A firm’s corporate social responsibility (CSR) aids in social well-being, but it is costly. It is thus necessary to study whether a firm’s CSR activities are valuable in terms of costs and benefits for shareholders’ interest. Recent studies reported that firms’ CSR activities help to develop the corporate environment and improve financial performance. In addition, prior studies explained that a firm’s CSR activities can have a positive effect on financial performance by increasing employees’ commitment to their firm. The purpose of this study research is to examine the effect of CSR activities on sustainable employability through empirical analysis. We measured the sustainable employability using the percentage of regular employees and then examined the effect of CSR activities on sustainable employability using 3802 firm-year data for Korean listed firms. From the empirical results, we found that firms engaging in CSR activities improve more in terms of sustainable employability than do firms who are not engaging in CSR activities. We also found that the companies engaging in a high CSR index score showed greater sustainable employability than did those with a low CSR index score. The results of this study suggested a way to increase sustainability in terms of employment by supporting a rational basis for companies to adopt CSR. These findings are expected to contribute to academia and the capital market by providing empirical evidence that a company’s CSR activities have a positive impact on sustainable employability.

This study explores the effect of the CEO equity incentive on the investment efficiency of high technology firms. Previous studies suggest that the CEO equity incentive is an influential factor in the CEO using discretion for his or her own benefits. Further, high technology firms have not only a highly uncertain information environment, but also a unique corporate life cycle, concentrating on the earlier stages. The frequent adjustment in product designs to meet the market requirement can significantly alter the level of capital investments. Thus, this study hypothesizes that both CEO equity incentive and high technology significantly reduce the investment efficiency of firms because of the high level of information asymmetry. Using a sample of 10,556 firm-year observations from 2000 to 2014 for U.S. public firms, this study provides clinching evidence that both CEO equity incentive and high technology significantly decrease investment efficiency of firms. Further, this study finds that the investment efficiency decreases more in high technology firms with CEO equity incentive. This study contributes to the literature by finding that the CEO equity incentive and high technology firms are significant determinants of investment efficiency owing to the highly uncertain information environment they face.