CEO의 평판 관리에 대한 인센티브와 기업의 사회적 책임에 대한 연구
CEO's Incentive to Manage Reputation and Corporate Social Responsibility(CSR): Evidence from Korea
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본 논문은 CEO의 평판 관리에 대한 인센티브가 기업의 CSR 활동에 어떠한 영향을 주는지 확인하고, 이러한 인센티브에 기인된 CSR 활동이 기업가치 및 단기 실적에 미치는 영향에 대해 분석하였다. 기업의 CEO들은 비금전적 효익 혹은 본인의 경력 관리를 위해 평판을 관리할 인센티브가 있으며, 평판 관리를 위한 수단으로 CSR을 이용할 가능성이 존재한다. 따라서 이러한 CEO들은 기업가치보다는 본인의 이익을 위한 용도로 CSR을 이용할 수 있다. 2005년부터 2010년까지 6년간 국내 제조업체들을 대상으로 평판 관리에 대한 CEO의 인센티브와 기업의 CSR 간에 정(＋)의 관계가 있음을 확인하였다. 또한 이러한 인센티브는 비가족경영자의 경우 CSR을 추가적으로 증가시키는 효과가 있었으며, CSR을 통해 기업가치가 증가 대신 오히려 CSR 활동이 기업가치에 유의하게 부정적인 영향을 줄 수 있음을 확인하였다. 본 연구는 기업의 사회적 책임 활동이 오히려 CEO의 사적이익을 위한 하나의 수단으로 사용될 수도 있음을 시사한다는 점에서 의미를 갖는다.
Abstract
CEO has incentive to manage their reputation from either private benefits of control or career concern. We examine whether CEO's incentive to manage their reputation can affect CSR activity of the firm they manage. Further, we explore the effect of CSR, driven by such incentive, on firm value and short-term performance. Using Korean companies from 2005 to 2010, we find significantly positive relation between CEO's incentive to manage their reputation and CSR activities after controlling governance and firm characteristic variables. Non-family CEO, with greater incentive for reputation management, significantly increases the CSR activities more. Further, we find that CSR does not increase firm value when CSR is made by non-family CEO with greater incentive for reputation management. Even worse, these incentive driven CSR significantly decreases firm value. We interpret the result that CSR activities could be exploited as a means to improve CEO's reputation, when the CEO has larger incentive to manage their reputation.
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