가족기업 특성이 ESG 경영에 미치는 영향에 대한 연구: 가족지분율의 균형적 조절효과를 중심으로

초록

This study investigates how various family firm characteristics affect family firm’s ESG management. Specifically, we examined how business group membership and family CEO affect ESG management and how family ownership moderates the two relationships. Using data from all manufacturing family firms listed on KOSPI from 2016 to 2019, we found that (1) business group membership has a positive effect, but (2) family CEO has a negative effect on ESG management, respectively. In addition, family ownership weakens both relationships. Our study shows that as family ownership increases, controlling family’s interests in both economic and non-economic values also increase. Since economic and non-economic values have a trade-off relationship, family ownership exerts a counterbalancing effect on ESG management. We believe our study makes important contributions to family firm and ESG research by demonstrating that family firm characteristics have complicated interaction effects on ESG management.

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