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이사회의 정치적 연관성이 CSR 활동과 선행요인 간관계에 미치는 영향에 관한 연구: 중국 기업을 중심으로

Research on the Influence of Political Connection of Board of Directors on the Relations between CSR Activities and Precedent Factors: Case Study on Chinese Enterprises

박철순|이상석|유단
한국전략경영학회 (Korean Strategic Management Society)|2016.08|전략경영연구 (Journal of Strategic Management)|제19권 제2호|pp. 63-94|DOI 10.17786/jsm.2016.19.2.004

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참고문헌

키워드

Corporate Social ResponsibilityBODFirm Age기업의 사회적 책임활동(CSR)CSR 성과Return on Assets(ROA)이사회의 정치적 연관성중국 기업 CSR기업 총자산이익률(ROA)최대 주주의 지분율Political Connection of Board of DirectorsCSR in ChinaThe Largest Shareholder Ratio
주제분류경영학

초록

본 연구는 기업의 이사회가 가지는 정치적 연관성(Political connection of Board of Directors)이기업의 사회적 책임활동(CSR) 성과와 선행 요인 간 관계에 있어 어떠한 영향을 미치는가를 살펴보기위해 2000년대 중반 이후부터 CSR에 대한 제도적․환경적 압력이 높아지고 있는 중국 내 기업들을대상으로 실증 분석을 시도한 논문이다. 상하이증권거래소에 상장되어 있는 기업들 중 2008년부터2013년까지 6년간 관찰 가능한 112개의 기업이 표본 대상이 되어, 672개의 관측치를 구성, 고정효과모형(fixed effect model)으로 분석하였다. 본 연구에서는 기업 총 자산 이익률(ROA), 최대 주주의지분율, 이사회의 정치적 연관성을 독립변수로 상정하였으며 이 중 이사회의 정치적 연관성을 조절변수로 재상정하여 상호작용 효과를 살폈다. 실증 분석 결과, 연구에서 상정된 세 가지 선행 변수 모두가CSR 성과에 유의미한 결과를 보임을 확인할 수 있었다. 단, 최대 주주의 지분율과 CSR 성과 간 관계에대한 대립 가설은 기각이 되었다. 또한, 이사회의 정치적 연관성이 기업 총 자산 이익률 (ROA)과 CSR 성과 간 정(+)의 효과를 강화하고, 최대 주주의 지분율과 CSR 성과 간 가지는 부(-)의 관계를 감소시키는효과를 보임을 검증해 냈다. 이 같은 결과는 독자적 정치, 경제 체제를 가진 중국 내 기업들을 연구함에있어 이사회의 정치적 연관성이 중요한 변수로 고려될 수 있음을 보여주는 동시에 향후 기업지배구조연구에 있어 정치적 요인이 주요한 연구 분야로 성장할 수 있음을 보여주는 결과라 판단된다.

Abstract

This research is an attempt to empirically analyze enterprises within China, undergoing increasing level of institutional, environmental pressure on CSR since mid-2000s. This is in order to examine how the political connection of board of directors influence relations between performances of CSR activities and precedent factors. Among enterprises listed on the Shanghai stock exchange, 112 companies, observable for six years ranging from 2008 to 2013, were selected as samples. With formation of 672 observed values, analysis was conducted with fixed effect model. In this research, return on assets (ROA) of enterprises, share percentage held by the largest shareholders, and political connection of board of directors were taken as independent variables. In addition, among the independent variables, political connection of board of directors was re-applied as a moderator variable to observe interaction effects. As a result of empirical analysis, it was found that all three leading variables held significant results on CSR performances. However, alternative hypothesis on relations between share percentage held by the largest shareholders and CSR performances was rejected. Furthermore, it was proved that political connection of board of directors reinforces positive correlation between ROA and CSR performances, and in turn alleviates negative correlation between share percentage held by the largest shareholders and CSR performances. Such result displays how political connection of board of directors can be considered as an important variable in studying enterprises within China, a country with a distinct political, economic system. At the same time, it can be considered as a result showing that political factors have the potential to develop as a key research area in the field of corporate governance studies.

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