Most studies on the relationship between corporate social performance (CSP) and corporate financial performance (CFP) have focused on large enterprises and archival tests for SMEs have been relatively few. There is a need for SME studies that are comparable to the research on large enterprises. In this study, we tested the CSP-CFP relationship of SMEs in Korea using a massive archival database. Although common theories on corporate social responsibility (CSR) in SMEs describe SMEs as non-strategic performers, we found a strong positive relationship between CSP-CFP for the larger or hi-tech SMEs. Therefore, some SMEs are similar to multinational companies in that they approach CSR effectively. This study makes a contribution to the literature on both CSR and SMEs because it empirically demonstrates the heterogeneity of SMEs and it presents a CSR-SME study that is methodologically comparable to the research on big corporations.

The purpose of this study was to examine the association between Chief Executive Officer (CEO) tenure and corporate social performance with the moderating effect of governance. We investigated whether new CEOs and CEOs in their last year of service were more focused on short-termism than CEOs of other periods. Specifically, we tested whether these CEOs reduced social performance that demands immediate expenditure and expect payoffs in the long run. We also tested whether good governance can mitigate such behaviors, because not all CEOs of the same tenure will act the same, depending on the monitoring environments surrounding them. We employed ordinary least squares (OLS) method and the moderator models using data from the Korean listed companies from 2012 to 2016. Test results showed that only the CEOs of their last year reduced social performance. However, when we considered corporate governance, we found that both groups of CEOs reduced social performance, and that good governance mitigated the adverse effects of the two periods on Corporate Social Responsibility (CSR). Specifically, we tested board independence, board frequency, CEO duality, and board diversity, and found that, for all but board independence, the negative effects of the two periods on social performance were decreased.

Experimental and numerical analysis of the drop-on-demand inkjet was conducted to determine the jetting characteristics and meniscus motion under the control of the ink supply pressure. A single transparent nozzle inkjet head driven by a piezoelectric actuator was used to eject droplets. To control ink supply pressure, the pressure of the air in the reservoir was regulated by a dual valve pressure controller. The inkjet performance and the motion of the meniscus were evaluated by visualization and numerical simulation. A two-dimensional axisymmetric numerical simulation with the dynamic mesh method was performed to simulate the inkjet dynamics, including the actual deformation of the piezoelectric actuator. Numerical simulation showed good agreement with the experimental results of droplet velocity and volume with an accuracy of 87.1%. Both the experimental and simulation results showed that the drop volume and velocity were linearly proportional to the voltage change. For the specific voltages, an analysis of the effect of the ink supply pressure control was conducted. At the maximum negative pressure, −3 kPa, the average velocity reductions were 0.558 and 0.392 m/s in the experiment and simulation, respectively, which were 18.7 and 11.6% less than those of the uncontrolled case of 0 kPa. Therefore, the simulation environment capable of simulating the entire inkjet dynamics, including meniscus movement regarded to be successfully established. The average volume reductions were 18.7 and 6.97 pL for the experiment and simulation, respectively, which were 21.7 and 9.17% less than those of the uncontrolled case. In the results of the meniscus motion simulation, the damping of the residual vibration agreed well with the experimental results according to the ink supply pressure change. Reducing the ink supply pressure reduced the speed and volume, improved the damping of residual vibrations, and suppressed satellite drops. Decreasing ink supply pressure can be expected to improve the stability and productivity of inkjet printing.

A CEO who has an opportunity to pursue his interest may sacrifice investors with inefficient investments such as overinvestment in corporate social responsibility (CSR). As prior researchers have suggested a possibility to detect the perk portion of CSR investment using the dividend tax cut event, we tested whether managers decreased CSR spending while accelerating dividend payouts during the Korean dividend tax cut of 2015. Consistent with the prior studies on the dividend tax cut, we discovered a pattern of incremental dividend increase for the companies of agency conflict measured by extreme CEO ownership. However, we failed to find any statistically significant simultaneous reduction in donations after 2015. This study does not provide evidence that investments in CSR of Korean firms are not due to CEOs’ personal interest-seeking. Instead, we showed that the dividend tax cut event may not work as a universally applicable quasi-experimental setting to detect management overinvestments in CSR.

This study aimed to test how corporate social responsibility (CSR) can affect the impact of corporate financial distress on earnings management. Based on the existing literature, distressed firms tend to hide their financial crises through earnings manipulation. However, as CSR can positively affect companies in terms of performance, risk reduction, and market response, the better a firm’s CSR is the less managers will attempt earnings management even if they experience temporary distress. Consistent with the literature, test results using Korean-listed companies show that distress increased earnings management, and we confirmed that CSR weakened the positive effect of distress on earnings management. After testing each of the CSR subcategories, significant results were found mainly on environmental performance, reflecting the globally increasing interest in environmental issues. This study contributes to the literature on distress and earnings management, which rarely considers CSR as a moderating factor.