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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 4, pp.1157-1200
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2017
Received 13 Mar 2017 Revised 01 Jul 2017 Accepted 06 Jul 2017
DOI: https://doi.org/10.17287/kmr.2017.46.4.1157

비재무성과 공시의 신뢰성 검토: 지속가능보고서를 중심으로

최준혁* ; 양동훈** ; 유현수*** ; 김령****
*(주저자) 동국대학교 fester@daum.net
**(교신저자) 동국대 dyang@dongguk.edu
***(공저자) 동국대학교 ryuhyunsoo86@gmail.com
****(공저자) 동국대학교 kim021989@naver.com
Reliability of Non-financial Information: An Analysis of Sustainability Reporting
Jun Hyeok Choi* ; Dong Hoon Yang** ; Hyun Soo Ryu*** ; Ling Jin****
*Ph.D. Candidate, Business School, Dongguk University, First Author
**Professor, Business School, Dongguk Uninversity, Corresponding Author
***Post-Doc Researcher, Business School, Dongguk University, Co-Author
****Ph.D. Student, Business School, Dongguk University, Co-Author

초록

본 논문은 (1) 최근 발간이 늘어나고 있는 지속가능보고서가 기업이 실제 수행한 사회적 책임 활동을 충실히 반영하고 있는지와, (2) 사회책임활동에 대한 공시가 시장에서 재무정보를 보충하는 비재무정보로서 활용되고 있는지를 알아보고자 한다. 이를 위해 지속가능보고서 공시의 내용을 내용분석을 통해 변수화하고, (1) 공시와 사회책임활동 사이의 관계와, 공시와 재무성과 사이의 관계를 각각 확인하며, (2) 공시와 성과 중 가치관련성 부분을 살펴보기로 한다.

연구 결과는 다음과 같다. 첫째, 내생성을 통제하고 수행하였을 때 지속가능보고서를 내용분석을 통해 변수화한 공시 변수와 KEJI 지수로 측정한 사회책임활동 사이의 관계는 유의하지 않았다. 둘째, 선행연구와 마찬가지로 사회책임활동은 ROA 및 Tobin’s Q로 측정한 성과에 대해 모두 유의한 양(+)의 관계를 보여주었다. 이 관계는 KEJI 대신 DJSI나 ESG와 같은 다른 측정치를 이용하여도 동일했다. 셋째, 공시는 ROA 및 Tobin’s Q로 측정한 성과에 대해 모두 유의하지 않았다. 공시 변수로 page, GRI 보고율, 제3자인증보고서여부를 사용하거나, 성과로 Tobin’s Q 대신 주가를 사용하더라도 결과는 동일했다.

연구 결과를 해석하면, 우선 공시와 사회책임활동 사이에는 유의한 관계가 나타나지 않으며, 또한 공시는 ROA로 측정한 성과에 대해서도 유의하지 않은 결과를 보여주고 있어서 성과에 대해 유의한 양(+)의 결과를 보여주는 사회책임활동과 대조되는 결과를 보여주었다. 이는 공시가 사회책임활동 반영의 충실성 면에서 한계가 있다는 것으로 해석된다. 다음으로, 공시는 Tobin’s Q나 주가로 측정한 성과에 대해서도 유의한 관계를 보여주지 못하는데, 시장은 CSR에 대한 공시를 고려하고 있지 않다는 것으로 해석할 수 있다. 이는 공시에 의해 주장된 바의 기업의 CSR 활동이 ROA 개선과 연결되지 않는다는 것을 생각하면 자연스러운 결과라고 할 수 있다.

본 연구의 결론은, 첫째 지속가능보고서를 통한 기업들의 CSR 관련 공시가 책임 있게 작성되지 못하고 있다. 다음으로, 시장에서는 기업들의 CSR 관련 공시를 의사결정에 유의하게 반영하고 있지 않다. 따라서 정책적 관점에서 지속가능보고서의 신뢰성 향상을 위해 노력할 필요가 제기된다. 본 논문은 기존 국내 연구와 달리 최근 6년간 발간된 지속가능보고서들의 내용을 모두 분석하고, 사회적 책임 공시를 발간 여부가 아니라 내용 분석을 통해 보았다는 면에서 선행연구와 차별성이 있다고 할 수 있다. 연구의 한계는 지속가능보고서 발간 기업들이 대부분 대기업이므로 표본선택편의의 문제점이 있고, 기업들이 각기 다른 전략을 취해 진실한 공시 기업과 그린워싱 기업의 효과가 혼재되었을 가능성, 마지막으로 표본 숫자의 제약은 연구 결과의 신뢰성에 일정 제약을 준다는 점이 있으며, 후속 연구의 과제로 남겨두었다.

Abstract

This study investigates, first, whether “what the company say” or its corporate social responsibility disclosures(CSRD) reasonably reflects “what the company do” or its corporate social performance(CSP), and second, whether the disclosures are used by market participants as credible non-financial information which complements financial data. To answer these questions, we constructed a new CSRD measure using content analysis. We collected sustainability reports for the period 2009-2014(repoting year basis), and tested the relationships between (1) CSRD and CSP, (2) CSRD and future financial and market performance(CFP), and (3) CSP and CFP. We found that, first, CSRD does not have a significant relationship with CSP proxied by KEJI nor CFP proxied by ROA; second, CSRD failed to influence the markets; none of the relationship between CSRD and Tobin’s Q nor stock price are significant. Tests using pages, the GRI rates, and the 3rd party assurance instead of CSRD, or DJSI and ESG instead of KEJI do not change our conclusions.

We interpret our results as a proof that companies do not prepare CSR disclosures honestly, nor the investors consider the reports as reliable information. This paper is the first empirical test which implements content analysis on the sustainability reports in Korea.

Keywords:

Corporate social responsibility disclosure(CSRD), sustainability reports(SR), corporate social performance(CSP), corporate financial performance(CFP), value relevance

키워드:

지속가능보고서, 사회적책임공시, 사회적책임활동, 기업성과, 가치관련성

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• 저자 최준혁은 동국대학교 회계학과 박사과정을 수료하였다. TRU 및 UTSA에서 경영학 학사와 회계학 석사를 취득하였고 USCPA를 취득하였다. 최근 관심 분야로 CSR, 감사, 이익조정 등이 있으며, 최근 연구로는 <재무제표제약과 이익조정> <CSR 공시와 감사시간> 등이 있다.

• 저자 양동훈은 동국대학교 회계학과 교수이다. Syracuse 대학에서 회계학박사를 취득하였으며 한국정보통신대학교 IT 경영학부 (현 KAIST 기술경영학부) 교수, 싱가포르 Nanyang Technology University 및 University of Hawaii at Manoa 등에서 초빙강의교수를 역임하였다. 동국대학교 경영대학 학장 및 경영대학원장을 역임하였고 현재는 제36대 한국회계학회장을 맡고 있다. 주요 연구분야는 자본시장회계, CSR 관련 회계, 규제회계 (은행 및 통신회계) 등이며 Contemporary Accounting Research (CAR), Journal of Business Research, China Journal of Accounting Research, 경영학연구, 회계학연구 등 국내외 학술지에 50여편의 논문을 발표하였다.

• 저자 유현수는 동국대 회계학과 석박사통합과정을 졸업하였다(2017.08 졸업예정). 최근 관심 있는 주제로는 경영전략, 조세회피, 이익조정이며, 최근 연구로는 <경영전략과 조세회피> <기업의 경영전략에 따른 보수적 회계처리의 차이에 관한 실증연구> 등이 있다.

• 저자 김령은 현재 동국대학교 회계학과 석박사통합과정 학생이다. 중국 연변대학교 경영관리학원 회계학과를 졸업하였다.