CEO의 특성이 ESG 성과에 미치는 영향에 관한 문헌연구
The Effect of CEO Characteristics on ESG Performance: A Literature Review
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본 연구에서는 CEO의 특성이 기업의 중요한 전략적 의사결정 중 하나인 ESG 성과에 유의미한 영향을 미칠 수 있음을 가정하고, CEO의 다양한 특성과 환경(E), 사회(S), 지배구조(G) 간의 관계성을 종합적으로 규명하고자 하였다. 기존 연구들은 CEO의 특성과 환경, 사회, 지배구조의 개별 성과 간의 관계를 파편적으로만 검증하였기 때문에, ‘ESG 성과’라는 복합개념 하에서 각 단편적 연구 결과들을 통합적으로 이해하려는 시도가 부족하였다. 따라서 본 연구에서는 지난 30년 가까이(1994년~2021년) 개별적으로 진행되어온 CEO 특성과 ESG 성과 간의 관계에 주목한 실증 연구 73편을 다각도로 분석하였으며, 이를 통해 ESG 경영에 관한 CEO 특성의 영향력을 살펴보고자 하였다. 구체적으로, CEO의 특성을 세 가지로 유형화(CEO의 개인적, 경력적, 지위적 특성)하여 선행 연구를 분석하였다. 총 36개의 이론과 41개의 측정방법이 활용된 선행연구를 분석한 결과, CEO의 특성이 ESG 성과에 미치는 영향 관계에 있어서 일관성이 관찰되었는데, CEO의 성별(여성), 교육수준, 이념 성향(진보주의), 장기적 보상 등은 ESG 성과에 긍정적인 영향을 미치는 반면, 성별(남성), 연령, 겸직, 그리고 단기적 보상 등은 ESG 성과에 부정적인 영향을 미치는 것으로 나타났다. 그 밖에 다른 CEO 특성 변수(재임기간, 전공, 지분율 등)들은 ESG 성과에 혼재된 영향 관계를 보여주고 있음을 파악하였다. 따라서 향후 연구에서 이러한 CEO 특성과 ESG 성과와의 관계 분석에 기반하여 보다 체계적인 ESG 연구의 기초자료로 활용되기를 기대한다.
Abstract
With the assumption that CEOs likely serve a critical role in ESG performance, this study conducts a comprehensive review of the issue by exploring the relationships between various CEO characteristics and environmental (E), social (S), and governance (G) performance. Since previous work has investigated these relationships separately and partially, it is not clear how the results of this existing research should be integrated under the umbrella concept of ESG. This review analyzes 75 empirical studies which focus on the relationships between CEOs' characteristics (i.e., personal, career, and role characteristics) and ESG performance, which were conducted over the course of approximately 30 years (1994-2021). We identified a total of 36 theoretical approaches to accounting for ESG in these studies, and 41 different forms of measurement of it, and we observed several consistent patterns in our findings. We found that CEOs' gender (when female), educational level, liberal political orientation, and long-term compensation had a positive effect on ESG performance, while CEOs' gender (when male), age, duality, and short-term compensation had a negative effect. Other variables (length of tenure, academic major, and company ownership) had a mixed effect on ESG performance. The contribution this study and its implications are discussed.
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