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CEO의 유형(전문CEO vs. 가족CEO)이 ESG 평가에 미치는 영향: 재무적 성과와 CEO 교체 주기의 조절효과

CEO Type and ESG Performance : Family vs. Professional CEO

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주제분류경영학

초록

ESG에 대한 중요성이 확대되고 있는 상황 속에서, 본 연구는 CEO의 유형(전문CEO vs. 가족CEO)과 그들이 직면한 상황(재무 성과, CEO 교체 주기)이 기업의 ESG평가에 미치는영향에 대해 파악하는 것을 목적으로 한다. 2014 - 2020년 기간의 735개 유가증권시장 상장기업을 대상으로 실증분석을 수행한 결과, 전문CEO는 평판 관리의 중요성으로 인해 기업의사회적 활동에 보다 적극적인 모습을 보여 그들이 이끄는 기업은 가족CEO가 이끄는 기업보다 높은 ESG 평가를 받는다는 것을 알 수 있었다. 그리고 이러한 양의 영향은 기업의 이전재무 성과가 좋고 CEO 교체 주기가 짧을 때, 더욱 강해지는 것으로 나타났다. 본 연구는 최근 연구의 필요성이 강조되고 있는 미국 외 국가인 한국 기업을 대상으로 ESG의 선행요인을 제시한다는 점에서 학문적 의미를 가진다.

Abstract

Given the growing interest in ESG, this study aims to understand the impact of CEO type (family CEO vs. professional CEO) and the contextual background they face on firms’ level of ESG. Based on an empirical analysis employing a sample of 735 publicly-listed firms in the Korean Stock Exchange between 2014 and 2020, we find that firms with professional CEOs receive a higher level of ESG rating compared to firms with family CEOs. This suggests that professional CEOs actively engage in socially responsible initiatives due to their receptiveness to new management practices and the importance of reputation management. In addition, the positive relationship between professional CEOs and firms’ ESG rating strengthens when firms’ financial performance is high and when CEO turnover is more frequent. This study contributes to the existing literature on antecedents to firms’ level of ESG ratings.

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