여성 CEO와 중소기업의 사회적 책임 참여: 성과 피드백과 이해관계자 다양성의 조절효과

Due to limited available resources, small and medium-sized enterprises (SMEs) tend to deprioritize CSR (Corporate Social Responsibility) initiatives, making the decision-maker's commitment crucial. This study aims to examine SME CSR engagement by focusing on the characteristics of CEOs, who are known to have the most significant impact on corporate behavior. Specifically, it investigates the influence of female CEOs on CSR engagement within SMEs. In our society, female CEOs are still a minority and are thus expected to pay more attention to and include other minority groups. At the same time, they face the challenge of proving themselves and establishing their legitimacy. This study examines how female CEOs of SMEs navigate these conflicting expectations and affect CSR engagement. Additionally, it empirically scrutinizes the moderating effects of performance feedback and stakeholder diversity. Analyzing data from the "SME CSR Survey" from 2018 to 2020, encompassing 614 firms, the results indicate that female CEOs positively influence the activation of CSR engagement in SMEs. However, this positive effect diminishes when negative performance feedback is received, indicating unmet aspirational levels. Similarly, high stakeholder diversity also dilutes the positive influence of female CEOs on CSR engagement.