김대현 교수

Abstract This paper documents evidence that financial constraints increase firms’ toxic emissions given that firms actively trade off abatement costs against potential legal liabilities. Exploring three quasi-natural experiments in which firms’ financial resources are likely exogenously affected, we find that relaxing financial constraints reduces U.S. public firms’ toxic releases. The effects of financial constraints on toxic releases are amplified when regulatory enforcement and external monit

Although many scholars have investigated the influence of corporate social responsibility (CSR) in an organization, there has been relatively minimal research regarding the CSR’s impacts on employees as well as the underlying mechanisms of it. Considering the research gaps, in the present research, we examine how CSR practices influence attitudes of employees. In particular, we hypothesize that perceived CSR would enhance organizational commitment (OC) of employees through the sequential mediati

Abstract Photoluminescence (PL), a photo‐excited spontaneous emission process, provides a wealth of optical and electronic properties of materials, which enable microscopic and spectroscopic imaging, biomedical sensing and diagnosis, and a range of photonic device applications. However, conventional far‐field PL measurements have limitations in sensitivity and spatial resolution, especially to investigate single nano‐materials or nano‐scale dimension of them. In contrast, tip‐enhanced photolumin

This study examines the cross-level effect of group-level managers on member firms’ problemistic search in hierarchical business groups. Using multilevel data from Korean business groups, we propose that the effects of failure to meet an aspiration level on R&D search intensity increase when member firm performance and R&D investments are more cognitively accessible to group-level managers. Specifically, we find, first, that when underperforming firms are widespread in a business group,

Previous studies on the relationship between corporate social responsibility (CSR) and organizational performance have emphasized how CSR influences the external stakeholders such as shareholders, customers, and local communities to explain the association. Thus, it is relatively less studied how CSR influences internal stakeholders, which ultimately accrue to organizational performance. Grounded on institutional theory which proposes that institutional enablers such as CSR activities affect mac

Abstract We examine the causal impact of public-sector spending on corporate investment. Making use of population count revisions in census years as exogenous shocks to the cross-sectional allocation of federal funds, we find that increases in federal spending reduce firms’ investment, R&D spending, employment growth, sales growth, and firm-level equity volatility. The effect is stronger for firms that are labor-intensive, smaller, geographically concentrated, financially constrained, or in

Although some previous studies have examined the impact of corporate social responsibility (CSR) on employees in an organization, they have mainly focused on employees' perceptions or attitudes rather than behaviors. However, in that employees' behaviors are the direct outcome of the perceptions or attitudes and critically affect organizational outcomes, we need to investigate the impact of CSR on employees' behaviors. Based on the context-attitude-behavior framework, we investigate the underlyi

ABSTRACT We provide novel evidence that funding frictions can limit firms’ short‐term investments in receivables and inventories, reducing their production capacity. We propose a credit multiplier driven by these considerations and empirically isolate its importance by comparing how a similar firm responds to shocks differently when these shocks are initiated in their most profitable quarter (“main quarter”). We implement this test using recurring and unpredictable shocks (e.g., oil shocks) and

In this work, we report high-performance atomic-layer-deposited (ALD) In<inf xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</inf>O<inf xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">3</inf> thin-film transistor (TFT) using Hf<inf xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">x</inf>Zr<inf xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/

Based on group creativity framework, our research investigates how corporate social responsibility (CSR) promotes innovation of firms by revealing sequential mediating mechanisms of employee’s meaningfulness of work and intrinsic motivation. By applying a multi-level approach, this study examines the internal processes of micro-level variables between two macro-level variables (i.e., CSR and innovation). Utilizing a 3-wave longitudinal data from 4,178 organizational members in 502 branches as we

Equityholders of firms with high debt loads have an incentive to underinvest, a distortion that can be most costly for firms with attractive growth options. Using a novel patent-based measure of a firm's growth options, we find that firms issue more equity and shy away from debt financing when they have larger investment opportunities sets. The results are more pronounced among firms in patent-intensive industries. The findings suggest the existence of conflicts of interest between debtholders a