지배주주는 언제 사회적 책임을 강화하는가?
Controlling Shareholders and Corporate Social Responsibility
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본 연구는 한국시장에서 지배주주의 소유구조에 근거한 유인이 기업의 사회적 책임이행수준에 미치는 영향을 분석한다. 실증분석결과, 지배주주의 직접지분은 기업의사회적 책임 수준에 유의한 음(-)의 영향을 미치는 것으로 나타났다. 반면, 계열사지분 등을 통한 지배주주의 간접지분은 기업의 사회적 책임 수준에 유의한 양(+)의영향을 미치는 것으로 나타났다. 이러한 결과는 기존 연구에서 주장된 기업의 사회적책임 지출이 지배주주의 사적효용 확대에 악용될 수 있음을 재확인시켜주는 결과이다. 한편, 기업의 환경경영 수준을 종속변수로 사용하거나, 내생성 문제를 통제한 경우에도동일한 결과가 나타나 본 연구결과의 강건성을 확인할 수 있었다. 추가적으로 앞선관계는 수익성이 높거나 잉여현금흐름이 많은 기업에서 보다 강하게 관찰되었다. 본연구의 결과는 기업의 사회적 책임 강화가 지배주주의 사적효용추구에 악용될 수있음을 제시한다는 측면의 정책적 시사점을 갖는다.
Abstract
This article studies how the incentive of controlling shareholders based on their ownership affects the corporate social responsibility (CSR)activities in Korea. Empirically, we find that direct ownership (cash flow rights) of controlling shareholders has a significantly negative influence on CSR, while their indirect ownership through affiliates has a positive effect. These results support previous findings that CSR could be the way to increase the private benefit of controlling shareholders. We confirm the same results using the environmental management activities as a dependent variable, and the results are robust after controlling for endogeneity problem. The findings are more strongly observed in firms with large profit and free cash flow, suggesting that controlling shareholders in such firms could pursue more of their private benefit of control than those in firms with less profit or free cash flow. Our analysis will provide practical and institutional implications, regarding finding the way to enhance shareholder wealth through CSR, and for both of managers and stakeholders to mutually benefit from it.
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