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최고경영자의 이름 희소성과 기업 ESG 활동: 특이한 이름의 경영자가 기업의 사회적 활동에 적극적인가?

CEOs’ Name Uncommonness and Firm ESG Performance

이승혜|김양민|권도균
한국전략경영학회 (Korean Strategic Management Society)|2022.12|전략경영연구 (Journal of Strategic Management)|제25권 제3호|pp. 79-104|DOI 10.17786/jsm.2022.25.3.004

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참고문헌

키워드

ESG최고경영층 이론Upper Echelon Theory이름 희소성관계적 자기 이론Name UncommonnessRelational Self Theory
주제분류경영학

초록

본 연구는 최고경영자 이름의 희소성이 기업의 ESG(Environment, Social, Governance) 활동에 어떠한 영향을 미치는지 살펴본다. 많은 선진국 기업에 있어 ESG 활동은 더 이상 선택사항이 아니라, 단순한 이윤 창출을 넘어서서 이해관계자 모두를 만족시키려는 기업의 사회적 목표를 달성하기 위해 반드시 수행해야 하는 필수 활동으로 여겨지고 있다. 선행 연구들은 ESG 활동을 촉진하는 주요 선행 요인으로 최고경영자의 특성에 주목하고 있지만, 그들의 심리적 특성에 관한 연구는 상대적으로 드물게 이루어져 왔다. 본 연구는 최고경영자의 심리적 특성 중에서도 최고경영자의 자아 형성과 심리에 영향을 끼칠 수 있는 이름에 주목하고, 관계적 자기 이론과 사회적 학습 이론에 기반하여 이름 희소성이 기업의 ESG 활동과 어떤 관계를 맺는지 검증하였다. 또한, 최고경영자의 이름 희소성과 ESG 활동과의 관계에 최고경영자의 특성(i.e., 은퇴시점에 대한 근접, 이사회 의장 겸직 여부) 및 산업 특성(i.e., 풍부성, 역동성)이 어떤 상호작용 효과를 갖는지 함께 분석하였다. 가설 검증을 위해서, 2005년부터 2012년까지의 기간 동안 제조업에 종사하는 미국 기업들의 패널데이터를 바탕으로 고정효과 패널 회귀분석(Fixed Effect Panel Regression)을 시행하였다. 분석 결과, 최고경영자 이름의 희소성은 기업의 ESG 활동과 정(+)의 관계가 있는 것으로 나타났다. 또한, 그러한 정의 관계는 최고경영자가 이사회 의장을 겸직할 때와 산업 역동성이 강해질 경우 더 강화되는 것을 발견하였다. 이러한 결과를 바탕으로, 본 연구는 시사점과 한계점에 대하여 논의하였다.

Abstract

This study focuses on CEO name uncommonness and its impacts on corporate ESG(Environmental, Social and Corporate Governance) performance. For most large companies in the developed economies, ESG is not optional, but essential activities that must be performed to meet social goals that go beyond the role of a corporation to maximize profits on behalf of the corporation's shareholders. Whereas previous studies have focused on CEO characteristics as important antecedents of ESG, relatively little research has examined the effects of CEOs’psychological traits. Especially, there has been lack of research focused on CEO name uncommonness as an important determinant of corporate social activities. To fill these void, this study analyzes the effects of CEO name uncommonness on ESG performance. Building on upper echelon perspectives, relational self theory, and social learning theory, we hypothesize that CEO name uncommonness is positively associated with firm ESG performance. We also examine whether some CEO characteristics and industrial characteristics moderate the relationship between CEO name uncommonness and ESG. The hypotheses are examined by using a sample of U.S. manufacturing firms from 2005 to 2012. The results show that (1) CEO name uncommonness is positively related to ESG; (2) the positive relationship between CEO name uncommonness and ESG is more pronounced by CEO duality; (3) industry dynamism strengthens the positive relationship between CEO name uncommonness and ESG at a marginal level. However, we did not find moderating effects of CEOs’ closeness to retirement age and those of industry munificence. Based on these results, theoretical contributions and practical implications of our study are discussed.

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