We analyzed whether a firm’s engagement in socially responsible activities, as measured by environmental, social, and corporate governance (ESG) scores, influences their tendency to avoid tax in the Korean financial market. We found a negative relationship between Korean firms’ ESG scores and tax avoidance in terms of book-tax income difference during the sample period between 2011 and 2017. This result implies that firms with good CSR performance would tend not to manipulate taxable profits, which is in line with corporate culture theory. More interestingly, this trend has become more apparent for chaebol-affiliated firms, a special type of Korean conglomerate, than non-chaebol firms.

Our research focuses on the relationship between the ESG performance of South Korean multinational companies and stock price crash in next year. For our study, we divide samples into three different categories - namely, all companies, multinational companies (MNC) and non-multinational companies(non-MNC). Our major findings are as following. First, we find the negative relationship between the social (S) score of multinational companies and future price crash, indicating that their social performance prevents price crash risk. Second, when individual ESG performance is considered, there exists negative relationship between environmental (E) and social (S) score, and future price crash for multinational companies. Lastly, we find negative relationship between the ESG score and future price crash, which is due to the high environmental (E) and social (S) score of MNCs, which, in turn, raise each respective score for all companies, which has high correlation with their ESG scores. In this research, focusing on features of ESG on price crash in Korean MNCs, we identify the mitigating effect of social (S) factor for the MNC, which is in consistence with previous researches.

Ni-based superalloy, which has excellent high-temperature strength and corrosion resistance, is mainly used in aviation materials, high-performance internal combustion engines, and turbines for thermal and nuclear power generation. For this reason, refining the impurities in Ni-based superalloys is a very important technical task. Nevertheless, the original technology for the melting and refining of Ni-based superalloys is still insufficient. Therefore, in this study, the effect of the CaO-Al2O3-MgO-TiO2 slag on the removal efficiency of an impurity element sulfur in Incoloy® 825 superalloy, one of the representative Ni-based superalloys, was investigated. The desulfurization behavior according to the change of TiO2 content and CaO/Al2O3 (=C/A, basicity) ratio as experimental variables was observed at 1773 K (1500 °C). Although the TiO2 content in the slag increases to 15 mass pct, the mass transfer coefficient of sulfur in molten alloy showed a constant value. Alternatively, under the condition of C/A > 1.0 of slag, the mass transfer coefficient of sulfur showed a constant value, whereas under the condition of C/A < 1.0, the mass transfer coefficient of sulfur greatly decreased as CaO decreased. Hence, in the desulfurization of Incoloy® 825 superalloy using the CaO-Al2O3-MgO-TiO2 slag, the TiO2 content in the slag does not have a considerable effect on the desulfurization rate and desulfurization mechanism (metal phase mass transfer controlled regime), but the basicity of the slag has a significant effect on desulfurization mechanism. When the slag basicity decreases below the critical level, i.e., C/A < 1.0, which is corresponding to sulfur distribution ratio, Ls < 200, it was confirmed that the desulfurization mechanism shifts from the metal phase mass transfer-controlled regime to the slag phase mass transfer-controlled regime due to the variation in the physicochemical properties of the slag such as viscosity and sulfide capacity. In addition, the different desulfurization rates between steel and Ni alloy melts were discussed by employing the diffusivity of sulfur in both systems.