기업의 사회적 책임활동에 미치는 소액주주의 영향력에 대한 연구

[Purpose]There has been almost no empirical analysis of the above supporting exist arguments in social studies of minority shareholders, and the management study has not been actively conducted in terms of individual influence. Therefore, the purpose of this study was to analyse the influence of minority shareholders on companies. Specifically, We statistically analyzed whether the shareholding rate of minority shareholders affected the level of CSR activities of each company. and also analyzed whether the effect of minority shareholders on the entity’s CSR activities varies depending on the level of each company’s CSR activities. [Methodology]Based on data collected by KEJI, this study divided the 200 companies into outstanding companies and other companies used by KEJI to choose 200 companies are listed on the KOSPI database. And, the hypotheses were empirically examined by regression analysis using the sample companies’ scores, rankings, each groups shareholdings and financial data. [Findings]Empirical analysis has confirmed that there is a statistically significant positive relationship between the entity’s social responsibility activities as the minority shareholding rate increases, which is statistically significant. In addition, the influence of minority shareholders on CSR activities was found to be stronger when an individual entity belongs to a follower. [Implications]The findings mean that minority shareholders make an investment decision by taking into account long－term profits as well as short－term gains. This study is meaningful in that it has shown through empirical analysis that claims previously discussed only in economic and social theories can be combined with moral motives in determining investment decisions by minority shareholders.