기업의 사회적 책임(CSR) 활동이 재무성과에 미치는 영향: 직무만족도와 기업규모를 중심으로
초록
기업의 사회적 책임(CSR) 활동은 점점 증가하고 있으나, 여전히 CSR 활동이 재무성과에 미치는 영향에 관해서는 확정적인 결론에 이르지 못하고 있다. 관련 선행연구는 이해관계자 이론을 통해 CSR 활동과 재무성과 간의 관계를 설명하고 있으나, 외부 이해관계자에 비해 직원 등 내부 이해관계자에 대한 논의는 제한적이다. 또한 관련된 연구들은 내부 이해관계자 성과를 종속변수로 분석하여, 실제 CSR 활동이 재무성과까지 연결되는지에 관해서는 연구가 제한적이다. 본 연구는 이러한 배경에서 CSR 활동과 내부 이해관계자인 직원의 직무만족도 간의 관계와 이러한 관계를 조절하는 기업규모의 역할을 분석하였다. 또한, 직원의 직무만족도가 CSR 활동과 기업의 재무성과 간의 관계를 매개하는지 검증하였다. 실증분석을 위해 한국의 상장사를 대상으로 경제정의연구소의 KEJI 점수와 잡플래닛의 직무만족도 점수를 수집하였다. 최종적으로 모든 데이터를 활용할 수 있는 연도-기업 데이터 260개를 헤크만 2단계 모델로 분석하였다. 분석결과 직원의 직무만족도는 CSR 활동과 재무성과 간의 관계를 긍정적으로 매개하는 것으로 나타났다. 또한 CSR 활동이 직무만족도에 미치는 영향은 기업 규모가 클수록 약화되는 것으로 나타났다.
Abstract
Corporate Social Responsibility(CSR) activities are increasing, but still have not reached a definitive conclusion as to the impact of CSR activities on financial performance. Prior studies have explained the relationship between CSR activities and financial performance through stakeholder theory, but discussions on internal stakeholders such as employees are limited compared to external stakeholders. Also, there is a limitation that related studies analyze internal stakeholder performance as a dependent variable and cannot explain whether actual CSR activities lead to financial performance. In this context, this study analyzed the relationship between CSR activities and job satisfaction of employees who are internal stakeholders, and the role of the firm size to moderate these relationships. In addition, it was verified whether employee job satisfaction mediates the relationship between CSR activities and corporate financial performance. For empirical analysis, we collected KEJI scores from the Korea Economic Justice Institute and job satisfaction scores from Job Planet for listed companies in Korea. Finally, 260 year-company data that can utilize all the data were analyzed using the Hekman two-stage model. As a result of analysis, it was found that the job satisfaction of employees positively mediates the relationship between CSR activities and financial performance. In addition, the effect of CSR activities on job satisfaction was found to decrease as the size of the company increased.
Keywords:
Corporate Social Responsibility, Job Satisfaction, Corporate Performance, Firm Size키워드:
기업의 사회적 책임(CSR), 직무만족도, 재무성과, 기업규모References
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• 저자 이중원은 고려대학교 디지털경영학과에서 e-비즈니스 전공으로 석사학위를 취득하였으며, 고려대학교 기업경영학과 박사과정을 수료하였다. 경영학연구, 마케팅연구 등에 논문을 게재하였으며, 주요 관심분야는 온라인 구전행동과 기업의 사회적 책임이다.
• 저자 박철은 고려대학교 융합경영학부 교수로 재직하고 있으며, 서울대학교에서 경제학사, 동 대학원에서 경영학석사, 경영학박사 학위를 받았다. 미국 Vanderbilt University와 University of Hawaii에서 Visiting Scholar, 몽골 Mongolia International University와 중국 제남대학에서 Visiting Professor로 활동하였다. Journal of Interactive Marketing, Journal of Business Research, Industrial Marketing Management, International Marketing Review, 경영학연구, 마케팅연구, 소비자학연구 등에 논문을 게재하였다. 연구분야는 디지털환경에서의 마케팅 및 기업의 사회적책임과 마케팅이다.