소유구조에 따른 경영자과신과 기업사회적책임(CSR)의 차별적 관계연구

[Purpose]This study examines the relationship between CEO overconfidence and corporate social responsibility(CSR), and whether those relationships are differenciated by ownership structure in Korea. [Methodology]We employ KEJI index as a proxy of CSR, technical CSR and social CSR. We empirically examine those using non financial listed firms from 2006 to 2015 and employ pooled OLS regression after clustering by firms. [Findings]We find that there is significant positive relationship between CEO overconfidence and CSR, and Overconfident CEO is more aggressive in investing technical CSR than social CSR. Those positive relationships are reduced as firms are belonged to Chabol, meaning that ‘Chabol’ makes a moderating role on those relationships. Our study also reports that aggressive investment by overconfident CEO reduces when CEO owns the firm, in particular owner－manager reduces social CSR moch more. This implies that owner－managers tend to be passive on investing money in social CSR even though they are overconfident. [Implications]This study focuses on the factor increasing CSR and suggests strategies for firms to invest CSR much effectively. We also confirm that the relationship between CEO characteristics and CSR is differenciated by ownership structure, which extend the related research scope. We also expect this study result could be used as a reference by policy makers or related parties.