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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 1, pp.157-183
ISSN: 1226-1874 (Print)
Print publication date 28 Feb 2017
Received 10 Aug 2016 Revised 18 Oct 2016 Accepted 07 Nov 2016
DOI: https://doi.org/10.17287/kmr.2017.46.1.157

CSR보고서 검증의 결정요인과 지배구조의 역할

육근효*
*(주저자) 부산외국어대학교 경영학부 yook@bufs.ac.kr
Determinants of Corporate Social Responsibility(CSR) Assurance and the Role of Corporate Governance
Keun-hyo Yook*
*Professor, School of Accountancy, Busan University of Foreign Studies, First Author

초록

본 연구에서는 CSR(사회적 책임) 보고서 내용에 대한 독립된 제3자 검증의 수요에 영향을 미치는 결정요인이 무엇인지 그리고 기업 지배구조가 이런 관계에서 어떤 역할(조절기능)을 하는지를 실증적으로 분석하였다. 연구결과를 보면 첫째, 산업특성(규제산업과 환경침해산업에 속하는 기업)에 따라 CSR검증의 수요가 달라지지는 않았으며, CSR 검증업무의 종류(Type1, Type2)와도 관련이 없었다. 다만 규제산업의 기업에서는 회계법인 대신 전문기관의 검증을 선호하는 증거가 나타났다. 둘째, CSR활동(환경효율, 환경투자, 사회공헌비용)의 수준과 CSR검증과의 관계를 보면, 환경효율과 환경투자 수준이 낮을수록 CSR검증을 적극적으로 채택하는 결과가 관찰되었으며 이것은 사회정치적 정당성 이론(legitimacy theory)을 지지하는 것이다. 그러나 모든 CSR활동 수준이 검증 제공자의 선택과는 관련성이 없는 것으로 나타났다. 한편 환경투자와 사회공헌지출의 비율이 높고 기업규모가 큰 기업은 Type2를 선호하는 것으로 나타났다. 셋째, 통제변수(규모, 수익성, 부채비율)가 CSR검증에 미치는 영향을 보면 규모가 클수록 그리고 부채비율이 작을수록 CSR검증을 적극적으로 수용하고 회계법인을 선호하는 것으로 나타났다. 반면에 통제변수가 CSR 검증업무의 종류(Type1, Type2)에는 유의적 영향을 미치지 않았다. 끝으로 외국인지분율과 CSR활동 수준의 상호작용 효과는 외부검증의 채택에 정(+)의 영향을 미쳤으며 환경투자와의 상호작용은 회계법인을 선호하고, Type2의 광범위한 원칙 적용을 선택하였다. 본 연구는 우리나라에서 처음 CSR검증수요의 결정요인을 실증했다는 점에서 의의가 있으며 또한 국내외의 선행연구에서 찾아보기 어려운 CSR검증의 수준과 검증업무의 종류까지 연구대상을 확대한 것이 연구의 공헌점이다.

Abstract

The use of external, independent reviews of CSR(corporate social responsibility) or sustainability management processes and final disclosures is intended to increase the robustness, accuracy and trustworthiness of disclosed information. This study provides an overview of the CSR reports assurance and identifies key potential determinants of the demand for assurance, the choice of assurance provider, level of assurance, and the type of assurance. This study also examines the potential moderating effect of company-level corporate governance characteristics on the assurance decisions. Our sample is obtained from three data sources. Data on carbon emissions are obtained from the Carbon Disclosure Project(CDP), which is released by the Ministry of Environment, and the firm’s CSR or environmental report. The company’s financial statement data are obtained from KIS-Value Databank System. Our final sample consists of 50 firms(126 firm-year observations) in the regression for testing assurance decisions and determinants of the decisions.

The main results are summarized as follows: First, the study reveal that firms in ESI (environmental sensitive industry) and regulated industries are not more likely(than firms in other industries) to obtain CSR assurance despite facing significant social and environmental risks. Also, choice of assurance provider and type of assurance are not associated with particular industries. Second, we find that firms with a high eco-efficiency and environmental investment have a negative incentive to voluntarily purchase an independent CSR assurance. However there is no associations between CSR related characteristics(such as eco-efficiency, environmental investment, social contribution expenditure) and the choice of assurance provider. Firms with a high level of social contribution expenditure and environmental investment have a preference for Type2 assurance. The study find several firm characteristics are associated with CSR assurance demand. Third, the results show that large firms and low leveraged firms are more likely to obtain CSR assurance and to choose the accounting profession for an assurance provider. However these firm characteristics are not associated with assurance types. In addition, the results of empirical analysis supported the model that presumed company-level corporate governance characteristics(foreign investor ownership) as moderator. According to the findings of the study foreign investor ownership largely play a role of crucial moderator that intervene in the way which CSR related characteristics(eco-efficiency, social contribution expenditure) affect assurance decisions.

In sum, the results of our investigation may help to explain why CSR report assurance remains so limited in this region and what might be necessary to increase its use. Also, our study provides extra insights on CSR or sustainability assurance practice and an understanding of the factors that are correlated with CSR assurance which should be useful for law makers who consider developing policy initiatives for CSR assurance and for accountants or consultants who provide services in such a fast-growing and highly promising market.

Keywords:

assurance, corporate social responsibility(CSR), corporate governance, sustainability, assurance provider, social contribution

키워드:

CSR검증, 기업의 사회적 책임, 지속가능성, 기업지배구조, 검증 제공자, 사회공헌지출

Acknowledgments

본 연구는 2016년 부산외국어대학교 교내지원연구비에 의해 수행되었음.

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• 저자 육근효는 현재 부산외국어대학교 상경대학 회계 전공 교수로 재직 중이다. 부산수산대학교와 부산대학교에서 경제학석사와 경영학석사, 동아대학교에서 경영학박사를 취득하였다. 일본 고베대학, 요코하마국립대학, Akron대학에서 초빙 및 객원교수로 활동하였다. 주요 연구분야는 원가기획, 성과관리, 환경회계 (환경관리회계) 등이다.