공기업의 지배구조가 사회적 책임활동에 미치는 영향

This study examines the impact of state-owned enterprises’ corporate governance on social responsibility activities. The proxies for corporate governance used include CEO's public sector background and political connectedness, independence of the board of directors and whether listed or not. As variables for social responsibility activities, we employ evaluation scores for corporate social responsibility. The government annually conducts a performance evaluation of state-owned enterprises and the evaluation usually consists of corporate social responsibility indicators. The analysis of 124 samples does not support the hypothesis that CEO, who is from the public sector and at the same time is not politically connected, is positively influential to social responsibility activities. However, we find that the board chair and CEO separation as a proxy for board independence is significantly and positively associated with social responsibility activities. In addition, listed state-owned enterprises are significantly and negatively associated with social responsibility activities. This may be interpreted as that listed state-owned enterprises are either avoiding or using social responsibility activities for opportunism such as a short-term improvement of the enterprise image. Consistent with prior studies related to private enterprises' social responsibility activities, the study shows that corporate governance of state-owned enterprises also has an impact on social responsibility activities.