Scholars have been raising voices for corporate leadership in politics, namely the political corporate social responsibility (CSR). While many anecdotes of democratic deficits to corporations support the claim, it is still dubious whether corporations can be trusted with such a role. If the motivation for CSR is for further value creation as the resource based-view suggests, they may thrive in their political role by creating shared value for both private and public sectors. However, if their motivation is mere societal acceptance as the institutional theory suggests, they will fail to serve both public and private; firms will fulfill self-interest at the cost of society at best. One way to investigate this is to examine the interaction between political connection and CSR and thereby reveal the motivation for CSR. While both concepts have been extensively studied separately, their interaction has been sparsely explored with inconclusive mixed results. Thus, this paper clarifies the effect of political connection on CSR. To this end, this paper exploits the 2008 presidential election in South Korea as an exogenous shock to the channels for political connection. This paper captures the difference-in-difference estimate of the effect of political connection on CSR with instrumental variables to alleviate endogeneity problems and two-way fixed effects to handle firm heterogeneity. As a result, this paper demonstrates a negative causal effect of political connection on CSR, a decline by 4.9% on average, which resolves the conflict in the literature. In addition, the negative effect supports institutional theory over the resource based-view as the motivation for CSR and raises a cautious voice for political CSR.

中文翻译：

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政治联系与企业社会责任：来自韩国的证据

学者们一直在为企业在政治中的领导力提出声音，即政治企业社会责任（CSR）。尽管许多关于公司民主赤字的轶事都支持这一说法，但公司是否可以被信任扮演这样的角色仍然值得怀疑。如果企业社会责任的动机是为了进一步创造价值，正如基于资源的观点所暗示的那样，它们可能会通过为私营和公共部门创造共享价值而在其政治角色中茁壮成长。然而，如果他们的动机只是像制度理论所暗示的那样被社会接受，那么他们将无法为公共和私人服务；企业充其量只会以牺牲社会为代价来实现自身利益。对此进行调查的一种方法是检查政治联系与企业社会责任之间的相互作用，从而揭示企业社会责任的动机。虽然这两个概念已经分别进行了广泛的研究，但它们的相互作用却很少被探索，结果是不确定的混合结果。因此，本文阐明了政治关联对企业社会责任的影响。为此，本文利用 2008 年韩国总统大选作为对政治联系渠道的外生冲击。本文利用工具变量对政治联系对企业社会责任的影响进行了差异估计，以缓解内生性问题和处理企业异质性的双向固定效应。因此，本文论证了政治关联对企业社会责任的负面因果影响，平均下降了 4.9%，从而解决了文献中的冲突。此外，