한국기업의 가족통제와 ESG경영성과:사회감성적 부(SEW)이론 관점에서 가족통제와 지배가족 경영참여 영향분석
The Effects of Family Control on ESG Performance in Korean Firms: An Analysis of Family Control and Family’s Management Involvement from the Perspective of the Socioemotional Wealth (SEW) Theory
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초록
본 연구에서는 사회감성적 부(SEW)이론 관점에서 한국기업의 가족통제와 지배가족 경영참여가 ESG경영성과에 미치는 영향을 분석하였다. 분석기간은 한국ESG기준원에서 등급을 평가하기 시작한 2011년부터 2022년까지이다. 표본은 한국거래소 유가증권시장에 상장된 7,392개(연도-기업) 기업을 사용하였다. 분석을 위해 횡단면 자료를 시간적으로 연결한 불균형 패널자료를 형성하고, 패널로짓모형을 활용하여 분석하였다. 실증분석결과는 다음과 같다. 한국기업에서 가족통제는 환경(E), 사회(S), 지배구조(G) 영역 중에서 지배구조영역에 긍정적인 영향을 미친다는 것을 확인하였다. 가족통제기업은 관계(relationship)를 중시하고, 비경제적 가치를 추구하는 특성이 있어 환경, 사회, 지배구조 등 ESG 모든 영역에서 긍정적인 영향을 미칠 것이라는 예상과 다른 결과였다. 한국기업에서는 가족통제가 기업의 조직문화와 이사회, 장기 목표 설정 등과 같은 관리적 측면에서 지배구조를 개선하는 긍정적인 영향이 있는 것으로 이해되었다. 그렇지만 가족통제기업 중에서 지배가족 구성원이 경영에 참여하는 경우에는 ESG경영성과에 부정적인 영향을 미친다는 것을 발견하였다. 가족통제가 지배구조영역(G)에 긍정적으로 영향을 미쳤던 효과마저 사라진다는 것을 확인하였다. 한국의 가족통제기업에서 지배가족 구성원이 경영에 참여는 경우에는 관계 중시가 과도하게 강조되고, 경제적 성과를 추구하는 경향을 보여 ESG경영성과에 부정적인 영향을 미치는 것으로 이해되었다.
Abstract
This study analyzed the impact of family control on ESG performance in Korean firms. It was confirmed that family control in Korean companies has a positive impact on governance (G) among E, S, and G. Family-controlled companies have the characteristics of emphasizing relationships and pursuing non-economic values, so it was understood that there is a positive impact on improving governance in management aspects such as the company's organizational culture, board of directors, and long-term goal setting. However, it was found that in family-controlled companies, when the controling family member involve in management, it has a negative impact on ESG performance. It was confirmed that even the effect of family control positively affecting governance (G) disappeared. In family control firms, it was understood that excessive relationship-oriented culture had a negative impact on ESG performance. In other words, it was understood that family members' involvement in management considering only family relations rather than objective abilities and family members' participation in management with different purposes are more likely to cause conflicts of interest such as power struggles or pursuit of private benefits among family members, which negatively affects them.
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