기업지배구조와 기업의 사회적 책임의 관계에 대한 실증연구

In this study, we analyze the relation between corporate governance and corporate social responsibility by using the data of listed companies in South Korea by intrgrating CGS and KEJI data. Main results of the analysis are as follows: First, characteristics variables such as foreign ownership and whether the company is in 30 conglomerate members show positive relationship with CSR activities. This seems to be related to reputation effects of conglomerate companies, and we judge that the purpose of foreign investors’ investment is relatively based on long-term perspective than normal shareholders and is due to the strong side of socially responsible investment. However, the extent of ownership and CSR activities did not show significant relationship. Second, protection of shareholder rights in corporate governance shows positive relevance with CSR activities. It shows that CSR activities may be consistent with shareholder’s long-term interests from stakeholder perspective on corporate governance. Third, the existence of labor unions which is a participatory mechanism of workers and CSR activities are negatively related so it suggests that corporate governance needs to moderate and cooperate with labor unions in order to run CSR more effectively. An additional analysis for a manufacturing industry only shows that above research findings are more clearly supported.