기업은 왜 CSR 보고서를 발행하는가?: 주주 권익 보호정도, 제도의 변화, CSR 성과를 중심으로
What is the Intention Behind Publishing CSR Report?: Shareholder Right Protection, Regulation Force, and CSR Performance
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본 연구는 기업의 사회적 책임(CSR, Corporate Social Responsibility) 보고서의 발행결정에 기업의주주 권익 보호정도가 어떠한 영향을 미치는지에 관하여 검증하고자 하였다. 특히, 기업의 의사결정에영향을 미치는 중요한 요소인 제도적 변화와 기업의 경험요소가 이 사이의 관계에 어떤 영향을 미치는가를살펴보았다. 1996년부터 2006년까지의 미국 365개 기업에서 얻은 2,733개의 관측치를 가지고 실증분석한 결과는 다음과 같다. 기업의 주주 권익 보호정도는 CSR 보고서의 발행 확률에 부정적인 영향을미쳤다. 2002년 미국에서 제정된 주주권익보호에 대한 사베인-옥슬리(Sarbanes-Oxley, SOX) 법안을통해 제도의 변화가 기업의 주주 권익 보호정도와 CSR 보고서 발행 사이에 미치는 영향을 알아보았으나조절효과는 없는 것으로 밝혀졌다. 하지만, CSR 성과로 대표되는 기업의 경험요소는 기업의 주주 권익보호정도와 CSR 보고서 사이의 부정적인 관계를 완화시키는 것으로 나타났다. 이와 같은 연구의 결과가줄 수 있는 시사점과 한계점 및 향후 연구방향에 대하여 논의하였다.
Abstract
This study examines the effects of the level of shareholder right protection on the Corporate Social Responsibility (CSR) reporting decision. Particularly, we investigate how external regulation force (Sarbanes-Oxley Act, SOX) and internal corporate experience (CSR Performance) influence the relationship between level of shareholder right protection and choice of publishing CSR reports. We argue that the negative relationship between the level of shareholder right protection and CSR reporting becomes stronger after the related law comes into force, and such relationship becomes weaker when firm’s have higher CSR performance, which means they are likely to have more CSR experiences. Except the hypothesis regarding external regulation force, we find support for expectation in a sample of 365 large US firms between 1996 and 2006. Based on these results, the implications and future direction of this research are discussed.
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