Abstract
ABSTRACT This paper examines the monitoring role of mutual funds by empirically testing whether mutual fund investment enhances firms’ corporate social responsibility (CSR) performance. Using Korean public companies as a sample, we find that firms’ CSR performance, measured by Korea Economic Justice Institute (KEJI) index scores, increases as they receive investments from mutual funds. Further analysis also shows that there exists a strong association between mutual fund investments and their contribution to society. We confirm that these results are robust to different specifications of research design and after controlling for chaebol affiliation.
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