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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 48, No. 3, pp.767-797
ISSN: 1226-1874 (Print)
Print publication date 30 Jun 2019
Received 26 Feb 2019 Accepted 25 Mar 2019
DOI: https://doi.org/10.17287/kmr.2019.48.3.767

How Firms Respond to Growing Environmental Concerns? The Choice of CSR and Long-Term Performance

Kyumin Lee* ; Jongseon Lee** ; Zong-Tae Bae***
*(First Author) KPMG Korea clare.kyumin@gmail.com
**(Corresponding Author) KAIST Center for Innovation and Entrepreneurship leejs@business.kaist.edu
***(Co-Author) KAIST College of Business ztbae@kaist.ac.kr
기업은 부정적 환경 이슈와 관련하여 어떻게 대응하는가? CSR 방식의 선택과 장기적 성과에 대한 영향
이규민* ; 이종선** ; 배종태***
*삼정KPMG, 주저자
**한국과학기술원 KAIST 경영대학 혁신 및 기업가정신 연구센터, 교신저자
***한국과학기술원 KAIST 경영대학, 공저자

Abstract

Corporate managers have used CSR to offset corporate social irresponsibility. However, few studies have investigated whether firms solve their irresponsibility issues directly. Moreover, CSR research has lumped together all kinds of social behaviors under “CSR.” This paper examines whether firms confront their negative environmental issues and try to solve them through CSR. To this end, we classify the CSR that firms can choose after environmental irresponsibility into three types: (i) direct CSR, which is environment-related CSR; (ii) indirect CSR, which is irrelevant to environmental concerns; and (iii) no CSR. In addition, we investigate whether firms trying to alleviate environmental concerns through environmental CSR enjoy higher long-term profitability. The study results show that the more firms suffered from environmental concerns, the more they preferred environment-related CSR over all other types. This preference became stronger when the degree of related diversification increased and weaker when the degree of unrelated diversification increased. Finally, we find that firms that implement direct CSR or directly address negative environmental concerns through environmental CSR will enjoy higher future profitability than will firms that implement indirect CSR and disregard environmental concerns.

초록

기업들은 부정적인 사건과 연관된 사회적무책임활동(CSI, Corporate Social Irresponsibility)을 상쇄시키기 위한 방편으로 사회적책임활동(CSR, Corporate Social Responsibility)을 이행하기도 한다. 부정적인 사건을 만회하기 위해 CSR활동을 시행할 때 해당 사건과 직접적으로 연관된 활동을 펼치는 것과 우회적인 활동을 펼치는 것 중 어느 쪽이 더 효과적인지에 대해서는 많은 연구가 이루어지지 않았다. 본 논문은 기업이 환경과 관련된 부정적인 사건에 연루된 이후 (1) 환경 관련 CSR 시행, (2) 환경 비(非)관련 CSR 시행, (3) CSR 미시행 중 어떠한 CSR활동 유형을 선택하는지, 아울러 이러한 선택에 따라 기업의 장기적 성과는 어떤 영향을 받는지에 대하여 중점적으로 살펴 보았다. 더불어 기업의 다각화 전략에 따라 CSR활동 유형 선택이 어떻게 달라지는지 살펴 보았다. 이를 위해 MSCI와 Compustat을 통해 2007년부터2010년까지의 기간에 해당되는 패널 데이터를 구축하여 이를 바탕으로 다항 로짓 모형(Multinomial logit model: MNL) 분석을 실시하였다. 그 결과 기업은 더 많은 환경 관련 사건들에 연루될수록 추후 환경과 관련된 CSR 활동을 선택함으로써 환경문제를 직접 해결하는 방식을 견지하는 것으로 나타났다. 이러한 경향은 관련다각화가 높은 기업일수록 더욱 강화되었는데, 이는 환경 문제 해결에 소요되는 비용과 그 혜택이 범위의 경제성을 띄고 다른 계열사에 공유될 수 있기 때문인 것으로 설명될 수 있다. 한편, 비관련다각화 된 기업의 경우에는 이러한 범위의 경제성이 낮기 때문에 만회하기 위한 방안으로 환경 관련된 분야를 직접적으로 선택하는 경향은 줄어드는 것으로 밝혀졌다. 부정적인 사건과 직접적으로 연관된 분야의 CSR 활동을 선택하는 것이 기업의 장기 성과에 긍정적인 영향을 주는지 알아보기 위하여 GMM 분석을 시행하였고, 그 결과 환경 문제에 연루된 이후 환경과 관련된CSR을 선택하여 직접적으로 정면 돌파한 기업이 비(非) 환경CSR을 선택한 기업에 비해 더 높은 장기 성과를 보인 것으로 나타났다. 결자해지(結者解之)의 자세로, 부정적인 이슈를 직면하고 이를 직접 해결하는 방식의 CSR활동을 시행하는 기업이 장기적으로 효과가 있다는 시사점을 얻었다.

Keywords:

CSR, environmental concern, diversification, long-term profitability

키워드:

기업의 사회적 책임, 환경 이슈, 다각화, 장기적 성과

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• 저자 이규민은 현재 삼정KPMG의 전략컨설팅그룹(Strategic Consulting Group) Sustainability 부문에 시니어 컨설턴트로 재직 중이다. 경희대학교 국제학부 및 경제학부를 졸업하였으며, KAIST 경영대학 경영공학과에서 석사를 취득하였다. 주요 관심분야는 지속가능경영, 임팩트투자, 사회적기업 등이다.

• 저자 이종선은 현재 한국과학기술원(KAIST) 경영대학 혁신 및 기업가정신 연구센터 연구원으로 재직 중이다. 연세대학교 전기전자공학과를 졸업하고, 한국과학기술원(KAIST) 경영대학 경영공학과에서 석사 및 박사를 취득하였다. 주 연구분야는 기술혁신, 조직학습, 기업가정신 등이다.

• 저자 배종태는 현재 한국과학기술원(KAIST) 경영대학 교수로 재직 중이다. 서울대학교 산업공학과를 졸업하였으며, 한국과학기술원(KAIST) 경영과학과에서 석사 및 박사를 취득하였다. 주 연구분야는 기술혁신경영, 기업가정신, 사회적기업, 사회가치경영 등이다.