지배주주의 소유-지배 괴리도가 기업의 CSR 활동에 미치는 영향

초록

This study examines the effects of controlling family's ownership-control disparity on CSR activities. One of the distinctive characteristics of corporate governance landscape in Korean firms is the prevalent existence of business groups (chaebols), where controlling families exercise absolute control over the entire business group despite holding relatively small equity stakes. In the case of business groups, the positive effects of CSR activities performed by a specific affiliate rapidly transfer to all other affiliated companies; therefore, the decision of which affiliate bears CSR costs becomes a critical consideration for the controlling family. Using data from publicly listed firms from 2012 to 2022, we find that as the ownership of controlling family increases, corporate CSR activities decrease; however, as the ownership-control disparity of controlling family increases, corporate CSR activities increase. This study contributes to a more accurate understanding of CSR activities in Korean firms by demonstrating that the interests of controlling family can be a critical determinant of the level of CSR activities undertaken by affiliates within business groups.

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