기관투자자 유형과 기업의 사회적 책임 성과: 한국 상장기업을 대상으로 = Does Institutional Ownership Type Matter for CSR Performance? Evidence from Korea

국문 초록 (Abstract)

본 연구는 한국 기업들을 대상으로 기업의 사회적 성과(corporate social performance) 또는 기업의 사회적 책임 성과(이하 CSR 성과)에 대한 기관투자자의 영향력을 실증분석을 통해 검증하였다. 기관투자자를 동질적 집단으로 전제한 선행 연구들과는 달리, 투자기업과의 이해관계 및 투자 기간에 따라 기관투자자의 유형을 세부적으로 구분한 후, CSR 성과에 미치는 영향을 각각 살펴 보았다.
분석 결과에 따르면, 다양한 기관투자자 유형 중 외국인 기관투자자와 국민연금은 CSR 성과에 긍정적인 역할을 하는 것으로 나타났으나, 금융투자사, 보험사 및 은행의 지분과 CSR 성과 간에는 유의미한 상관관계를 도출할 수 없었다. 즉, 각 유형별 기관투자자 중 투자기업과의 업무 관계에 있어 독립적이고 장기적 투자 기간을 가지는 기관투자자만이 CSR 성과에 긍정적 역할을 하는 것으로 확인되었다. 이는 기관투자자별 투자기업에 대한 업무 이해관계 및 투자 기간에 따라 기업의 경영의사결정에 각기 다른 영향을 미칠 수 있음을 보여주는 것이며, 선행 연구에서 많이 다루어지지 않은 비서구권 국가의 기업을 대상으로 기관투자자와 CSR 성과간의 관계를 살펴보았다는 점에서 의미가 있다.

다국어 초록 (Multilingual Abstract)

Despite the importance of studying the relationship between ownership and CSR in a non Western-context, most of the previous studies on CSR have been conducted in Western Europe or the United States(Belal, 2001). Considering this literature gap, this study empirically examines the relationship between institution investors and firm’s corporate social performance in the Korean context. In particular, unlike previous studies predicting institutional investors as homogeneous groups, this paper explores five different types of institution investors: foreign institution investors, financial institution ownership, insurance company, bank and national pension fund. The value placed on CSR might differ because each institution investor types have a different time-frame of investment and the business relationship with firms.
Using a sample of 200 firms from the KEJI Index from 2009 to 2011, this paper found out that foreign institution investors and national pension fund played a positive role in firm’s CSR performance. Since the CSR is the lont-term investment, institutional investors with long term view are interpreted as playing a positive role in firms’ CSR. On the one hand, financial institution ownership, insurance company and bank ownerships were not significantly associated with CSR performance. The wide heterogeneity among their ownership may have countervailing effects on the CSR performance.
The study provides empirical support for the relationship between institutional ownership type and CSR perfirmance in Korea. The findings suggest that each type of institutional investors may have different impacts on corporate social responsibility depending on their business interests and investment period.

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