Research Article

후임 CEO의 전략적 ESG 행동: CEO의 정치적 경험 및 녹색 경험 관점

장려요¹ · 이호영¹ · 정주름²

¹ Yonsei University, ² University of Seoul

발행: 2026년 1월 · 55권 1호 · pp. 387-419

DOI: https://doi.org/10.17287/kmr.2026.55.1.387

초록

본 연구는 CEO 승계가 전략적 ESG(환경·사회·지배구조) 행동, 특히 ESG 공시와 실질적 기업 관행 간의 괴리에 미치는 영향을 검토한다. 2010년부터 2022년까지 중국 상장기업의 패널 데이터를 활용하여, 후임 CEO가 이끄는 기업이 전략적 ESG 행동에 참여할 가능성이 유의하게 더 높음을 실증한다. 나아가 본 연구는 경영자 개인의 정치적 경험과 녹색 관련 경험이 이러한 관계를 어떻게 조절하는지 조사한다. 분석 결과, 승계와 전략적 ESG 행동 간의 긍정적 관계는 정치적 연결이나 녹색 배경이 부족한 CEO에게서 더 두드러지는 것으로 나타났다. 이는 외부 자원에 대한 접근과 확립된 전문적 평판이 순전히 상징적인 ESG 참여에 대한 인센티브를 완화할 수 있음을 시사한다. 또한, 외부 모니터링 메커니즘이 덜 강건한 기관 투자자 지분이 낮은 기업에서 이러한 효과가 증폭되었다. 이러한 발견은 기업 고정효과 모형, 도구변수 추정, 엔트로피 밸런싱을 포함한 다양한 강건성 검증에 대해 견고하다. 본 연구는 CEO 승계를 전략적 ESG 행동의 핵심 결정요인으로 식별하고 경영자 배경과 기업지배구조 환경의 상황적 역할을 조명함으로써 ESG 및 리더십 전환 문헌에 기여한다.

키워드: successor CEOstrategic ESGpolitical experiencegreen experience

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