기업의 소유구조와 선택적 CSR에 대한 연구
Corporate Ownership Structure and Selective CSR
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기업의 사회적 책임 활동은 기업을 둘러싼 이해관계자 사이의 갈등 해결 관점에서 등장하였으나, 건전한 지배구조가 부재한 기업에서 CSR은 주주 간 갈등을 유발할 수 있다. 본 연구는 기업의 소유지배구조에 따라 지배주주가 사익 추구 과정의 일환으로 CSR을 선별적으로 수행할 가능성에 주목하고 이를 분석한다. 이를 위해 본 연구는 총 67개 대규모 기업집단소속 297개 기업을 대상으로 지배주주 지분율, 총수 2세 지분율, 지배주주 일가의 지분율, 그리고 소유지배괴리도를 활용하여 기업의 소유구조가 CSR에 어떠한 영향을 미치는지 검증하였다. 실증분석 결과, 기업집단 소속 기업의 지배주주 지분율이 높을수록 기업은 CSR을 적극적으로 수행하였고, 총수 2세 지분율이 높을수록 CSR은 약화되었다. 또한 소유지배괴리도가높을수록 CSR은 약화되는 것으로 나타났다. 소유구조의 영향은 CSR 뿐 아니라 환경, 사회적 책임, 기업지배구조를 모두 포함한 ESG를 대상으로 하였을 때 역시 일관되게 나타났다. 본 결과는 기업집단 내 지배주주가 CSR을 통해 선량한 시민(“a good citizen”)으로서의비금전적 효용을 추구하는 한편, 총수 2세 지분율이 높거나, 계열사를 통한 지배력이 높은경우 CSR은 오히려 위축됨을 실증하였다. 이는 기업집단 내 비금전적 효용에 대한 자원 배분이 선택적으로 이루어지고 있으며, 기업집단 내 비금전적 효용에 대한 터널링이 나타날 가능성이 있음을 시사한다.
Abstract
While corporate social responsibility has emerged to resolve conflicts among diverse stakeholders, CSR activities may lead to shareholder conflicts in the absence of sound corporate governance. This study seeks to explore the possibility for controlling shareholders to take advantage of CSR activities from the perspective of agency theory. It is likely that controlling shareholders of Korean large business groups selectively undertake CSR activities, depending on the firms’ ownership and governance structure. Using longitudinal data from 297 firms in Korean large business groups, the study analyzes the impact of ownership variables such as controlling shareholders’ ownership, second generations’ ownership, ownership of controlling shareholders and their relatives, and control-ownership disparity on CSR activities. The study found that controlling shareholders’ ownership was positively related to CSR activities. The ownership of second generations and control-ownership disparity, however, was negatively related to CSR activities. The impact of ownership structure also remained consistent with ESG activities. Controlling shareholders pursue the non-pecuniary benefits of "being a good citizen" through CSR activities of the firms with high ownership, while firms with high second-generation shareholdings and firms with high control through affiliates are less likely to engage in CSR activities, implying the possibility of tunneling non-pecuniary benefits within Korean large business groups.
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