이해관계자 자본주의 시대의 전략경영
Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
With industrialization and the development of technology, capitalism is evolving. The 'stakeholder capitalism' mentioned in the BRT means that more diverse stakeholders should be considered in the process of goal setting and management of firms. In this study, we searched and analyzed a total of 133 studies related to corporate governance and stakeholders registered in the KCI from 1990 to 2021 to explain research trends, keywords, major theories, variables, and industries analyzed. The findings show that past studies in the KCI have mainly focused on the issues of shareholder. However, since the mid to late 2000s, the scope of research has been expanded to other stakeholders including employees, consumers, and the government. In addition, it was confirmed that research on sustainability has steadily increased from the perspective of comprehensive governance structure since 2010. However, the results reveal that there was very few research that considers the characteristics of industry or stakeholder. Thus, it was judged that there is a limitation to providing sufficient implications to practitioners. We conclude with some future research directions to overcome this limitation.
Keywords:
Stakeholder capitalism, Corporate governance, Sustainability, Literature reviewAcknowledgments
This study is supported by Korea University Business School Research Grant.
References
- Acemoglu, D., Johnson, S. and Mitton, T.(2009), “Determinants of Vertical Integration: Financial Development and Contracting Costs,” Journal of Finance, 64(3), pp.1251-1290. [https://doi.org/10.1111/j.1540-6261.2009.01464.x]
- Ahn, H. B.(2009), “The Contestability of Multiple Shareholders in Governance and Firm's Value,” Korea International Accounting Review, 0(25), pp.91-111. [https://doi.org/10.21073/kiar.2009..25.005]
- Ahn, H. B., Lee, Y. H. and Choi, K. D.(2015), “Governance and Investment Opportunity Set: Tunnelling,” Korean Association of Industrial Business Administrarion, 30(2), pp.283-307.
- An, H. T., Choi, J. H., Choi, H. S. and Kim, J. D. (2017), “What Determines the Corporate Response Level to Climate Change?,” The Journal of Business Education, 32(1), pp.203-237. [https://doi.org/10.34274/krabe.2018.32.1.009]
- Antras, P. and Helpman, E.(2004), “Global Sourcing,” Journal of Political Economy, 112(3), pp.552-580. [https://doi.org/10.1086/383099]
- Bae, C. H and Son, S. K.(2013), “The Effect of Agency Problem between Controlling Shareholders and Minority Shareholders on Audit Report Lag,” Study on Accounting, Taxation and Auditing, 55(2), pp.249-275.
- Bae, H., Kim, Y. S. and Joh, S. W.(2000), “A Study on Corporate Governance and Firm Profitability,” Journal of Korean Economic Analysis, 6(2), pp.63-121.
- Bae, H. J.(2018), “The Effect of Protecting System of Minority Shareholders’ Voting Rights on Professional Corporate Management Preference,” Journal of Professional Management, 21(1), pp.39-60.
- Ban, H. J.(2009), “Corporate Governance Structure, Corporate Social Responsibility, and its Performance,” Journal of Industrial Economics and Business, 22(5), pp.2171-2195.
- Ban, H. J.(2010), “Internationalization, Corporate Governance Structures, and Investment Activities,” The Korean Academic Association of Business Administration, 23(6), pp.3401-3425.
- Bark, J. H. and Lee, H. Y.(2015), “Characteristics of Statutory Internal Auditors and Disclosure Quality,” The Korean Institute of Certified Public Accountants, 57(4), pp.27-62.
- Barnea, A., and Ribin, A.(2010), “Corporate Social Responsibility as a Conflict between Shareholders,” Journal of Business Ethics, 97(1), pp.71-86. [https://doi.org/10.1007/s10551-010-0496-z]
- Bea, C. H. and Son, S, K.(2012), “The Effect of Agency Problem between Controlling Shareholders and Minority Shareholders on Audit Report Lag,” Study on Accounting, Taxation and Auditing, 55(2), pp.249-275.
- Bottenberg, K., Tuschke, A. and Flickinger, M.(2017), “Corporate Governance between Shareholder and Stakeholder Orientation: Lessons from Germany,” Journal of Management Inquiry, 26(2), pp.165-180. [https://doi.org/10.1177/1056492616672942]
- Brouthers, K. D., Brouthers, L. E. and Werner, S. (2003), “Transaction Cost-Enhanced Entry Mode Choices and Firm Performance,” Strategic Management Journal, 24(12), pp.1239-1248. [https://doi.org/10.1002/smj.362]
- Byun, J. H. and Kim, S. H.(2012), “The Influence of Ownership Structure on Unfaithful Disclosure, Penalty Scores and Sanctions - Focusing on the Largest Shareholder Ownership -,” The Korean Institute of Certified Public Accountants, 63(1), pp.135-158.
- Carney, M., Gedajlovic, E. R., Heugens, P. P. M. A. R. H., Van Essen, M., and Van Oosterhout, J.(2011), “Business Group Affiliation, Performance, Context, and Strategy: A MetaAnalysis,” Academy of Management Journal, 54(3), pp.437-460. [https://doi.org/10.5465/amj.2011.61967812]
- Carrillo. E. P,(2007), “Corporate Governance: Shareholders' Interests and Other Stakeholders' Interests,” Corporate Ownership & Control, 4(4), pp.96-102.
- Carroll, A. B. and Buchholtz, A. K.(1989), Business and Society: Ethics, Sustainability, and Stakeholder Management, South Western Publishing Company.
- Carroll, A. B.(1991), “The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders,” Business Horizons, 34(4), pp.39-48. [https://doi.org/10.1016/0007-6813(91)90005-G]
- Carroll, A. B.(1999), “Corporate Social Responsibility: Evolution of a Definitional Construct,” Business and Society, 38(3), pp.268-295. [https://doi.org/10.1177/000765039903800303]
- Casciaro, T., and Piskorski, M. J.(2005), “Power Imbalance, Mutual Dependence, and Constraint Absorption: A Closer Look at Resource Dependence Theory,” Administrative Science Quarterly, 50(2), pp.167-199. [https://doi.org/10.2189/asqu.2005.50.2.167]
- Chang, Y. C. and Ahn, C. Y.(2012), “Corporate Social Responsibility and Corporate Performance/Competitiveness,” Korean Academic Association of Business Administration, 25(9), pp.3553-3577.
- Chi, S. K. and Ryu, S. J.(2015), “The Effect of Corporate Diversification on Earnings Management,” Journal of Business Education, 28(4), pp.235-255.
- Cho, D. S.(2015), “Economic Democratization in Capitalism 5.0,” Journal of Professional Management, 15(3), pp.23-47.
- Cho, H. R., So, Y. I. and Choi, W. K.(2005), “La Transformation du Gouvernement d? Entreprise en France, Société d’Etudes Franco-coréennes, 0(31), pp.571-598.
- Cho, J. M. and Park, S. J.(2008), “The Effect of Corporate Govemance on Human Resource Management,” Journal of Korean Economy Studies, 20(0), pp.69-105.
- Cho, S. M. and Lee, P. S.(2011), “The Role of the Foreign Sector as a Corporate Governance Mechanism in Korea,” Korean Journal of Financial Engineering, 10(1), pp.127-160. [https://doi.org/10.35527/kfedoi.2011.10.1.006]
- Cho, Y. B. and Bin, K. J.(2021), “The Effects of Social Enterprise Board Composition and Process on Performance,” Korean Management Consulting Review, 21(1), pp.21-35
- Choi, H. S.(2011), “The Study of Relation between Corporate Governance and Environment Perform,” Korea International Accounting Review, 0(40), pp.409-430. [https://doi.org/10.21073/kiar.2011..40.019]
- Choi, J. S., Kwak, Y. M. and Baek, J. H.(2012), “The Association between Earnings Management and the Risk of CEO Turnover : A Survival Analysis,” Study on Accounting, Taxation and Auditing, 54(1), pp.355-400.
- Choi, S, J and Kwon, O. J.(2012), “The Association between Industry Competition and Accounting Conservatism - Focus on Strategic Perspective,” Korean Institute of Certified Public Accountants, 58(3), pp.31-72.
- Choi, W. W. and Kim, S. I.(2010), “Reducing Tax Payments and Characteristics of Firms Using Severance Insurance,” Korean Journal of Taxation Research, 27(3), pp.105-130.
- Choi, Y. B. and Bin, G. J.(2021), “The Effects of Social Enterprise Board Composition and Process on Performance,” Korean Management Consulting Review, 21(1), pp.21-35.
- Choi, Y. H., Park, S, I. and Choi, C. H.(2021), “The Effect of Domination Form on the Agency Problem of Debt,” Korean Journal of Business Administration, 34(3), pp.387-413. [https://doi.org/10.18032/kaaba.2021.34.3.387]
- Chung, M. K.(2005), “An Empirical Study on the Shareholding Structure and Profitability of Listed Companies in China,” Korean Academic Association of Business Administration, 18(2), pp.827-845.
- Chung, M. K.(2006), “Shareholding Structure and Corporate Performance of Listed Chinese Companies,” Korean Association for Political Economy, 0(26), pp.145-179.
- Cin, B. C., Shin, J. S. and Lee, H. Y.(2015), “Corporate Governance and CEO Turnover,” The Korean Academic Association of Business Administration, 28(4), pp.1141-1162.
- Clarkson, M. E.(1995), “Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance,” Academy of Management Review, 20(1), pp.92-117. [https://doi.org/10.5465/amr.1995.9503271994]
- David, F. R.(2001), Strategic Management: Concepts and Cases, Upper Saddle River, N.J., Prentice Hall, 2001.
- Davis, G. F., Diekmann, K. A., and Tinsley, C. H. (1994), “The Decline and Fall of the Conglomerate Firm in the 1980s: The Deinstitutionalization of an Organizational Form,” American Sociological Review, 59(4), pp.547-570. [https://doi.org/10.2307/2095931]
- Davis, K. and Frederick, W. C.(1984), Business and Society: Management, Public Policy, Ethics, McGraw-Hill Companies.
- Delios, A. and Henisz, W. I.(2000), “Japanese Firms' Investment Strategies in Emerging Economies,” Academy of Management Journal, 43(3), pp.305-323. [https://doi.org/10.5465/1556397]
- Donaldson, T., and Preston, L. E.(1995), “The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications,” Academy of Management Review, 20(1), pp.65-91. [https://doi.org/10.5465/amr.1995.9503271992]
- Dorobantu, S., Kaul, A., and Zelner, B.(2017), “Nonmarket Strategy Research through the Lens of New Institutional Economics: An Integrative Review and Future Directions,” Strategic Management Journal, 38(1), pp.114-140. [https://doi.org/10.1002/smj.2590]
- Ebner, D., and Baumgartner, R. J.(2006), The Relationship between Sustainable Development and Corporate Social Responsibility, In Corporate responsibility research conference, (4, No. 5.9). Queens University, Belfast Dublin.
- Elkington, J.(1998), “Partnerships from Cannibals with Forks: The Triple Bottom Line of 21st-Century Business,” Environmental Quality Management, 8(1), pp.37-51. [https://doi.org/10.1002/tqem.3310080106]
- Fabrizio K. R.(2012), “Institutions, Capabilities, and Contracts: Make or Buy in the Electric Utility Industry,” Organization Science, 23(5, SI), pp.1264-1281. [https://doi.org/10.1287/orsc.1110.0680]
- Fiss, P. C. and Zajac, E. J.(2006), “The Symbolic Management of Strategic Change: Sensegiving via Framing and Decoupling,” Academy of Management Journal, 49(6), pp.1173-1193. [https://doi.org/10.5465/amj.2006.23478255]
- Freeman, R. E.(1984), Strategic Management: A Stakeholder Approach, Pitman, Boston, MA.
- Freeman, R. E. and Reed, D. L.(1983), “Stockholders and Stakeholders: A New Perspective on Corporate Governance,” California Management Review, 25(3), pp.88-106. [https://doi.org/10.2307/41165018]
- Gamble, A. and Kelly, G.(2001), “Shareholder Value and the Stakeholder Debate in the UK,” Corporate Governance: An International Review, 9(2), pp.110-117. [https://doi.org/10.1111/1467-8683.00235]
- Go, S. R. and Jeon, W. S.(2013), “An Empirical Study on the Effect of Corporate Social Performance on the Long-term and Short-term Financial Performance:A Closer Look at the Characteristic of Stakeholder”, Review of Accounting and Policy Studies, 18(2), pp.279-302.
- Gong, K. T. and Choi, J. S.(2013), “Does the Superior Corporate Governance Mitigate Agency Costs?,” Korea International Accounting Review, 0(49), pp.251-272. [https://doi.org/10.21073/kiar.2013..49.011]
- Grove, H. and Lockhart, J.(2019), “Evolution of Corporate Governance towards Intrinsic Value,” Corporate Law and Governance, 1(1), pp.8-13. [https://doi.org/10.22495/clgrv1i1p1]
- Harrison, J. S., Phillips, R. A. and Freeman, R. E. (2020), “On the 2019 Business Roundtable “Statement on the Purpose of a Corporation”,” Journal of Management, 46(7), pp.1223-1237. [https://doi.org/10.1177/0149206319892669]
- Henisz, W. J.(2000), “The Institutional Environment for Multinational Investment,” Journal of Law, Economics, and Organization, 16(2), pp.334-364. [https://doi.org/10.1093/jleo/16.2.334]
- Henisz, W. J. and Delios, A.(2001), “Uncertainty, Imitation, and Plant Location: Japanese Multinational Corporations, 1990-1996,” Administrative Science Quarterly, 46(3), pp.443-475. [https://doi.org/10.2307/3094871]
- Henisz, W. J. and Zelner, B. A.(2001), “The Institutional Environment for Telecommunications Investment,” Journal of Economics and Management Strategy, 10(1), pp.123-147. [https://doi.org/10.1162/105864001300122575]
- Hermann, S. P.(2005), Stakeholder Management - Long Term Business Success through Sustainable Stakeholder Relationships, TNS Infratest. The Global Trim Centre, 2005.
- Hillman, A. J. and Hitt, M. A.(1999), “Corporate Political Strategy Formulation: A Model of Approach, Participation, and Strategy Decisions,” Academy of Management Review, 24(4), pp.825-842. [https://doi.org/10.5465/amr.1999.2553256]
- Holden, E., Linnerud, K., Banister, D., Schwanitz, V. J., and Wierling, A.(2017), The Imperatives of Sustainable Development: Needs, Justice, Limits, Routledge. [https://doi.org/10.4324/9780203022177]
- Hong, H. P.(2004), “Innovation Capabilities and Corporate Governance,” Korean Association for Political Economy, 0(23), pp.319-346.
- Hong, S. H. and Song, D. S.(2014), “Effects of Board of Directors' Exercise of Voting Rights and Distribution of Business Profits on Tax Avoidance: Based on the Ownership Structure,” Korea International Accounting Review, 0(56), pp.57-74. [https://doi.org/10.21073/kiar.2014..56.004]
- Hoskisson, R. E., Hitt, M. A., Wan, W. P. and Yiu, D.(1999), “Theory and Research in Strategic Management: Swings of a Pendulum,” Journal of Management, 25(3), pp.417-456. [https://doi.org/10.1177/014920639902500307]
- Jensen, M. C.(2001), Foundation of Organizational Strategy, Harvard University Press, Cambridge, Massachusetts, London, England.
- Jensen, M. C. and Meckling, W. H.(1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, 3(4), pp.305-360. [https://doi.org/10.1016/0304-405X(76)90026-X]
- Jeon, Y. Y. and Lee, K. M.(2017), “Employment of the Disabled: Institutional and Agency Perspectives,” Korean Academy of Management, 25(4), pp.173-208. [https://doi.org/10.26856/kjom.2017.25.4.173]
- Jeong, K. S.(2017), “The Effect of Corporate Governance and Foreign Ownership on Firm Value,” Academic Society of Global Business Administration, 14(2), pp.31-61. [https://doi.org/10.38115/asgba.2017.14.2.31]
- Jia, N.(2014), “Are Collective Political Actions and Private Political Actions Substitutes or Complements? Empirical Evidence from China's Private Sector,” Strategic Management Journal, 35(2), pp.292-315. [https://doi.org/10.1002/smj.2092]
- Jinn, T. H.(2000), “Chaebol Governance and Mutual Payment Guarantees,” Korean Journal of Financial Management, 17(1), pp.1-12.
- Jung, J., and Shin, T.(2019), “Learning not to Diversify: The Transformation of Graduate Business Education and the Decline of Diversifying Acquisitions,” Administrative Science Quarterly, 64(2), pp.337-369. [https://doi.org/10.1177/0001839218768520]
- Jung, Y. K. and Kim, S. H.(2016), “Control Effects of National Pension Fund Activism on Firm’s Earnings Management,” The Korean Academic Association of Business Administration, 28(9), pp.2205-2239.
- Kang, H. C. and Byun, H. S.(2021), “Do Corporate Social Responsibility Activities Alleviate Agency Problems? Focusing on Conflicts of Interest between Controlling Shareholders and Creditors,” Journal of Money and Finance, 35(1), pp.1-43. [https://doi.org/10.21023/JMF.35.1.1]
- Kang, J, K.(1998), “Bank-Centered Corporate Governance: The Benefits and Disadvantages of Bank Capital Participation in Industry,” Economic Analysis, 4(4), pp.120-161.
- Kang, J, K. and Cho, M. H.(2002), “Bank - Centered Corporate Governance - A Comparative Study of Korea and Japan,” Korean Academy of International Business, 13(1), pp.1-32.
- Kang, J. Y. and Kim, Y. C.(2012), “Corporate Tax Avoidance and Ownership Structure,” Korean Journal of Taxation Research, 29(2), pp.37-67.
- Kang, J. Y., Lim, Y. K. and Kim, Y. C.(2015), “Tax Avoidance, Ownership and Corporate Social Responsibility,” Academic Society of Global Business Administration, 12(4), pp.205-230.
- Kang, S. A and Cho, S. M.(2017), “The Effect of Accounting Quality and Competition Intensity on Labor Investment Efficiency,” Korea Business Review, 21(1), pp.237-260 [https://doi.org/10.17287/kbr.2017.21.1.237]
- Karpoff, J. M.(2021), “On a Stakeholder Model of Corporate Governance,” Financial Management, 50(2), pp.321-343. [https://doi.org/10.1111/fima.12344]
- Kaufman, A. M., Englander, E. J. and Marcus, A. A.(1993), Selecting an Organizational Structure for Implementing Issues Management: A Transaction Costs and Agency Theory Perspective, Sage Focus Editions, 163, pp.148-148. [https://doi.org/10.4135/9781483325637.n6]
- Kaul, A., and Luo, J.(2016, April). The Comparative Governance of Collective Action. In Academy of Management Proceedings (Vol. 2016, No. 1, p. 11085). Briarcliff Manor, NY 10510: Academy of Management. [https://doi.org/10.5465/ambpp.2016.11085abstract]
- Kim, A. K.(2008), “The Effects of Corporate Governance on Human Resources - with a Focus on the Difference between Human Resources Management and Human Resources Development -,” Korean Journal of Industrial Relations, 19(2), pp.121-139.
- Kim, D. H., Seok, J. Y. and Kim, J. W.(2010), “An Examination of the Relationship between Corporate Governance Structure and Social Responsibility,” Journal of International Area Studies, 13(4), pp.41-58. [https://doi.org/10.18327/jias.2010.01.13.4.41]
- Kim, D. J.(2009), “The Effect of Employee Participation and Shareholder Rights on the Labor-Management Relationship : Focusing on Stakeholder Perspective of Corporate Governance,” Quarterly Journal of Labor Policy, 9(3), pp.175-207.
- Kim, D. J. and Kim, D. O.(2012), “Stakeholder Management, Industrial Relations and Firm Performance : Stakeholder Perspective on Corporate Governance,” Korean Academy of Management, 20(1), pp.51-91.
- Kim, D. S., Lim, B. H. and Lee, K. H.(2017), “The Relationship between Management Compensation and Firm Performance According to KOSDAQ-listed Small and Venture Firms' Corporate Governance Structure,” Journal of the Korean Entrepreneurship Socieity, 12(3), pp.27-56. [https://doi.org/10.24878/tkes.2017.12.3.027]
- Kim, D. W. and Shin, M. J.(2015), “The Economy and Labor in Asia - Economic Growth in Unstable Industrial Relations -,” The Journal of Labor Studies, 30(0), pp.59-80.
- Kim, D. Y. and Kim, T. S.(2013), “A Study on Effects of Corporate Social Responsibility and Corporate Governance on Audit Fees,” Korean Accounting Information Association, 31(3), pp.229-249.
- Kim, G. J and Kim, O. W.(2012), “Corporate Social Responsibility from the Viewpoint of Stakeholder,” Korean Business Education Review, 27(1), pp.171-190.
- Kim, H. C., Kim, Y. K and Kim, T. K.(2016), “Tracking the Evolution of Business Studies in Korea via the Keywords in Korean Management Review,” Korea Business Review, 20(3), pp.101-130. [https://doi.org/10.17287/kbr.2016.20.3.101]
- Kim, H. J. and Choi, W. J.(2017), “Managerial Power and Pay-Performance Sensitivity using Individual Compensation,” The Korean Academic Association of Business Administration, 30(2), pp.203-229. [https://doi.org/10.18032/kaaba.2017.30.2.203]
- Kim, H. J. and Yoon, S. S.(2010), “The Impact of the Wedge on Corporate Governance and Earnings Management,” Accounting Information Review, 28(2), pp.1-32.
- Kim, H. R.(2017), “The Effect of Employee and Creditor Corporate Governance on Earning Management,” Journal of Digital Convergence, 15(12), pp.213-219.
- Kim, H. R.(2019), “The Effect of Labor Union on Financial Performance of Corporate Restructuring,” Korea International Accounting Review, 0(84), pp.19-45.
- Kim, H. R. and Kim, J. K.(2018), “The Effect of Stakeholder Perspective Corporate Governance on the Discretion of Asset Impairment Recognition.” The Korean Academic Association of Business Administration, 31(2), pp.377-403. [https://doi.org/10.18032/kaaba.2018.31.2.377]
- Kim, H. R. and Kim, J. K.(2018), “The Effect of Stakeholder Perspective Corporate Governance on the Discretion of Asset Impairment Recognition,” The Korean Academic Association of Business Administration, 31(2), pp.377-403. [https://doi.org/10.18032/kaaba.2018.31.2.377]
- Kim, H. R. and Yu, S. M.(2019), “The Effect of Labor Unions on Manager’s Cash Compensation and Pay-performance Sensitivity,” Korea International Accounting Review, 0(88), pp.51-75.
- Kim, H. Y. and Choi, M. H.(2010), “The Effect of Corporate Governance on Book-Tax Differences,” Korea International Accounting Review, 0(32), pp.79-106. [https://doi.org/10.21073/kiar.2010..32.005]
- Kim, M, I., and Choi, J. H.(2008), “The Association between the Wedge between Voting Right and Cash Flow Right and Conservatism,” Study on Accounting, Taxation and Auditing, 0(47), pp.181-210.
- Kim, S. H.(2015), “The Effect of National Pension’s Monitoring Role on Corporate Governance,” Study on Accounting, Taxation and Auditing, 57(4), pp.221-252.
- Kim, S. H.(2011), “The Relationship between Corporate Governance Attributes and Environmental Information Disclosure,” Korean Accounting Association, 20(1), pp.135-176.
- Kim, S. H., Lee, A. Y. and Chun, S. B.(2012), “The Characteristics of Foreign Investors and Real Earnings Management - Focusing on the Role of Foreign Blockholders,” Korean Accounting Review, 37(2), pp.129-165.
- Kim, S. H. and Lee, K. W.(2013), “Corporate Social Responsibility(CSR) in Accounting: Review and Future Directionon,” The Korean Academic Association of Business Administration, 26(9), pp.2397-2425.
- Kim, S. J., Kim, H. S. and Sul, W. S.(2011), “Corporate Governance and the Effectiveness of the Executive Stock Option Grant,” The Korean Journal of Financial Management, 28(2), pp.45-70.
- Kim, S. Y. and Park, E. J.(2008), “A Study of the Relation between the Corporate Governance and disclosure of information about environment - View from the construction company,” Academic Society of Global Business Administration, 5(3), pp.1-27. [https://doi.org/10.17092/jibr.2008.5.3.1]
- Kim, T. J., Choi, W. Y. and Kang, S. A.(2013), “The Impact of the CEO types on the Investment Behaviors of Korean Firms,” Korean Association of Industrial Business Administrarion, 28(1), pp.299-321.
- Kim, Y. J. and in Chung, M. J.(2017), “The Impact of Equity Holdings of the National Pension on Firms’ Asymmetric Cost Behavior,” The Korean Academic Association of Business Administration, 30(11), pp.1997-2014. [https://doi.org/10.18032/kaaba.2017.30.11.1997]
- Kim, Y. K.(2020), “Effects of Non-financial Information Disclosure on Firm Performance and Firm Value,” Journal of Regulation Studies, 29(1), pp.35-59.
- Kim, Y. M., Jeong, E. K. and Bae, J. H.(2018), “Strategic Management Research in Korea: Past 20 Years and Future Directions,” Journal of Strategic Management, 21(2), pp.19-49. [https://doi.org/10.17786/jsm.2018.21.2.002]
- Kim, Y. S. and Hwang, K. J. and Kim, Y. C.(2007), “The Effect of Firm Characteristics and Corporate Governance on the Quality of Internal Control over Financial Reporting,” Study on Accounting, Taxation and Auditing, 0(46), pp.249-275.
- Kim, Y. S., Park, P. and Wee, J. B.(2017), “Corporate Ownership/Governance and Donation,” The Korean Academic Association of Business Administration, 30(7), pp.1159-1187. [https://doi.org/10.18032/kaaba.2017.30.7.1159]
- Kim, Y. S. and Lee, Y. S.(2011), “The Study on the Association of Corporate Sustainable Detail Index with Earnings Management,” Korea International Accounting Review, 0(40), pp.39-62. [https://doi.org/10.21073/kiar.2011..40.003]
- Kim, Y. S. and Wee, J. B.(2020), “Defined Benefit Corporate Pension Planning and Agency Problems : Does Good Governance Improve the Funding Ratio?,” The Korean Journal of Finance Association, 33(2), pp.201-244. [https://doi.org/10.37197/ARFR.2020.33.2.2]
- Koh, Y. S. and Park, S. Y.(2013), “The Participation of Family Members in the Business Management and Family Firms Management,” Korean Accounting Journal, 22(2), pp.61-109.
- Kook, C. P. and Kang, Y. S.(2011), “Corporate Social Responsibility, Corporate Governance and Firm Value,” Korean Journal of Financial Studies, 40(5), pp.713-748.
- Kusi, B. A., Gyeke-Dako, A., Agbloyor, E. K. and Darku, A. B.(2018), “Does Corporate Governance Structures Promote Shareholders or Stakeholders Value Maximization? Evidence from African banks,” Corporate Governance: The International Journal of Business in Society, 18(2), pp.270-288. [https://doi.org/10.1108/CG-09-2016-0177]
- Kwak, S. K. and Choi, J. H.(2009), “The Effect of Divergence between Voting Right and Cash Flow Right, Firm Size, and Firm Risk on Audit Fees,” Accounting Information Review, 27(2), pp.33-60.
- Kwak, Y. M. and Kim, H, J.(2021), “The Impact of Labor Unions Power on the Earnings Management,” Institute of Industrial and Business Management of Kyungnam University, 44(2), pp.375-396. [https://doi.org/10.33932/rir.44.2.17]
- Kwon, D. H., Choi, J. H., Shin, J. Y., and Hyun, J. H.(2012), “The Effect of Agency Problem between Controlling Shareholders and Minority Shareholders on Board and Audit Committee Characteristics,” Korean Accounting Review, 37(1), pp.121-155.
- Lee, A. Y., Chun, S. B. and Kim, S. H.(2012), “Controlling Shareholders` Ownership Structure and Real Earnings Management,” Korean Acconting Association, 37(1), pp.157-189.
- Lee, A, Y. and Lee, S. M.(2019), “The Comparative Study on Leading Factors of Flexible Working Hours System in Korea, U.K., and Germany,” Korean Journal of Industrial Relations, 29(4), pp.39-70. [https://doi.org/10.37926/KJIR.2019.12.29.4.39]
- Lee, E. H. and Yoo, J. W.(2021), “Effects of User Innovation Activities on Innovation Performance : Focusing on Three-way Interaction Effect of Manager’s Shareholding and Environmental Dynamism,” Korean Corporation Management Review, 28(2), pp.29-48. [https://doi.org/10.21052/KCMR.2021.28.2.02]
- Lee, H. J., Jung, H. U. and Lee, K. I.(2013), “The Effect of Ownership Wedge on Effective Tax Rates,” Journal of Taxation and Accounting, 14(1), pp.9-30.
- Lee, J. H. and Jung, H. J.(2013), “A Study on the Effect of Ownership Dispersion on Firm Value,” Industrial Innovation Research, 29(1), pp.71-108.
- Lee, J. H and Oh, M. J.(2015), “Overinvestment and Cost of Equity Capital under the Industry-Level Product Market Competition,” The Korean Academic Association of Business Administration, 28(11), pp.2951-2971. [https://doi.org/10.18032/kaaba.2015.28.11.2951]
- Lee, J. K. and Lee, J. H.(2020), “Current Status and Future Directions of Research on ‘Sustainable Management’: Focusing on the ESG Measurement Index,” Journal of Strategic Management, 23(2), pp.65-92.
- Lee, K. H.(2006), “Sustainability Management and Stakeholder Response Strategy,” Avivaiton Management Society of Korea, 0(30), pp.1-13.
- Lee, K. Y. and Kim, J. C.(2018), “Effects of Corporate Governance and Social Responsibility on Stock Returns in Korea,” The Review of Eurasian Studies, 15(2), pp.101-120. [https://doi.org/10.31203/aepa.2018.15.2.005]
- Lee, M. Y., Shim, H. S. and Choi, J. H.(2012), “Board Characteristics and the Frequency of Disclosure of the Firms Belonging to Large Business Groups,” Korean Accounting Review, 37(2), pp.279-320.
- Lee, P.M. and O’Neill, H.M.(2003), “Ownership Structures and R&D Investments of U.S. and Japanese Firms: Agency and Stewardship Perspective,” Academy of Management Journal, 46(2), pp.212-225. [https://doi.org/10.2307/30040615]
- Lee, S. C. and Yoon, J. C. and Ko, H. M.(2015), “A Study on the Corporate Governance Characteristics of Firms Voluntarily Adopting K-IFRS,” The Korean Academic Association of Business Administration, 28(2), pp.389-413.
- Lee, Y. K.(2015), “The Effect of the Wedge between Voting Right and Cash Flow Right on Tax Avoidance,” Academic Society of Global Business Administration, 12(3), pp.89-111. [https://doi.org/10.17092/jibr.2015.12.3.89]
- Lee, Y. W.(2011), “The Relation Between Corporate Governance and Accrual Quality,”Journal of Industrial Economics and Business, 24(2), pp.729-742.
- Lim, H. J. and Choi, J. S.(2013), “Corporate Social Responsibility and Earnings Management: Does the External Business Ethics Portray Internal Ethics?,” Korean Accounting Journal, 22(5), pp.257-309.
- Litwak, E. and Hylton, L. F.(1962), “Interorganizational Analysis: A Hypothesis on Coordinating Agencies,” Administrative Science Quarterly, pp.395-420. [https://doi.org/10.2307/2390723]
- Meyer, K. E., Estrin, S., Bhaumik, S. K. and Peng, M. W.(2009), “Institutions, Resources, and Entry Strategies in Emerging Economies,” Strategic Management Journal, 30(1), pp.61-80. [https://doi.org/10.1002/smj.720]
- Moon, E. H. and Yang, C. Y.(2010), “A Study on the Shareholder Activism of Foreign Outside Blockholders : Focus on the Strategic Monitoring Hypothesis,” Journal of Industrial Economics and Business, 23(2), 88, pp.1001-1928.
- Nam, H. J. and Sohn, P. D.(2015), “The Relationship Between Board Structure and Firm Value of Korean Logistics Industry,” The Korean Logistics Research Association, 25(4), pp.51-63. [https://doi.org/10.17825/klr.2015.25.4.51]
- Nam, S. M.(2003), “A Study on Ecological Stakeholder Management,” Koreanische Zeitschrift fuer Wirtschaftswissenschaften, 21(1), pp.81-108.
- Nunn, N.(2007), “Relationship-specificity, incomplete contracts, and the pattern of trade,” Quarterly Journal of Economics, 122(2), pp.569-600. [https://doi.org/10.1162/qjec.122.2.569]
- Ocasio, W. and Joseph, J.(2005), An Attention-Based Theory of Strategy Formulation: Linking Micro-and Macroperspectives in Strategy Processes, Emerald (MCB UP ).
- Oliver, C.(1991), “Strategic Responses to Institutional Processes,” Academy of Management Review, 16(1), pp.145-179. [https://doi.org/10.5465/amr.1991.4279002]
- Ostrom, E.(1990), Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge university press. [https://doi.org/10.1017/CBO9780511807763]
- Pan, Y. X., Chae, S. J. and Lee, H. Y.(2010), “The Association between Ownership Structure and Managers’ Accounting Discretion in China,” Korea International Accounting Review, 0(30), pp.61-88. [https://doi.org/10.21073/kiar.2010..30.004]
- Park, A. Y. and Kwak, J. Y.(2014), “The Level and Change Effect of Corporate Governance on Cost Stickiness,” Korea International Accounting Review, 0(58), pp.81-102. [https://doi.org/10.21073/kiar.2014..58.005]
- Park, B. J.(2009), “The Effects of Minority Shareholders on Earnings Management,” Journal of Industrial Economics and Business, 22(6), pp.3009-3033.
- Park, J. I. and Nam, H. J.(2013), “The Effect of Perceived Audit Quality of Big 4 Auditors on the Cost of Debt : Some Empirical Evidence on KOSPI and KOSDAQ Listed Firms,” Study on Accounting, Taxation and Auditing, 55(2), pp.323-368.
- Park, J. H.(2015), “Labor Union and the Value-Relevance of Earnings,” Journal of Taxation and Accounting, 16(5), pp.141-165.
- Park, J. H. and Kwon, D. H.(2012), “The Impact of Foreign Ownership on the Investment Efficiency,” Korean Accounting Review, 37(3), pp.277-307.
- Park, J. I.(2003), “Corporate Governance and Earnings Management: View from the Largest Shareholder’s Holding,” Korean Accounting Review, 28(2), pp.135-172.
- Park, K. S. and Jung, C. S.(2010), “The Effect of ESOP on Firm Performance and Value,” Journal of Money and Finance, 24(1), pp.33-65.
- Park, S. H.(2010), “Diversification Discount and Corporate Governance,” Journal of Industrial Economics and Business, 23(6), pp.2883-2913.
- Park, S. H.(2015), “A Behavioral Approach to Corporate Governance: A Review and Prospects for Future Research,” Journal of Strategic Management, 18(2), pp.75-105. [https://doi.org/10.17786/jsm.2015.18.2.004]
- Park, S. O., Na, H. J. and Chung, H. S.(2015), “Sales Growth, Largest Shareholders and Tax Avoidance,” Korean Journal of Taxation Research, 32(4), pp.315-340.
- Park, S. Y., Kim, S. I. and Chung, H. S.(2017), “Differentiated Incentives of Earnings Managements depending on the Types of CSR Activities,” The Korean Academic Association of Business Administration, 30(4), pp.601-630. [https://doi.org/10.18032/kaaba.2017.30.4.601]
- Peng, M. W.(2003), “Institutional Transitions and Strategic Choices,” Academy of Management Review, 28(2), pp.275-296. [https://doi.org/10.5465/amr.2003.9416341]
- Pérez-Carrillo, E.. F.(2007), “Corporate Governance: Shareholders' Interests and Other Stakeholders' Interests,” Corporate Ownership and Control, 4(4), pp.96-102. [https://doi.org/10.2139/ssrn.2302532]
- Pfeffer, J. and Leong, A.(1977), “Resource Allocations in United Funds: Examination of Power and Dependence,” Social Forces, 55(3), pp.775-790. [https://doi.org/10.2307/2577470]
- Porter, M. E. and Kramer, M. R.(2011), “Creating Shared Value,” Harvard Business Review89(4), pp.62-77.
- Provan, K. G.(1983), “The Federation as an Interorganizational Linkage Network,” Academy of Management Review, 8(1), pp.79-89. [https://doi.org/10.5465/amr.1983.4287668]
- Reed, A. S.(2001), “Extension in Oregon: Educational leadership for sustainability,” Journal of Forestry, 99(3), pp.18-21.
- Rhee, Y. P. and Choi, H. S.(2016), “The Effect of Governance and Network Diversity on Korean Social Enterprise Performance,” Koreanische Zeitschrift fuer Wirtschaftswissenschaften, 34(3), pp.57-77. [https://doi.org/10.18237/KDGW.2016.34.3.057]
- Rose, C. and Mejer, C.(2003), “The Danish Corporate Governance System: from Stakeholder Orientation towards Shareholder Value,” Corporate Governance: An International Review, 11(4), pp.335-344. [https://doi.org/10.1111/1467-8683.00331]
- Seo, J. I. and Choi, W. Y.(2013), “Social Tie between CEO and Audit Committee and its Effect on Earnings Management,” The Korean Association of Personnel Administration, 37(3), pp.199-226.
- Seo, J. I. and Lee, G. H.(2017), “CEO Changes at Family Firm,” The Korean Association of Personnel Administration, 41(1), pp.1-28. [https://doi.org/10.36459/jom.2017.41.1.1]
- Seo, S. J. and Choi, J. H.(2015), “The Relationship between CSR and WACC and Firm Value focused on the KEJI individual Index,” Korea International Accounting Review, 0(64), pp.1-26. [https://doi.org/10.21073/kiar.2015..64.001]
- Seo, Y. M.(2017), “The Effect of Control-Ownership Disparity on Tax Avoidance,” The Korean Academic Association of Business Administration, 30(4), pp.559-578. [https://doi.org/10.18032/kaaba.2017.30.4.559]
- Seo, Y. M., Lee, M. G. and Park, W. J.(2013), “The Effect of the Control-Ownership Disparity on Management Forecast Bias,” Korean Association of Industrial Business Administrarion, 28.(4), pp.49-76.
- Shim, H. S., Lee, J. H. and Choi, J. H.(2010), “Ownership Divergence and the Frequency of Information Disclosure,” Korean Accounting Association, 35(4), pp.39-74.
- Shin, H. D., Park, J. H. and Lee, N. R.(2016), “Korean Firms' Governance Structure and Corporate Social Responsibility Activities,” Korean Corporation Management Review, 23(2), pp.73-91. [https://doi.org/10.21052/KCMR.2016.23.2.04]
- Shin, M. S. and Kim, S. E.(2010), “The Effects of Ownership Structure on Capital Structure of Firms,” The Korean Journal of Financial Engineering, 9(3), pp.89-122. [https://doi.org/10.35527/kfedoi.2010.9.3.005]
- Shin, M. S. and Kim, S. E.(2010), “The Relations between Ownership Structure and Stock Repurchase of Firms,” The Korean Academic Association of Business Administration, 23(2), pp.649-674.
- Shin, M. S. and Kim, S. E.(2010), “Ownership Concentration and Payment Policy of Firms,” Journal of Industrial Economics and Business, 23(3), pp.1349-1377.
- Shin, M. S., Kim, S. E. and Kim, J. H.(2010), “Ownership Structure and Earnings Management of Kosdaq Firms,” The Korean Journal of Financial Engineering, 9(1), pp.47-77. [https://doi.org/10.35527/kfedoi.2010.9.1.003]
- Shin, S., Lee, J. and Bansal, P.(2022), “From a Shareholder to Stakeholder Orientation: Evidence from the Analyses of CEO Dismissal in Large US Firms,” Strategic Management Journal, 43(7), pp.1233-1257. [https://doi.org/10.1002/smj.3369]
- Sohn, S. K., Kim, T. D. and Shin, I. H.(2016), “Labor Unions and Analysts’ Earnings Forecasts,” Korean Accounting Journal, 25(5), pp.1-32.
- Song, J. H. and Ahn, H. B.(2007), “The Study on the Relation between Ownership Structure and R&D Innovation Activities,” Journal of Industrial Economics and Business, 20(3), pp.1187-1206.
- Sonu, H. J., Choi, J. H. and Lee, B. H.(2010), “The Effect of the Wedge between Voting Right and Cash Flow Right on Error in Analysts` Earnings Forecasts,” Korean Accounting Review, 35(2), pp.1-34.
- Stead, J. G., and Stead, W. E.(2014), “Building Spiritual Capabilities to Sustain Sustainability-Based Competitive Advantages,” Journal of Management, Spirituality and Religion, 11(2), pp.143-158. [https://doi.org/10.1080/14766086.2013.832359]
- Strange, T., and Bayley, A.(2008), Sustainable Development: Linking Economy. Society, Environment, OECD Publications(2), Paris, FRANCE. [https://doi.org/10.1787/9789264055742-en]
- Vogel D.(2006), The Market for Virtue: The Potential and Limits of Corporate Social Responsibility. Brookings Institution Press: Washington, DC.
- Yeo, Y. H.(2012), “A Study on the Stakeholder Attributes of Local Public Entrepreneurs in Korea and Japan,” Korean Public Administration Review, 46(1), pp.181-205.
- Yi, S. H.(2007), “Shareholder Rights and the Role of Large Creditors in Corporate Governance,” The Korean Academic Association of Business Administration, 20(5), pp.2157-2186.
- Yoo, J. W. and Lee, E. H.(2021), “Corporate Governance Researches on Stakeholder Capitalism Perspectives: Review and Future Direction,” Journal of Strategic Management, 24(3), pp.61-95.
- Yoon, S. M. and Lee, K. Y.(2012), “Tax Planning of Not-For-Profit Organizations - Minimization of Tax Burden through Cost-Shifting -,” Korean Journal of Taxation Research, 29(4), pp.225-255.
- Yoon, S. M. and Lee, M. J.(2005), “The Effect of Separation of Ownership and Control on Valuation in the Stock Market,” Korean Association for Political Economy, 0(25), pp.221-259.
- Yoshikawa, T. and McGuire, J.(2008), “Change and Continuity in Japanese Corporate Governance,” Asia Pacific Journal of Management, 25(1), pp.5-24. [https://doi.org/10.1007/s10490-007-9064-1]
- Young, M.N., Peng, M.W., Ahlstrom, D., Bruton, G.D., and Jiang, Y.(2008), “Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective,” Journal of Management Studies, 45(1), pp.196-220. [https://doi.org/10.1111/j.1467-6486.2007.00752.x]
- Westphal, J. D. and Zajac, E. J.(1998), “The Symbolic Management of Stockholders: Corporate Governance Reforms and Shareholder Reactions,” Administrative Science Quarterly, 43(1), pp.127-153. [https://doi.org/10.2307/2393593]
- Zott, C. and Huy, Q. N.(2007), “How Entrepreneurs Use Symbolic Management to Acquire Resources,” Administrative Science Quarterly, 52(1), pp.70-105. [https://doi.org/10.2189/asqu.52.1.70]
∙ The author Eun-hwa Lee is currently serving as an adjunct professor at Konkuk University Business School. She received her Ph.D. in International Business/Strategic Management from Konkuk University. She has worked as an audit professional of 15 years in the securities industry and is currently working as an auditor for the regional education foundation. Major research areas are included corporate governance, innovation strategy, and ESG.
∙ The author Jaewook Yoo is a professor of strategic management at the College of Business Administration, Konkuk University, Seoul, Korea. He received his Ph.D. from Washington State University. His past works were published in academic journals including Journal of Management Studies, Long Range Planning and Journal of Management and Organization. His research interests include competitive dynamic, corporate governance, top management team, innovation, and sustainable management.
∙ The author Jay Hyuk Rhee is a professor at Korea University Business School, and he received his Ph.D. from Ohio State University. At Korea University, he is a member of ESG Committee, and director of ESG Research Center. He serves as a co-chairperson of the International ESG Association, and the chairman of ESG management committee of the Korea Teachers’ Pension. His research interest includes ESG, CSR, SDG, management strategies and global strategies.
∙ The author Hyung-Deok Shin is a professor of strategic management at Hongik University. He received his PhD. from the Ohio State University and master’s and bachelor’s degree from Seoul National University. His current research focuses on strategic management, international business, entrepreneurship, and arts and cultural management.
∙ The author Joohee Han is an assistant professor at Gachon University Business School, and she received her Ph.D. from Ewha Womans University. Her past works were published in academic journals from diverse backgrounds including Journal of Strategic Management, Korea Journal of Business Ethics, and Journal of Information Technology Applications and Management and she serves as a vice-chairman of contracting out management committee of Gyeonggi-do Provincial Office. Her research interests include corporate governance, top management team, strategic change, and sustainable management.