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최고경영자의 교체가 기업의 사회적 책임활동에 미치는 영향에 대한 연구

CEO Change and Corporate Social Responsibility

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주제분류경영학

초록

본 연구는 최고경영자의 교체가 기업의 사회적 책임활동에 미치는 영향을 살펴보았다. 구체적으로 우리는 가족경영자와 전문경영자가 기업의 사회적 책임활동과 관련하여 가지는 동기의 차이와 최고경영자 교체의 사회적 정당성 문제에 주목하여, (1) 최고경영자가 전문경영자에서 가족경영자로 교체되는 경우에 기업의 기부금 지출 변화가 가장 크게 증가하며, (2) 이러한 경향은 최고경영자 교체 이전 성과가 낮을수록, 그리고 기업의 외국인 투자자 지분율이 높을수록 보다 강화될 것임을 주장하였다. 2003년부터 2011년까지 국내 코스닥 상장 제조업체 중 최고경영자의 교체가 발생한 171건의 사례를 대상으로 한 실증분석 결과는 우리의 가설을 모두 지지하였다. 본 논문은 최고경영자 교체가 기업의 사회적 책임활동 변화의 중요한 선행변수가 될 수 있음을 이론적․실증적으로 검증함으로써, 최고경영자 교체 연구와 기업의 사회적 책임활동 연구를 연결하는 새로운 이론적 시각을 통해 두 연구가 새로운 방향으로 확장될 수 있는 가능성을 제시하였다는 점에서 중요한 시사점을 가진다.

Abstract

This study examines whether and how CEO change affects the firm’s corporate social responsibility (CSR) activities. Specifically, our study focuses on the difference between family CEO and professional CEO regarding their motivation for CSR activity. We argue that when professional CEO is replaced by family CEO, firm’s corporate giving will increase most, compared to other types of CEO changes. We also argue that this tendency will be greater when prior firms performance is low and/or when foreign investor ownership is high. Using data on CEO changes at Korean manufacturing firms listed in KOSDAQ from 2003 to 2011, we find supports for our theory. Our study finds that the type of CEO changes can be an important determinant of changes in firms’ CSR activities. We believe our study makes an important contribution to both CEO succession and CSR literatures, by integrating the two literatures and providing a novel perspective to expand current literatures in important ways.

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