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CEO의 위험회피 성향과 기업의 이산화탄소 배출량: 이사회 특성의 조절 효과를 중심으로

CEO Risk-Aversion and Carbon Dioxide Emission: The Role of Board Characteristics

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주제분류경영학

초록

이산화탄소 배출량 감소는 최근 기업의 중요한 화두 중 하나로, 다수의 기업에게 환경 문제 해결을 위한 활동은 더 이상 선택이 아닌 필수적인 활동으로 여겨지고 있다. 이와 관련해서, 선행 연구들은 기업 내 · 외부적 압력을 이산화탄소 배출량에 영향을 주는 주요 요인으로 보고하고 있다. 한편, CEO의 특성을 선행요인으로 주목한 연구는 상대적으로 드물게 이루어졌다. 이를 바탕으로, 본 연구는 CEO의 특성 중에서 위험회피 성향에 주목하였다. 구체적으로 CEO의 보상 구조를 바탕으로 위험회피 성향을 측정하여, 위험회피 성향과 이산화탄소 배출량 간의 관계를 살펴보았다. 또한 이러한 관계에서 이사회의 특성이 CEO의 위험회피 성향과 어떠한 상호작용을 하는지 분석하였다. 이를 검증하기 위해, 2011년부터 2021년까지, 1,226개(기업-연도)의 미국 기업을 대상으로 FGLS 분석을 진행하였다. 실증 분석 결과, CEO 위험회피 성향은 기업 이산화탄소 배출량에 긍정적인 영향을 주는 것으로 나타났다. 또한, 이러한 관계는 사외이사 비중이 높을수록, 그리고 이사회 규모가 클수록 더욱 약화되는 것을 발견하였다. 본 연구는 CEO의 위험회피 성향을 통해 탄소 저감에 유리한 CEO의 보상구조를 확인하고 나아가 이사회 특성의 조합을 조명하였다는 데에 기여점이 있다.

Abstract

Reducing carbon dioxide emission has been an important global agenda, and for most firms, activities to solve environmental problems such as reducing carbon dioxide emissions are no longer considered optional, but essential activities. Prior studies have reported that firms’ inside and outside pressures as antecedents of reducing carbon dioxide emissions. However, less studies have considered CEO characteristics. This study especially focus on CEO risk-aversion propensity as an important antecedent of carbon dioxide emissions. We further examine how board characteristics such as CEO-board tenure, proportion of outside directors and board size moderate the relationship between CEO risk-aversion propensity and carbon dioxide emissions. Using a sample of 1,226 (firm-year) sample in the United States from 2011 to 2021, we find that CEO with high level of risk-aversion propensity are more likely to increase carbon dioxide emission. However, we also find that such relationship weaken when proportion of outside directors and board size increase.

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