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We examine how corporate social responsibility affects financial performance in the Korean market by examining a new set of data, the ESG score. Using panel regression models, we show that the ESG score is negatively related with a widely used measures of financial performance, ROA and Tobin's Q, unlike extant studies arguing for the positive relationships. Among the three pillars of ESG performance, the social and governance scores robustly show negative relationships with ROA but the environmental score does not. The consideration of unique Korean governance structure, chaebol, does not change our findings. Our findings generally support the traditional view of corporations but argue against the stakeholder theory. [ABSTRACT FROM AUTHOR]

Rural heritage that involves agricultural heritage could be critical to enhancing community identity through a conservational approach. The purpose of this research is to develop conservational methods for rural heritage that include agricultural heritage areas through the use of ecomuseums. To conduct the research, we first reviewed the concepts of ecomuseum and rural heritage. Secondly, we defined the concept of the Korean rural ecomuseum by taking into consideration the concept defined by Riviere, Globally Important Agricultural Heritage Systems (GIAHS), the rural heritage policy of Europe, and the agricultural heritage systems of Korea. Thirdly, we also describe methods that are applicable to Korean rural ecomuseums, which include type classification and components. Finally, we applied the ecomuseum concept to two pilot models in the Cheongsando and Gurae areas, both Korea Important Agricultural Heritage System (KIAHS) sites. We conclude that it is desirable to expand the range of targets for conservation from agricultural heritage to rural heritage areas. From this point of view, the rural ecomuseum can be a highly valuable tool that can help preserve agricultural heritage sites and neighboring areas. Furthermore, the ecomuseum can enhance community identities, and strengthen local economies. [ABSTRACT FROM AUTHOR]