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CEO 재임 기간이 기업의 사회적 책임 활동(CSR)에 미치는 영향에 대한 연구

A Study on the Effects of CEO Tenure on Firm CSR Activities

서정일|김정훈
한국윤리경영학회 (The Korea Academy Of Business Ethics)|2021.07|윤리경영연구 (Korean Journal of Business Ethics)|제21권 제1호|pp. 57-79|DOI 10.34273/kjbe.2021.21.1.003

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전략적 CSRCEO tenureCEO 재임 기간방어적 CSRstrategic CSRdefensive CSR

초록

CEO 재임 기간은 CEO의 특성과 전략적 의사결정 간 관계를 살펴보는 최고경영층 연구에서 가장 많은 주목을 받은 변수 중 하나이지만, CSR 연구에서는 그동안 주목받지 않은 변수이다. 본 연구는 기업의 CSR 활동을 전략적 CSR과 방어적 CSR로 구분하여, CEO 재임 기간과 기업의 CSR 활동 간 관계를 살펴보았다. 보다 구체적으로, 본 연구는 재임 기간이 짧은 CEO는 기업성과 향상을 목적으로 하는 장기적인 투자의 관점에서 전략적 CSR을 증가시키는 반면, 현상 유지에 보다 관심이 많은 재임 기간이 긴 CEO는 기업의 위험을 감소시키는 목적의 방어적 CSR에보다 관심을 가질 것임을 주장하였다. 2017-2019년 기간 동안 경제정의지수(KEJI 지수) 값이 존재하는 상장기업을 대상으로 한 실증분석 결과는 CEO 재임 기간이 증가할수록 전략적 CSR은 감소하고, 방어적 CSR은 증가할 것이라는 우리의 가설을 지지하였다. 또한, CEO의 기업 내 영향력을 나타내는 CEO duality 변수가 CEO 재임 기간과 방어적 CSR 사이의 관계를 강화하고 있음을 발견하였다. 본 연구는 CEO 재임 기간이 기업의 CSR 활동의 중요한 선행변수이며, 전략적 CSR과 방어적 CSR에 상이한 영향을 미치고 있음을 발견하였다는 점에서 중요한 이론적･실증적 시사점을 가진다.

Abstract

This study examines the relationship between CEO tenure and firm CSR activities. CEO tenure is one of the most widely studied variables in Upper Echelon research that examined the relationship between CEO characteristics and strategic decision making. However, CSR research has yet examined the effects of CEO tenure on CSR activities. We divide firm CSR activities into strategic CSR and defensive CSR, and argue that short-tenured CEOs increase strategic CSR from a strategic investment perspective in order to improve long-term performance, while long-tenured CEOs who are more interested in maintaining the status quo increase defensive CSR to reduce firm risk. Using data from firms listed on the Korea Economic Justice Institute (KEJI) Index during the period of 2017-2019, we found that as the length of CEO tenure increases, strategic CSR decreases while defensive CSR increases. In addition, we found that the CEO duality variable, which represents CEO power within a firm, strengthens the relationship between CEO tenure and a firm’s defensive CSR activities. This study found that CEO tenure has different effects on the two types of CSR activities, and thus demonstrated that CEO tenure is an important determinant of a firm’s CSR activities.

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