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korean management review - Vol. 48 , No. 6
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korean management review - Vol. 48, No. 6, pp. 1591-1623
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2019
Received 22 Dec 2018 Revised 30 Sep 2019 Accepted 30 Oct 2019
DOI: https://doi.org/10.17287/kmr.2019.48.6.1591

How does Family Governance Shape Corporate Philanthropy? Interaction Effects between Family Ownership and Management
Sang-Bum Park* ; Hicheon Kim**
*Research Professor, Korea University Business School, First Author
**Professor, Korea University Business School, Corresponding Author

가족 지배구조와 기업 사회공헌: 지배가족의 소유와 경영 참여의 상호작용 효과를 중심으로
박상범* ; 김희천**
*(주저자) 고려대학교 경영대학 연구교수 (sb80.park@gmail.com)
**(교신저자) 고려대학교 경영대학 교수 (hkim01@korea.ac.kr)
Funding Information ▼
Abstract

We examine the effect of family governance on corporate philanthropy by focusing on the motives of controlling families. We emphasize that controlling families have two different motives, namely, financial and socioemotional motives. On this basis, we argue that the two motives have contrasting effects on corporate philanthropy. Given that family ownership represents the financial motive of family principals, the first hypothesis posits that family ownership is negatively related to corporate philanthropy. Family management increases family visibility and thus encourages controlling families to be concerned with their socioemotional wealth. That is, the higher the visibility of controlling families in the firm, the more likely the overlap will be between family and firm identity. Thus, the second and third hypotheses predict that family involvement in management as a family CEO or director positively moderates the relationship between family ownership and corporate philanthropy. We test our hypotheses using fixed effects panel regression models and the sample of large nonfinancial Korean family firms listed in KOSPI, Korea’s major stock market. Test results support our hypotheses. We find that family firms become reluctant to engage in discretionary wealth transfer to nonfamily stakeholders as family ownership increases. However, this negative effect of family ownership on corporate philanthropy is weakened by family involvement in top management and the board of directors. Our findings reconcile the inconsistent results in the literature on family business and CSR, which is divided into positive and negative perspectives. In this manner, we revisit the assumption of prior research, which often treats family firms as homogeneous and reveals the limitation of a dichotomous approach to family business. We conclude by discussing the implications and theoretical contributions of this study and offering future research directions.

초록

본 연구는 지배가족의 동기에 주목하여 가족기업의 지배구조가 기업 사회공헌에 미치는 영향을 탐구하였다. 구체적으로 지배가족의 동기를 재무적 동기와 사회정서적 동기로 구분하여 두 동기가 기업의 사회공헌에 상반된 영향을 미칠 것이란 가설을 세우고 실증 분석하였다. 핵심 논의는 재무적 동기는 가족 소유지분과, 사회정서적 동기는 가족의 경영 참여와 밀접한 관련이 있고, 가족 지배구조에 따라 지배가족의 동기도 변화한다는 것이다. 첫 번째 가설은 가족 소유지분이 기업 사회공헌에 부정적인 영향을 미칠 것으로 예측하였다. 이는 가족 소유지분이 늘어날수록 가족 주주의 재무적 동기가 커지기 때문이다. 두 번째 가설과 세 번째 가설은 지배가족이 최고경영자와 이사회 일원으로 경영에 참여할 경우 가족 소유지분과 기업 사회공헌의 부정적인 관계가 완화될 것이라고 예상하였다. 이는 지배가족이 경영에 참여할 경우 가족이 가족기업에서 눈에 띄게 드러나는 정도, 즉 가족 가시성이 높아져서 가족 소유지분에 따른 지배가족의 재무적 동기만이 아니라 사회정서적 재산에 대한 고려가 동시에 커지기 때문이다. 이상의 가설은 한국의 대규모 상장 가족기업을 표본으로 고정효과 패널분석으로 검증하였고, 분석 결과 모두 지지되었다. 본 연구는 지배가족의 동기와 가족 지배구조의 다양한 차원을 구분하여 가족기업의 사회적 책임에 관한 기존의 불일치한 연구 결과를 통합할 수 있는 일관된 분석틀과 이론적 근거를 제시하였다는 공헌점을 지닌다. 토의에서 구체적인 함의와 후속 연구 방안을 논의하였다.

Keywords: corporate social responsibility, corporate philanthropy, family business, family governance, family visibility, socioemotional wealth perspective, agency theory
키워드: 기업의 사회적 책임, 기업 사회공헌, 가족기업, 가족 지배구조, 가족 가시성, 사회정서적 재산 관점, 대리인 이론
Acknowledgments

본 연구는 고려대학교 경영대학 경영학과에서 지원된 연구비와 고려대학교 대학원 Junior Fellow-Research Grant의 지원을 받아 수행되었음

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• 저자 박상범은 고려대학교 사회학과 (학사, 석사)를 졸업했고, 고려대학교 경영학과에서 박사학위를 취득했다. 삼성경제연구소 인사조직실에서 연구분석원으로 일하였으며, 현재 고려대학교 경영대학 연구교수로 재직 중이다. 조직이론과 전략경영을 전공하였고, 주요연구분야는 기업의 사회적 책임과 지속가능성, 가족기업, 국제화와 다국적기업 등이다.

• 저자 김희천은 미국 Texas A&M 대학에서 박사학위를 취득했고, George Washington 대학교와 한양대학교 교수를 역임했으며 현재 고려대학교 경영대학 교수와 스타트업 연구원 원장으로 재직 중이다. 경영학연구 편집위원장을 역임했으며, 주요연구분야는 스타트업 생태계, 기존기업의 혁신 및 기업가정신, 기업지배구조, 기업집단 등이다.

 
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