc. | Inc. | Inc. | Inc. | |||||
Adj.R * | 0.50 | 0.26 | 0.56 | 0.70 | 0.23 | |||||
N | 1425 | 1425 | 1425 | 1425 | 1425 | |||||
PANEL B | ||||||||||
Variable | CSR_Index | CSR_Tech | CSR_Social | CSR_ADV | FIT | |||||
Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | |
Intercept | −32.02 | −4.35 *** | 44.56 | 7.09 *** | 6.81 | 1.98 * | −21.93 | −3.02 *** | 6.21 | 1.54 |
OC | 0.85 | 2.89 *** | 1.14 | 2.16 ** | 0.58 | 1.76 * | −0.02 | −0.05 | 0.67 | 1.50 |
JB | −0.10 | −0.25 | −0.60 | −0.61 | −0.58 | −0.83 | −1.53 | −2.79 *** | 0.67 | 1.13 |
OC × JB | −0.74 | −1.73 * | −0.11 | −0.13 | −0.35 | −0.59 | 1.12 | 1.99 ** | −1.15 | −1.72 * |
CSR_Indext−1 | 8.02 | 4.83 *** | ||||||||
CSR_ADVt−1 | 3.19 | 1.89 * | ||||||||
SIZE | 0.16 | 1.36 | −0.23 | −0.75 | 0.71 | 3.57 *** | 0.66 | 4.01 *** | −0.36 | −1.84 * |
AGE | −0.22 | −1.19 | −0.10 | −0.19 | 0.29 | 1.37 | 0.00 | 0.00 | −0.12 | −0.27 |
ROA | −1.70 | −0.88 | 8.16 | 1.72 * | −6.95 | −2.73 *** | −0.92 | −0.33 | 2.24 | 0.52 |
LEV | −1.75 | −2.72 *** | −1.88 | −1.38 | −1.78 | −2.40 ** | −0.41 | −0.51 | −1.24 | −1.26 |
CASH | 1.18 | 0.65 | 3.61 | 0.93 | 4.45 | 1.83 * | −1.97 | −0.81 | 3.18 | 1.17 |
RnD | −1.47 | −0.29 | 13.09 | 1.27 | 0.53 | 0.06 | 0.24 | 0.03 | 0.32 | 0.04 |
Advertising | −15.85 | −2.01 ** | −13.00 | −0.89 | −19.80 | −2.05 ** | 14.59 | 1.35 | −20.62 | −1.73 * |
CAPEX | −2.77 | −1.12 | −6.43 | −1.26 | 2.08 | 0.69 | −1.18 | −0.52 | −1.57 | −0.44 |
SGE | 1.37 | 1.14 | 3.62 | 1.40 | 1.06 | 0.80 | 1.34 | 1.02 | 0.42 | 0.22 |
IND_DUM | Inc. | Inc. | Inc. | Inc. | Inc. | |||||
YEAR_DUM | Inc. | Inc. | Inc. | Inc. | Inc. | |||||
Adj.R * | 0.34 | 0.30 | 0.56 | 0.39 | 0.23 | |||||
N | 1425 | 1425 | 1425 | 1425 | 1425 | |||||
PANEL C | ||||||||||
Variable | CSR_Index | CSR_Tech | CSR_Social | CSR_ADV | FIT | |||||
Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | Coeff. | t-Value | |
Intercept | −33.03 | −4.16 *** | 51.00 | 7.74 *** | 6.74 | 1.67 * | −1.02 | −0.56 | 9.98 | 2.19 ** |
OC | 0.77 | 2.28 ** | 0.93 | 1.44 | 0.74 | 1.65 | −0.06 | −0.22 | 0.89 | 1.88 * |
OwnerCEO | 0.30 | 0.70 | −0.89 | −0.86 | 0.97 | 1.47 | 0.01 | 0.04 | 0.85 | 1.71 * |
OC×OwnerCEO | −0.93 | −1.76 * | 0.33 | 0.27 | −1.42 | −1.90 * | 0.27 | 0.77 | −1.87 | −3.06 *** |
CSR_Indext−1 | 9.55 | 5.21 *** | ||||||||
CSR_ADVt−1 | 0.68 | 13.10 *** | ||||||||
SIZE | −0.08 | −0.58 | −0.52 | −1.74 * | 0.59 | 3.06 *** | 0.17 | 1.98 * | −0.54 | −3.01 *** |
AGE | −0.53 | −2.37 ** | −0.29 | −0.48 | 0.58 | 1.64 | −0.18 | −1.52 | −0.43 | −0.75 |
ROA | −1.15 | −0.52 | 9.59 | 1.76 * | −5.60 | −2.00 ** | 0.13 | 0.05 | 4.25 | 0.88 |
LEV | −0.76 | −1.03 | −1.81 | −1.07 | −0.55 | −0.62 | 0.01 | 0.03 | −0.15 | −0.14 |
CASH | −2.44 | −1.19 | 2.32 | 0.48 | 3.40 | 1.16 | 0.51 | 0.28 | 1.81 | 0.58 |
RnD | 2.50 | 0.45 | 16.89 | 1.49 | 5.45 | 0.53 | 2.79 | 0.69 | 3.21 | 0.38 |
Advertising | −16.94 | −2.07 ** | −17.22 | −0.98 | −18.17 | −1.46 | −3.81 | −0.75 | −12.32 | −0.89 |
CAPEX | −4.48 | −1.34 | −9.42 | −1.71 * | −1.34 | −0.32 | 1.45 | 0.61 | −3.35 | −0.88 |
SGE | 2.55 | 1.90 * | 4.11 | 1.41 | 2.64 | 1.45 | −0.03 | −0.03 | 0.86 | 0.39 |
IND_DUM | Inc. | Inc. | Inc. | Inc. | Inc. | |||||
YEAR_DUM | Inc. | Inc. | Inc. | Inc. | Inc. | |||||
Adj.R * | 0.34 | 0.30 | 0.56 | 0.71 | 0.25 | |||||
N | 1425 | 1425 | 1425 | 1425 | 1425 |
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Kang, S.-A.; Cho, S.-M. Management Overconfidence and CSR Activities in Korea with a Big Data Approach. Sustainability 2020, 12, 4406. https://doi.org/10.3390/su12114406
Kang S-A, Cho S-M. Management Overconfidence and CSR Activities in Korea with a Big Data Approach. Sustainability. 2020; 12(11):4406. https://doi.org/10.3390/su12114406
Chicago/Turabian StyleKang, Sun-A, and Sang-Min Cho. 2020. "Management Overconfidence and CSR Activities in Korea with a Big Data Approach" Sustainability 12, no. 11: 4406. https://doi.org/10.3390/su12114406
APA StyleKang, S.-A., & Cho, S.-M. (2020). Management Overconfidence and CSR Activities in Korea with a Big Data Approach. Sustainability, 12(11), 4406. https://doi.org/10.3390/su12114406