본문 바로가기
KERD
논문KCI 등재

가족기업의 내외부적 지배구조가 기업의 사회적 성과에 미치는 영향에 관한 실증연구

Internal and External Corporate Governance and Corporate Social Performance in Family-Controlled Firms

김민아|양오석|조동성|이윤철|노태우
한국전략경영학회 (Korean Strategic Management Society)|2013.08|전략경영연구 (Journal of Strategic Management)|제16권 제2호|pp. 23-55|DOI 10.17786/jsm.2013.16.2.002

0

조회

0

다운로드

9

인용

0

참고문헌

키워드

가족기업경제정의지수KEJI index기업의 사회적 성과corporate social performanceinternal governanceexternal governance내부적 지배구조외부적 지배구조family-controlled firms
주제분류경영학

초록

경제학에 기반을 둔 대리인 이론과 심리학에 기반을 둔 청지기 이론은 가족기업을 운영하는 가족에게 나타날 수 있는 특징들을 상반되게 설명하고 있어, 가족의 경영참여와 재무성과와의 관계에 대해 결정적인 결과를 밝히지 못하고 있다. 이와 같이 대리인 비용을 중심으로 개인수준에서 최고경영자를 분석하고 다양한 재무성과로 가족기업을 평가해 왔던 가족기업에 관한 기존연구와 달리, 본 연구에서는 개인차원의 지배구조를 확장해 가족기업의 내외부적 지배구조에 따라 다르게 나타나는 기업의 사회적 성과를 살펴보고자 하였다. 기업의 사회적 성과는 2007년부터 2009년까지 한국경제정의연구소에서 발표된 경제정의지수를 이용하였다. 연구 결과 가족기업의 지배구조 중 내부적 지배구조에서는 가족의 지분율 및 지분율의 제곱항과 사회적 성과는 U자 형태의 관계를 보였으며, 외부적 지배구조에서는 사외이사의 참여정도는 유의미하지 않았지만 기관투자자의 지분율이 사회적 성과에 긍정적인 영향을 미친 것으로 나타났다. 다시 말해서, 지위(status)로 참여하는 지배구조는 가족기업의 사회적 성과에 영향을 미치지 못하는 반면 실질적인 지분을 보유하여 참여하는 소유(ownership)형 지배구조는 유의미한 결과를 보인 것으로 해석할 수 있다.

Abstract

Two contradictory perspectives, agency and stewardship theory, have emerged over the last decades in order to explain the characteristics occurred in firms that are controlled by families. To resolve these distinctive perspectives, this research endeavored to figure out whether family-controlled firms are positively related to corporate social performance (CSP) under different influences of internal- and external corporate governance. The results indicate that U-shape relationship between family’s ownership and CSP is confirmed, the curvilinear form that CSP improves as family’s ownership increases from the optimal point where the extent of CSP is the lowest. Before the optimal point, CSP decreases as family’s ownership increases. For the hypothesis on external corporate governance, in the meantime, the ownership of institutional investor is positively associated with CSP whereas the ratio of outside directors does not support the hypothesis.

참고문헌 (119)

  1. 남영호, "가족기업의 사회적 책임에 관한 연구", 대한경영학회지, 21(3), pp.1077~1107 (2008), 대한경영학회
  2. 남영호, "가족기업 IPO 장기성과에 관한 연구 : 코스닥 등록기업을 중심으로", 대한경영학회지, 20(5), pp.2121~2139 (2007), 대한경영학회
  3. 박상경, "가족기업과 대리인비용 -패널자료로부터의 근거-", 기업경영연구, 19(1), pp.185~197 (2012), 한국기업경영학회
  4. Aguilera, R. V., "Putting the S back in corporate social responsibility : A multilevel theory of social change in organizations", Academy of Management Review, 32(3), pp.836~863 (2007)
  5. Anderson, R.C., "Foundingfamily ownership and firm performance : evidence from the S&P 500", The Journal of Finance, 58(3), pp.1301~1327 (2003)
  6. Anderson, S. E., "Formal organizational initiatives and informal workplace practices : Links to work-family conflict and job-related outcomes", Journal of Management, 28(6), pp.787~810 (2002)
  7. Arregle, J. L., "The development of organizational social capital : Attributes of family firms", Journal of Management Studies, 44(1), pp.73~95 (2007)
  8. Aupperle, K. E., "An empirical examination of the relationship between corporate social responsibility and profitability", Academy of Management Journal, 28(2), pp.446~463 (1985)
  9. Baron, D. P., "Private politics, corporate social responsibility, and integrated strategy", Journal of Economics and Management Strategy, 10(1), pp.7~45 (2001)
  10. Baysinger, B. D., "Effects of board and ownership structure on corporate R&D Strategy", Academy of Management Journal, 34(1), pp.205~214 (1991)
  11. Beasley, M. S., "An empirical analysis of the relation between the board of director composition and financial statement fraud", Accounting Review, 71(4), pp.443~465 (1996)
  12. terly, "1994", 39(2)
  13. Bebchuk, L. A., "Stock pyramids, cross-ownership, and dual class equity: The mechanisms and agency costs of separating control from cash-flow rights, In Concentrated corporate ownership", pp.295~318 (2000), University of Chicago Press
  14. Becker, G. S., "A treatise on the family" (1981), Harvard University Press
  15. Belsley, D. A., "Regression diagnostics : Identifying influential data and sources of collinearity", John Wiley & Sons, Inc
  16. Berrone, P., "Socioemotional wealth and corporate responses to institutional pressures : Do family-controlled firms pollute less?", Administrative Science Quarterly, 55(1), pp.82~113 (2010)
  17. Bertrand, M., "The role of family in family firms", The Journal of Economic Perspectives, 20(2), pp.73~96 (2006)
  18. Boehm, A., "The participation of businesses in community decision making", Business and Society, 44(2), pp.144~177 (2005)
  19. Bowen, H. R., "Social responsibilities of the businessman" (1953), Harper
  20. Brønn, P. S., "Corporate motives for social initiative : Legitimacy, sustainability, or the bottom line?", Journal of Business Ethics, 87(1), pp.91~109 (2009)
  21. Bubolz, M. M., "Family as source, user, and builder of social capital", Journal of Socio-Economics, 30(2), pp.129~131 (2001)
  22. Burkart, M., "Large shareholders, monitoring, and the value of the firm", The Quarterly Journal of Economics, 112(3), pp.693~728 (1997)
  23. Caldwell, C., "Ethical stewardship–implications for leadership and trust", Journal of Business Ethics, 78(1-2), pp.153~164 (2008)
  24. Carroll, A. B., "A three-dimensional conceptual model of corporate performance", Academy of Management Review, 4(4), pp.497~505 (1979)
  25. Chaganti, R., "Institutional ownership, capital structure, and firm performance", Strategic Management Journal, 12(7), pp.479~491 (1991)
  26. Chang, S. -J., "When and how does business group affiliation promote firm innovation? A tale of two emerging economies", Organization Science, 17(5), pp.637~656 (2006)
  27. Chang, S. J., "Ownership structure, expropriation, and performance of group-affiliated companies in korea", Academy of Management Journal, 46(2), pp.238~253 (2003)
  28. Chang, S. J., "Strategy, structure and performance of korean business groups : A transactions cost approach", The Journal of Industrial Economics, 37(2), pp.141~158 (1988)
  29. Chang, S. J., "Economic performance of group-affiliated companies in korea : Intragroup resource sharing and internal business transactions", Academy of Management Journal, 43(3), pp.429~448 (2000)
  30. Chang, S.J., "How much does the business group matter in korea?", Strategic Management Journal, 23(3), pp.265~274 (2002)
  31. Claessens, S., "The separation of ownership and control in East Asian corporations", Journal of financial Economics, 58(1), pp.81~112 (2000)
  32. Déniz, M.C.D., "Corporate social responsibility and family business in Spain", Journal of Business Ethics, 56(1), pp.27~41 (2005)
  33. Davis, J. H., "Toward a stewardship theory of management", Academy of Management Review, 22(1), pp.20~47 (1997)
  34. Dawkins, J., "CSR in stakeholde expectations : And their implication for company strategy", Journal of Business Ethics, 44(2-3), pp.185~193 (2003)
  35. DeAngelo, H., "Are dividends disappearing? Dividend concentration and the consolidation of earnings", Journal of Financial Economics, 72(3), pp.425~456 (2004)
  36. den Hond, F., "Ideologically motivated activism : How activist groups influence corporate social change activities", Academy of Management Review, 32(3), pp.901~924 (2007)
  37. Donaldson, T., "The stakeholder theory of the corporation : Concepts, evidence, and implications", Academy of management Review, pp.65~91 (1995)
  38. Eisenmann, T. R., "The effects of CEO equity ownership and firm diversification on risk taking", Strategic Management Journal, 23(6), pp.513~534 (2002)
  39. Faccio, M., "The ultimate ownership of Western European corporations", Journal of Financial Economics, 65(3), pp.365~395 (2002)
  40. Fama, E. F., "Agency problems and residual claims", Journal of Law and Economics, 26(2), pp.327~349 (1983)
  41. Fan, J.P., "Corporate ownership structure and the informativeness of accounting earnings in East Asia", Journal of Accounting and Economics, 33(3), pp.401~425 (2002)
  42. Finkelstein, S., "Power in top management teams : Dimensions, measurement, and validation", Academy of Management Journal, 35(3), pp.505~538 (1992)
  43. Francis, J., "Earn ings and dividend informativeness when cash flow rights are separated from voting rights", Journal of Accounting and Economics, 39(2), pp.329~360 (2005)
  44. Freeman, R. E., "Strategic management : A stakeholder approach" (1984), Pitman
  45. Godos-Díez, J. -L., "How important are CEOs to CSR practices? An analysis of the mediating effect of the perceived role of ethics and social responsibility", Journal of Business Ethics, 98(4), pp.531~548 (2011)
  46. Gomez-Mejia, L. R., "The role of family ties in agency contracts", Academy of Management Journal, 44(1), pp.81~95 (2001)
  47. Graafland, J., "Strategic and moral motivation for corporate social responsibility", Journal of Corporate Citizenship, 2006(22), pp.111~123 (2006)
  48. Graves, S. B., "Institutional owners and corporate social performance", Academy of Management Journal, 37(4), pp.1034~1046 (1994)
  49. Greene, W. H., "Econometric analysis" (2011), Pearson
  50. Hackston, D., "Some determinants of social and environmental disclosures in New Zealand companies", Accounting, Auditing and Accountability Journal, 9(1), pp.77~108 (1996)
  51. Handler, W. C., "Methodological issues and considerations in studying family businesses", Family Business Review, 2(3), pp.257~276 (1989)
  52. Hart, O., "Property rights and the nature of the Firm", Journal of Political Economy, 98(6), pp.1119~1158 (1990)
  53. Hart, S. L., "A natural-resource-based view of the firm", Academy of Management Review, 20(4), pp.986~1014 (1995)
  54. Hart, S. L., "Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance", Business Strategy and the Environment, 5(1), pp.30~37 (1996)
  55. Hernandez, M., "Promoting stewardship behavior in organizations : A leadership model", Journal of Business Ethics, 80(1), pp.121~128 (2008)
  56. Hill, C.W., "External control, corporate strategy, and firm performance in research‐intensive industries", Strategic Management Journal, 9(6), pp.577~590 (1988)
  57. Hillman, A.J., "Shareholder value, stakeholder management, and social issues : what's the bottom line?", Strategic Management Journal, 22(2), pp.125~139 (2001)
  58. Holderness, C.G., "The role of majority shareholders in publicly held corporations : An exploratory analysis", Journal of financial economics, 20(1-2), pp.317~346 (1988)
  59. Hoskisson, R. E., "Corporate divestiture intensity in restructuring firms : Effects of governance, strategy, and performance", Academy of Management Journal, 37(5), pp.1207~1251 (1994)
  60. Ibrahim, A.B., "Family business management : Concepts and practice" (1994), Kendall Hunt Publishing Company
  61. James, H., "Family capitalism : Wendels, Haniels, Falcks, and the continental European model" (2006), Harvard University Press
  62. James, H. S., "Owner as manager, extended horizons and the family firm", International Journal of the Economics of Business, 6(1), pp.41~55 (1999)
  63. Jensen, M.C., "Theory of the firm : Managerial behavior, agency costs and ownership structure", Journal of Financial Economics, 3(4), pp.305~360 (1976)
  64. Johnson, R.A., "The effects of corporate governance and institutional ownership types on corporate social performance", Academy of Management Journal, 42(5), pp.564~576 (1999)
  65. King, A., "Exploring the locus of profitable pollution reduction", Management Science, 48(2), pp.289~299 (2002)
  66. Klassen, R.D., "The impact of environmental technologies on manufacturing performance", Academy of Management journal, 42(6), pp.599~615 (1999)
  67. Kochhar, R., "Institutional investors and firm innovation : A test of competing hypotheses", Strategic Management Journal, 17(1), pp.73~84 (1996)
  68. La Porta, R., "Corporate ownership around the world", The Journal of Finance, 54(2), pp.471~517 (1999)
  69. Landes, D., "Dynasties : Fortune and misfortune in the world's great family businesses" (2008), Penguin
  70. Lansberg, I., "Succeeding generatoins : Realizing the dream of families in business" (1999), Harvard Business Review Press
  71. Letza, S., "Shareholding versus stakeholding : A critical review of corporate governance", Corporate Governance : An International Review, 12(3), pp.242~262 (2004)
  72. Lubatkin, M. H., "An organizational justice‐based view of self‐control and agency costs in family firms", Journal of Management Studies, 44(6), pp.955~971 (2007)
  73. Manner, M., "The impact of CEO characteristics on corporate social performance", Journal of Business Ethics, 93(1), pp.53~72 (2010)
  74. Margolis, J.D., "Misery loves companies : Rethinking social initiatives by business", Administrative Science Quarterly, 48(2), pp.268~305 (2003)
  75. McEachern, W. A., "Managerial control and performance" (1975), Lexington Books
  76. McGuire, J., "CEO incentives and corporate social performance", Journal of Business Ethics, 45(4), pp.341~359 (2003)
  77. McWilliams, A., "Corporate social responsibility and financial performance : correlation or misspecification?", Strategic Management Journal, 21(5), pp.603~609 (2000)
  78. McWilliams, A., "Corporate social responsibility : Strategic implications", Journal of Management Studies, 43(1), pp.1~18 (2006)
  79. Miller, D., "Managing for the long run" (2005), Harvard Business Review Press
  80. Miller, D., "Family ownership and acquisition behavior in publicly‐traded companies", Strategic Management Journal, 31(2), pp.201~223 (2010)
  81. Miller, D., "Family and lone founder ownership and strategic behaviour : Social context, identity, and institutional logics", Journal of Management Studies, 48(1), pp.1~25 (2011)
  82. Morck, R., "Management ownership and market valuation : An empirical analysis", Journal of financial economics, 20(1-2), pp.293~315 (1988)
  83. Nahapiet, J., "Social capital, intellectual capital, and the organizational advantage", Academy of Management Review, 23(2), pp.242~266 (1998)
  84. Oh, W., "The effect of ownership structure on corporate social responsibility : Empirical evidence from korea", Journal of Business Ethics, 104(2), pp.283~297 (2011)
  85. Orlitzky, M., "Strategic corporate social responsibility and environmental sustainability", Business and Society, 50(1), pp.6~27 (2011)
  86. Pfeffer, J., "Organizations and organization theory" (1982), Pitman
  87. Pil, F.K., "Environmental performance as a driver of superior quality", Production and Operations Management, 12(3), pp.404~415 (2003)
  88. Porter, M.E., "Strategy and society : The link between competitive advantage and corporate social responsibility", Harvard Business Review, 84(12), pp.78~92 (2006)
  89. Porter, M.E., "The big idea : Creating shared value", Harvard Business Review, 89(1-2), pp.62~77 (2011)
  90. Pound, J., "Beyond takeovers : politics comes to corporate control", Harvard Business Review, 70(2), pp.83~ (1992)
  91. Preston, L.E., "The corporate social-financial performance relationship", Business and society, 36(4), pp.419~429 (1997)
  92. Preston, S. H., "The changing relation between mortality and level of economic development", Population Studies, 29(2), pp.231~248 (1975)
  93. Quazi, A. M., "Identifying the determinants of corporate managers’ perceived social obligations", Management Decision, 41(9), pp.822~831 (2003)
  94. Rosenblatt, P. C., "The family in business" (1985), Jossey-Bass Publishers
  95. Russo, M. V., "A resourcebased perspective on corporate environmental performance and profitability", Academy of Management Journal, 40(3), pp.534~559 (1997)
  96. Schulze, W. S., "Exploring the agency consequences of ownership dispersion among the directors of private family firms", Academy of Management Journal, 46(2), pp.179~194 (2003)
  97. Schulze, W. S., "Toward a theory of agency and altruism in family firms", Journal of Business Venturing, 18(4), pp.473~490 (2003)
  98. Schulze, W. S., "Agency relationships in family firms : Theory and evidence", Organization Science, 12(2), pp.99~116 (2001)
  99. Shanker, M.C., "Myths and realities : Family businesses' contribution to the us economy-A framework for assessing family business statistics", Family Business Review, 9(2), pp.107~123 (1996)
  100. Shleifer, A., "A survey of corporate governance", The Journal of Finance, 52(2), pp.737~783 (1997)
  101. Singhapakdi, A., "Antecedents and consequences of perceived importance of ethics in marketing situations : A study of Thai businesspeople", Journal of Business Ethics, 81(4), pp.887~904 (2008)
  102. Tagiuri, R., "Bivalent attributes of the family firm", Family Business Review, 9(2), pp.199~208 (1996)
  103. Teoh, H.Y., "Attitudes towards corporate social responsibility and perceived importance of social responsibility information characteristics in a decision context", Journal of Business Ethics, 9(1), pp.71~77 (1990)
  104. Tversky, A., "Rational choice and the framing of decisions", Journal of Business, 59(4), pp.S251~S278 (1986)
  105. Ullmann, A. A., "Data in search of a theory : a critical examination of the relationships among social performance, social disclosure, and economic performance of US firms", Academy of Management Review, 10(3), pp.540~557 (1985)
  106. Villalonga, B., "How do family ownership, control and management affect firm value?", Journal of Financial Economics, 80(2), pp.385~417 (2006)
  107. Vogel, D. J., "Is there a market for virtue? The business case for corporate social responsibility", California Management Review, 47(4), pp.19~45 (2005)
  108. Waddock, S.A., "The corporate social performance", Strategic Management Journal, 8(4), pp.303~319 (1997)
  109. Walsh, J.P., "On the efficiency of internal and external corporate control mechanisms", Academy of Management Review, 15(3), pp.421~458 (1990)
  110. Wang, J., "Boards of directors and stakeholder orientation", Journal of Business Ethics, 11(2), pp.115~123 (1992)
  111. Ward, J. I., "Perpetuating the family business. 50 lessons learned from long-lasting successful families in business" (2004), Palgrave Macmillan
  112. Ward, J. L., "Keeping the family business healthy : How to plan for continuing growth, profi tability, and family leadership" (2011), Pal grave Macmillan
  113. Wartick, S.L., "The evolution of the corporate social performance model", Academy of Management Review, 10(4), pp.758~769 (1985)
  114. Wasserman, N., "Stewards, agents, and the founder discount : executive compensation in new ventures", Academy of Management Journal, 49(5), pp.960~976 (2006)
  115. Westhead, P., "The development of family companies : Management and ownership imperatives", Family Business Review, 14(4), pp.369~385 (2001)
  116. Wood, D. J., "Corporate social performance revisited", Academy of Management Review, 16(4), pp.691~718 (1991)
  117. Wood, D.J., "Stakeholder mismatching : A theoretical problem in empirical research on corporate social performance", International Journal of Organizational Analysis, 3(3), pp.229~267 (1995)
  118. Wooldridge, J. M., "Econometric analysis of cross section and panel data" (2002), MIT Press
  119. Zahra, S. A., "Governance, ownership, and corporate entrepreneurship : The moderating impact of industry technological opportunities", Academy of Management Journal, 39(6), pp.1713~1735 (1996)

이 간행물의 다른 논문 (2건)

최초의 자산: 창업자의 특성이 신생기업에 미치는 영향김승주, 김양민pp. 1-22소유 또는 전문 CEO 선택이 가족 기업의 장기성과에 미치는 영향: 두 가족기업의 성쇠박동준, 안세연pp. 57-88
원문 보기