가족지배기업과 ESG 경영：이사회 및 경영자 특성의 조절효과를 중심으로

[Purpose]This study verifies the relationship between family governance and ESG activities. It also analyzes whether there is a difference in the relationship between family－controlled firms and ESG activities depending on the role of outside directors and the personal characteristics of the CEO. [Methodology]A regression analysis using ESG ratings announced by the Korea Corporate Governance Institute as a dependent variable is conducted from 2015 to 2019. [Findings]This study confirmed evidence that as the ownership of the controlling family increases, ESGs are active and ESG activities are reduced in the case of companies with the controlling family as the CEO. In addition, it was found that companies with a higher ownership in the controlling family and over－appointment of outside directors carry out active ESG activities, and in the case of companies with the controlling family, the higher the education of managers, the more ESG activities decrease. [Policy Implications]This study is expected to emphasize the importance of responsible management of family－controlled companies. It is also expected to shed light on the function of the board of directors for corporate sustainability and provide practical implications for the role of managers as final decision makers in management.