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주주 서한에 나타난 최고경영자의 도덕적 의지와 기업 ESG 활동 : 최고경영자의 이사회 의장 겸직과 지분율의 조절 효과를 중심으로

CEO’s Moral Will and ESG: Do They Actually Mean What They Said in the Annual Letters?

이승혜|김양민|권도균
한국전문경영인학회|2022.12|전문경영인연구 (Journal of CEO and Management Studies)|제25권 제4호|pp. 113-136|DOI 10.37674/CEOMS.25.4.6

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참고문헌

키워드

ESGESG 활동도덕적 기반 이론전략적 리더십 이론최고경영자의 도덕적 의지주주 서한Strategic Leadership TheoryCEOs’ Moral WillLetters to the ShareholdersMoral Foundation Theory

초록

본 연구는 최고경영자의 도덕적 의지와 기업의 ESG(Environment, Social, Corporate Governance) 활동의 관계를 살펴본다. 본 연구의 주 목적은 최고경영자들이 주주 서한에표현한 도덕적 의지가 실제 해당 기업의 ESG 활동으로 이어지는지 여부를 검증하는 것이다. 본 연구는 추가적으로 최고경영자의 도덕적 의지가 ESG 활동에 주는 영향에 있어최고경영자의 특성(이사회 의장 겸직 여부, 지분율)의 상호작용 효과를 함께 분석하였다. 가설 검증을 위해서, 2005년부터 2012년까지의 기간 동안 제조업에 종사하는 미국 기업들의 패널데이터를 바탕으로 일반화 추정 방정식 분석을 시행하였다. 분석 결과, 최고경영자의 도덕적 의지와 기업의 ESG 활동 간에 긍정적인 관계를 발견하였다. 또한, 최고경영자가 이사회 의장을 겸직할 때와 보유 지분율이 높은 경우 이 관계는 약화되는 것으로나타났다. 이러한 결과를 바탕으로, 본 연구는 시사점과 한계점에 대하여 논의하였다.

Abstract

This study examines the relationship between CEOs’ moral will indicated in their annual letters to the shareholders and corporate ESG(Environmental, Social and Corporate Governance) performance. The main objective of this study is to verify whether companies actually implement what their CEOs said in the letters, by examining the relationship between the moral will indicated in the letters and firm ESG performance. We also examine if CEO characteristics such as CEO duality and ownership moderate the effects of CEOs’ moral will. The hypotheses are examined by using a sample of U.S. manufacturing firms from 2005 to 2012. The results show that (1) CEO moral will indicated in the letters is positively related to ESG; (2) the positive relationship between CEO moral will and ESG is weaken by both CEO duality and CEO ownership. Based on these results, theoretical contributions and practical implications of our study are discussed.

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