기업의 사회공헌활동과 노동투자효율성
Corporate Social Responsibility and Labor Investment Efficiency
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본 연구는 기업의 사회공헌활동 수준과 노동투자효율성 간의 관계에 대해 분석한다. 인력의 경우, 채용 후 즉각적인 감원이 어렵고 지속적으로 인건비가 발생한다는 특징이 있기 때문에, 적정수준으로 투자가 이루어지도록 관리하는 것이 중요하다. 그러나 사적이익 추구와 같은 경영자 대리인 문제가 발생하여 적정수준 대비 많은 인력이 고용되기도 하고, 경영자의 위험회피 성향으로 인해 신규채용 없이적정수준보다 적은 인력이 업무에 투입되기도 한다. 본 연구에서는 사회공헌활동 기업의 정보투명성이우수하다는 선행연구에 기초하여, 사회공헌활동 우수기업에서 노동투자가 적정수준으로 이루어지는지검증하고자 하였다. 기업별 사회공헌활동 수준은 경제실천연합 산하 경제정의연구소에서 공표하는 경제정의지수(KEJI Index)를 통해 파악하였으며, 적정 노동투자 수준은 Pinnuck and Lillis(2007)의 모형을 통해 측정하였다. 실제 노동투자 수준과 적정 노동투자 수준이 괴리를 보인다는 것은 노동투자가비효율적으로 이루어지고 있음을 의미하여, 본 연구에서는 둘 간의 차이에 절대 값을 취한 값을 노동투자비효율성으로 정의하였다. 2011년부터 2020년까지 유가증권상장기업들을 대상으로 검증한 결과, 경제정의지수(KEJI Index) 상의 사회공헌활동 우수기업에 해당하는 기업일수록 노동투자가 효율적으로 이루어지는 것을 확인하였다, 전체표본을 과대 및 과소투자 그룹으로 나눈 후 실시한 분석에서도 기업의 사회공헌활동 수준은 비효율적인 노동투자와 유의한 음(-)의 관계를 나타냈다. 해당 결과는 사회공헌활동에 적극적으로 임하는 기업의 우수한 정보환경이 기업 내외부간 정보비대칭을 완화하고 경영자에 의한 기회주의적 의사결정을 통제하여 노동투자비효율성을 유의하게 낮추는 역할을 하는 것을 의미한다. 추가분석으로 정보비대칭 상황 하에서 사회공헌활동 우수기업의 노동투자효율성을 살펴본 결과, 정보비대칭이 높은 상황일수록 유의한 음(-)의 관계가 존재하는 것으로 나타났다. 아울러, 연구결과의 강건성을 위해 내생성을 통제한 2단계 분석을 실시하였고, 주요 분석 결과와 일치하는 결과를 확인하였다. 본 연구는 이해관계자를 고려한 사회공헌활동 실시에 적극적인 기업들의 노동투자 효율성을 점검함으로써 인력투자에 영향을 미치는 요인들을 점검해온 선행연구들을 확장하고자 하였다. 본 연구의 결과는 기업경쟁력에 직결되어 있는 인력 투자의 경우, 정보비대칭 수준에 따라 투자의 효율성이 좌우될 수 있음을 시사하며, 향후 노동투자정책안 마련 시 근거자료로 활용될 수 있다.
Abstract
This paper examines the relationship between the level of corporate social responsibility activities and labor investment efficiency. As it is difficult to immediately reduce the number of employees after hiring and labor costs are incurred continuously, firms should manage the investment at an appropriate level. However, agency problems such as pursuit of private interest may lead to over-hiring of employees, and the risk aversion of managers may result in under-hiring of employees. This study investigates whether firms with excellent social contribution activities show efficiency in labor investment as prior studies have documented that corporate social responsibility leads to higher information transparency. The level of corporate social responsibility activities are measured using KEJI Index, and the labor investment efficiency is computed using models developed by Pinnuck and Lillis (2007). Larger difference between the actual level of labor investment and the appropriate level of labor investment indicates inefficieny in labor investment. Labor investment inefficiency is defined as the absolute value of the difference between the actual and appropriate level of labor investment. Using firms listed on the Korean Stock Exchange from 2011 to 2020, companies with excellent social contribution activities are involved in efficient labor investment. The level of corporate social contribution activities show a significantly negative relationship with inefficient labor investment when the sample was divided into over- and under-investment groups. The results indicate that the information environment of firms actively engaged in social contribution activities reduces information asymmetry between inside and outside stakeholders, and controls opportunistic decision-making by managers, resulting in lower labor investment inefficiency. In additional analysis, the negative relationship between active social contribution activities and labor investment inefficiency was stronger for firms with higher information asymmetry. In addition, a two-stage regression analysis was performed to control endogeneity for robustness test and the results were consistent with the main analysis results. This study intends to expand the previous studies that have investigated factors affecting human capital investment by examining whether firms that are active in social contribution activities engage in efficient labor investment. The results of this study suggests that as labor investment is directly related to corporate competitiveness, information asymmetry may affect the investment efficiency. Further, the results can be used as a basis for future labor investment policies.
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