기업지배구조가 기업의 CSR 활동에 미치는 영향 :성과달성의 조절역할 및 인과관계

Corporate governance systems affect a firm's decision-making on resource acquisition and allocation. The literature argues that corporate governance systems determine corporate activities, such as corporate social responsibility(CSR). However, empirical analyses show inconsistent outcomes according to the characteristics of diverse constituents of corporate governance systems. Given the contradictory empirical results, this study, using the KEJI(Korea Economic Justice Institute) index of 54 Korean firms from 2007 to 2011, examines the effects of diverse constituents of corporate governance systems on a firm's CSR. Further, it investigates the moderating effects of performance achievement on the relationship between corporate governance and CSR. The results of this study, operated by STATA program (version 11.0), outside directors consistently show positive effects on a firm's CSR, while CEO ownership and institutional investors do not. However, interestingly, when we take into account the moderating effects of performance achievement, the insignificant effects of institutional investors turn to be positive on a firm's CSR. The results indicate that outside directors positively affect a firm's CSR regardless of the firm's performance, while the effects of institutional investors on a firm's CSR are conditioned on the firm's performance.