공기업과 사기업의 차별적 특징: 이해관계자 자본주의를 중심으로

초록

As interest in stakeholder capitalism in practice and academia grows, this study empirically compares the performance of public enterprises representing stakeholder capitalism and private ones representing shareholder capitalism. The goal of this study is to derive the differentiating characteristics between stakeholder capitalism and shareholder one via empirical analysis. Regional public enterprises and private ones are selected as proxies, and data over the past 3 years is used with 45 candidate independent variables in five fields such as growth, profitability, stability, activity, and cash flow. A logit model was constructed in order to explore the variables differentiating public enterprises from private ones. As a result, 13 performance variables emerged as the differentiating ones, which implies that public enterprises, relative to private ones, mainly use the method of raising equity capital, pursue public interest resulting in relatively lower profitability than private ones, and put emphasis on stability rather than efficiency and agility. These results can be seen as conforming to the characteristics of enterprises conceptually asserted in stakeholder capitalism. This study is meaningful in that it suggests the direction for private enterprises to move forward by deriving, through an empirical analysis, what stakeholder capitalism is in its early stages, and how it differs from existing shareholder capitalism.

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