본문 바로가기
KERD
논문KCI 등재

International Aspects of Corporate Governance and Corporate Social Performance of Chinese Listed Firms: Moderating Effect of Organizational Slack

최순규|백유진|박영렬|Yiling Piao
한국국제경영학회 (Korean Academy of International Business)|2018.08|국제경영연구 (International Business Journal)|제29권 제3호|pp. 85-112|DOI http://dx.doi.org/10.14365/ibj.2018.29.3.4

0

조회

0

다운로드

5

인용

0

참고문헌

키워드

이사회기업지배구조국제화corporate governance중국기업Chinese listed firms여유자원organizational slack기업의 사회적 성과corporate social performance
주제분류경영학

초록

In recent years, corporate governance (CG) and corporate social responsibility (CSR) have become important issues for the survival and growth of firms. Extensive research has investigated the relationship between corporate governance (CG) and corporate social performance (CSP). However, despite the significant contributions, there has been a lack of understanding of how governance structures affect social performance in non-western context; most of studies only focus on the contexts of US- or European-based firms. This study attempts to fill the void and answers the questions of (1) how CG internationalization (international experience of board members and foreign ownership) affect corporate social performance (CSP) and (2) how organizational slack (absorbed and unabsorbed) moderates these relationships. Based on a sample of 259 Chinese listed firms, our results show that international experience of board members and foreign ownership have positive effects on CSP. We also found that organizational slack negatively moderates these relationships.

Abstract

In recent years, corporate governance (CG) and corporate social responsibility (CSR) have become important issues for the survival and growth of firms. Extensive research has investigated the relationship between corporate governance (CG) and corporate social performance (CSP). However, despite the significant contributions, there has been a lack of understanding of how governance structures affect social performance in non-western context; most of studies only focus on the contexts of US- or European-based firms. This study attempts to fill the void and answers the questions of (1) how CG internationalization (international experience of board members and foreign ownership) affect corporate social performance (CSP) and (2) how organizational slack (absorbed and unabsorbed) moderates these relationships. Based on a sample of 259 Chinese listed firms, our results show that international experience of board members and foreign ownership have positive effects on CSP. We also found that organizational slack negatively moderates these relationships.

참고문헌 (86)

  1. Allouche, J, "A Meta-Analytical Investigation of the Relationship between Corporate Social and Financial Performance", Revue de Gestion des Ressources Humaines, 57(1), pp.8~41 (2005)
  2. Autio, E, "Effects of Age at Entry, Knowledge Intensity, and Imitability on International Growth", Academy of Management Journal, 43(5), pp.909~924 (2000)
  3. Bai, G, "Do Board Size and Occupational Background of Directors Influence Social Performance in For-Profit and Non-Profit Organizations? Evidence from California Hospitals", Journal of Business Ethics, 118(1), pp.171~187 (2013)
  4. Baker, T, "Creating Something from Nothing: Resource Construction through Entrepreneurial Bricolage", Administrative Science Quarterly, 50(3), pp.329~366 (2005)
  5. Bansal, P, "Evolving Sustainably : A Longitudinal Study of Corporate Sustainable", Strategic Management Journal, 26(3), pp.197~218 (2005)
  6. Bartukus, B, "Governance and Corporate Philanthropy:Restraining Robin Hood", Business & Society, 41(3), pp.319~344 (2002)
  7. Bear, S, "The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation", Journal of Business Ethics, 97(2), pp.207~221 (2010)
  8. Boeker, W, "Organizational Performance and Adaptation : Effects of Environment and Performance on Changes in Board Composition", Academy of Management Journal, 34(4), pp.805~826 (1991)
  9. Boulouta, I, "Hidden Connections : The Link Between Board Gender Diversity and Corporate Social Performance", Journal of Business Ethics, 113(2), pp.185~197 (2013)
  10. Bourgeois, L. J, "On the Measurement of Organizational Slack", Academy of Management Review, 6(1), pp.29~39 (1981)
  11. Boyd, B, "Corporate Linkages and Organizational Environment: A Test of The Resource Dependence Model", Strategic Management Journal, 11(6), pp.419~430 (1990)
  12. Brian, L. C, "Ownership as Form of Corporate Governance", Journal of Management Studies, 47(8), pp.1561~1589 (2010)
  13. Bromiley, P, "Testing a Causal Model of Corporate Risk Taking and Performance", Academy of Management Journal, 34(1), pp.37~59 (1991)
  14. Cadbury, S. A, "The Corporate Governance Agenda", Corporate Governance : An International Review, 8(1), pp.7~15 (2000)
  15. Chang, Y. K, "Exploring the relationship between board characteristics and CSR : Empirical Evidence from Korea", Journal of Business Ethics, 140(2), pp.225~242 (2017)
  16. Chapple, W, "Corporate Social Responsibility(CSR)in Asia : A Seven-Country Study of CSR Web Site Reporting", Business & Society, 44(4), pp.415~441 (2005)
  17. Cheng, B, "Corporate Social Responsibility and Access to Finance", Strategic Management Journal, 35(1), pp.1~23 (2014)
  18. Cheng, J. L, "Organizational Slack and Response to Environmental Shifts : The Impact of Resource Allocation Patterns", Journal of Management, 23(1), pp.1~18 (1997)
  19. "China Approves 7 More RQFII, QFII Investors" (2015)[URL]
  20. 조영곤, "외국인주주와 기업의 연구개발투자", 국제경영연구, 17(4), pp.127~156 (2006), 한국국제경영학회
  21. Coffey, B. S, "Board Diversity and Managerial Control as Predictors of Corporate Social Performance", Journal of Business Ethics, 17(14), pp.1595~1603 (1998)
  22. Combs, J. G, "Explaining Interfirm Cooperation and Performance : Toward a Reconciliation of Predictions from the Resource-Based View and Organizational Economies", Strategic Management Journal, 20(9), pp.867~888 (1999)
  23. Cooper, A. C, "Entrepreneurs' Perceived Chances for Success", Journal of Business Venturing, 3(2), pp.97~108 (1988)
  24. Cox, P, "An Empirical Examination of Institutional Investor Preferences For Corporate Social Performance", Journal of Business Ethics, 52(1), pp.27~43 (2004)
  25. Cyert, R. M, "A Behavioral Theory of The Firm", pp.169~187 (1963)
  26. Daily, C. M, "Corporate Governance: Decades of Dialogue and Data", Academy of Management Review, 28(3), pp.371~382 (2003)
  27. Dalton, D, "Meta-Analytic Review of Board Composition, Leadership Structure And Financial Performance", Strategic Management Journal, 19(3), pp.269~290 (1998)
  28. Davis, G. F, "Business Ties and Proxy Voting by Mutual Funds", Journal of Financial Economics, 85(2), pp.552~570 (2007)
  29. Delios, A, "Geographic Scope, Product Diversification, and the Corporate Performance of Japanese Firms", Strategic Management Journal, 20(8), pp.711~727 (1999)
  30. Eisenhardt, K. M, "Agency Theory: An Assessment and Review", Academy of Management Review, 14(1), pp.57~74 (1989)
  31. Falck, O, "Corporate Social Responsibility : Doing Well by Doing Good", Business Horizons, 50(3), pp.247~254 (2007)
  32. Fama, E. F, "Separation of Ownership and Control", Journal of Law and Economics, 26(2), pp.301~325 (1983)
  33. Galbreath, J, "When Do Board and Management Resources Complement Each Other? A Study of Effects on Corporate Social Responsibility", Journal of Business Ethics, 136(2), pp.281~292 (2016)
  34. George, G, "Slack Resources and the Performance of Privately Held Firms", Academy of Management Journal, 48(4), pp.661~676 (2005)
  35. Grinblatt, M, "The Investment Behavior and Performance of Various Investor-Types : A Study of Finland’s Unique Data Set", Journal of Financial Economics, 55(1), pp.43~67 (2000)
  36. Gujarati, D, "Basic Econometrics" (1995), McGraw-Hill
  37. Haleblian, J, "Top Management Team Size, CEO Dominance, and Firm Performance: The Moderating Roles of Environmental Turbulence and Discretion", Academy of Management Journal, 36(4), pp.844~863 (1993)
  38. Hambrick, D. C, "The Influence of Top Management Team Heterogeneity on Firms’ Competitive Moves", Administrative Science Quarterly, 41(4), pp.659~684 (1996)
  39. Hillman, A. J, "Boards of Directors and Firm Performance : Integrating Agency and Resource Dependence Perspectives", Academy of Management Review, 28(3), pp.383~396 (2003)
  40. Hillman, A. J, "Board Composition and Stakeholder Performance: Do Stakeholder Directors Make a Difference", Business and Society, 40(3), pp.295~314 (2001)
  41. Hsu, W. T, "Internationalization and Firm Performance of SMEs: The Moderating Effects of CEO Attributes", Journal of World Business, 48(1), pp.1~12 (2013)
  42. Hu, H. W, "Internal Governance Mechanisms and Firm Performance in China", Asia Pacific Journal of Management, 27(4), pp.727~749 (2010)
  43. Jensen, M. C, "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems", Journal of Finance, 48(3), pp.831~880 (1993)
  44. Jeon, B. N, "Do Foreign Banks Increase Competition? Evidence from Emerging Asian and Latin American Banking Markets", Journal of Banking & Finance, 35(4), pp.856~875 (2011)
  45. Jia, M, "Critical Mass of Women on Bods, Multiple Identities, and Corporate Philanthropic Disaster Response: Evidence from Privately Owned Chinese Firms", Journal of Business Ethics, 118(2), pp.303~317 (2013)
  46. Jo, H, "The Causal Effect of Corporate Governance on Corporate Social Responsibility", Journal of Business Ethics, 106(1), pp.53~72 (2012)
  47. Johnson, R. A, "The Effect of Corporate Governance and Institutional Ownership Types of Corporate Social Performance", Academy of Management Journal, 42(5), pp.564~576 (1999)
  48. Ju, M, "Behind Organizational Slack And Firm Performance in China : The Moderating Roles of Ownership and Competitive Intensity", Asia Pacific Journal of Management, 26(4), pp.701~717 (2009)
  49. Jung, Y. K, "The Monitoring Power of Foreign Ownership on Corporate Social Responsibility : Evidence from Korea", Paper presented at Fall conference of Korea Association Computer and Accounting, 11, pp.57~94 (2010)
  50. Klotz, A. C, "New Venture Teams : A Review of the Literature and Roadmap for Future Research", Journal of Management, 40(1), pp.226~255 (2014)
  51. Kraatz, M. S, "How Resources Affect Strategic Change and Performance in Turbulent Environments", Organization Science, 12(5), pp.632~657 (2001)
  52. Lau, C, "Corporate Social Responsibility in China: A Corporate Governance Approach", Journal of Business Ethics, 136(1), pp.73~87 (2016)
  53. Leibenstein, H, "Organizational or Frictional Equilibria, X-Efficiency, and the Rate of Innovation", Quarterly Journal of Economics, 83(4), pp.600~623 (1969)
  54. Levy, O, "What We Talk about When We Talk about"Global Mindset" : Managerial Cognition in Multinational Corporations", Journal of International Business Studies, 38(2), pp.231~258 (2007)
  55. Li, Q, "Firm Performance, Corporate Ownership and Corporate Social Responsibility Disclosure in China", Business Ethics : A European Review, 22(2), pp.159~173 (2013)
  56. Li, W, "Corporate Social Responsibility, Ownership Structure and Political Interference : Evidence From China", Journal of Business Ethics, 96(4), pp.631~645 (2010)
  57. Lin, W. -T, "Organizational Slack and Firms Inter-Nationalization : A Longitudinal Study of High-Technology Firms", Journal of World Business, 44(4), pp.397~406 (2009)
  58. Love, G. E, "Reducing Slack : The Performance Consequences of Downsizing by Large Industrial Firms 1997-1993", Strategic Management Journal, 26(12), pp.1087~1108 (2005)
  59. Luo, X. M, "The Debate Over Doing Good : Corporate Social Performance, Strategic Marketing Levers, and Firm-Idiosyncratic Risk", Journal of Marketing, 73(6), pp.198~213 (2009)
  60. Luo, X. W, "How Do Corporate Governance Model Differences Affect Foreign Direct Investment in Emerging Economies", Journal of International Business Studies, 40(3), pp.444~467 (2009)
  61. Luo, Y. D, "How Does Globalization Affect Corporate Governance and Accountability? A Perspective From MNEs", Journal of International Management, 11(1), pp.19~41 (2005)
  62. Masulis, R. W, "Corporate Governance and Acquirer Returns", The Journal of Finance, 62(4), pp.1851~1889 (2007)
  63. Mosakowski, E, "Strategic Entrepreneurship: Creating an Integrated Mindset, Strategic Management Series", pp.106~126 (2002), Blackwell
  64. Nohria, N, "Is Slack Good or Bad For Innovation", Academy of Management Journal, 39(5), pp.1245~1264 (1996)
  65. OECD, "OECD Principles of Corporate Governance" (1999), OECD Publications Service
  66. Oh, W. Y, "The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea", Journal of Business Ethics, 104(2), pp.283~297 (2011)
  67. Oxelheim, L, "The Impact of Foreign Board Membership on Firm Value", Journal of Banking & Finance, 27(12), pp.2369~2392 (2003)
  68. Globalization of Monitoring Practices: The Case of American Influences on the Dismissal Risk of European CEOs, "Oxelheim, L", Research Institute of Industrial Economics, ~, pp.Working Paper Series, 958 (2013)
  69. Oxelheim, L, "On The Internationalization of Corporate Boards: The Case of Nordic Firms", Journal of International Business Studies, 44(3), pp.173~194 (2013)
  70. 박용석, "Drivers of Korean Export Behavior: The Influence of the Korean Governance Structure and Outside Directors", 국제경영연구, 23(1), pp.75~100 (2012), 한국국제경영학회
  71. Pfeffer, J, "Size And Composition of Corporate Boards of Directors: The Organization and Its Environment", Administrative Science Quarterly, 17(2), pp.218~228 (1972)
  72. Pfeffer, J, "The External Control of Organizations: A Resource Dependence Perspective" (1978), Harper and Row
  73. "Qualified Foreign Institutional Investors (QFII) Brochure" (2012)[URL]
  74. Reuber A. R, "The Influence of the Management Team’s International Experience on the Internationalization Behaviors of SMEs", Journal of International Business Studies, 28(4), pp.807~825 (1997)
  75. Sharfman, M. P, "Antecedents of Slack Resources", Academy of Management Review, 13(4), pp.601~614 (1988)
  76. Singh, J. V, "Performance, Slack and Risk-Taking in Organizational Decision Making", Academy of Management Journal, 29(3), pp.562~585 (1986)
  77. Starr, J. E, "Resource Cooptation via Social Contracting:Resource Acquisition Strategies for New Ventures", Strategic Management Journal, 11(1), pp.79~92 (1990)
  78. Su, Z, "Organizational Slack and Firm Performance During Institutional Transitions", Asia Pacific Journal of Management, 26(1), pp.75~91 (2009)
  79. Tan, J, "Organizational Slack and Firm Performance During Economic Transitions: Two Studies from an Emerging Economy", Strategic Management Journal, 24(13), pp.1249~1264 (2003)
  80. Thompson, J, "Organizations in Action" (1967), McGraw-Hill
  81. Voss, G. B, "The Effects of Slack Resources and Environmental Threat on Product Exploration and Exploitation", Academy of Management Journal, 51(1), pp.147~164 (2008)
  82. Waddock, S. A, "The Corporate Social Performance-Financial Performance Link", Strategic Management Journal, 18(4), pp.303~319 (1997)
  83. Williamson, O. E, "Managerial Discretion and Business Behavior", American Economic Review, 53(5), pp.1032~1055 (1963)
  84. Ownership Structure, Corporate Governance and Corporate Performance: The Case of Chinese Stock Companies, "Xu, X. N", World Bank Publications, ~, pp.Working Paper, vol. 1794 (1997)
  85. 양영수, "사외이사의 해외경험과 사회적 자본이 해외직접투자 규모에 미치는 영향", 국제경영연구, 25(2), pp.87~116 (2014), 한국국제경영학회[DOI]
  86. Yoshikawa, T, "The Impact of Firm Strategy and Foreign Ownership on Executive Bonus Compensation in Japanese Firms", Journal of Business Research, 63(11), pp.1254~1260 (2010)

관련 논문AI추천

Corporate Governance and Firm Value: The Impact of Chinese Companies’ Corporate Social Responsibility김동순, 여은정, 장영애서울대학교행정대학원 · Journal of Policy Studies2017 · 제32권 제2호Corporate Governance Structure and International Performance: A Focus on the Impact of Foreign Board Membership and Foreign Shareholders박정민, 빅토리아 나자르축한국국제경영학회 · 국제경영연구2017 · 제28권 제2호Corporate Social Responsibility and Firm Performance: the Moderating Role of Top Management Team Characteristics and Heterogeneity변혜영, La-Mei Meng경영경제연구소 · 아태비즈니스연구2021 · 제12권 제2호The Effects of Political Ties on the Corporate Social Responsibility (CSR) Performance in China곽주영, 김미혜, 조려방한국경영사학회 · 경영사연구2021 · 제36권 제1호CSR Practices and Corporate Financial Performance: Evidence from China변혜영, La-Mei Meng경영경제연구소 · 아태비즈니스연구2022 · 제13권 제3호Does Corporate Strategy Deviance Affect ESG Performance?: Evidence from China전성일, Feng, Panpan, Fu Yagi산업개발연구소 · 산업혁신연구2024 · 제40권 제1호

이 간행물의 다른 논문 (3건)

Subsidiary Staff Composition and Repatriation of Earnings: Moderating Effects of Subsidiary Ownership and Age이승래, 김광호, JaeHong Parkpp. 1-32The Moderating Effect of Crossvergent Cultural Values on Turnover Intention in ChinaYANGYI, 박용석pp. 33-60다국적 기업 해외자회사의 현지 CSR 활동이 현지 구직자의구직 의도에 미치는 영향: 국가이미지의 조절효과를 중심으로김은미, 홍가혜pp. 61-84
원문 보기