상호출자제한기업의 ESG 경영과 기업위험에 관한 실증연구 : 조세회피의 조절효과를 중심으로

다국어 초록 (Multilingual Abstract)

This study examines the determinants and effects of ESG activities in Korean business groups designated as “Chaebol Subject to Cross-Shareholding Restrictions,” with a particular focus on the moderating role of corporate tax avoidance in the relationship between ESG activities and corporate risk. As ESG has become a global management standard, firms increasingly face practical challenges such as rising costs, operational complexity, and heightened reputational pressure. Chaebol firms, characterized by abundant resources and high exposure to regulatory scrutiny, are likely to engage in ESG initiatives more strategically. This study therefore investigates how their ESG activities interact with tax strategies in shaping overall firm outcomes.
Using data from KOSPI and KOSDAQ firms between 2013 and 2020, the analysis identifies Chaebol status based on the Fair Trade Commission’s annual designation list. ESG performance is measured by the internationally recognized MSCI ESG Score.
The study compares ESG activity levels between Chaebol and non-Chaebol firms, examines the moderating influence of tax avoidance on ESG behavior, analyzes how ESG activities affect market risk, stock price crash risk, and operational risk, and further explores how tax avoidance alters the association between ESG activities and each type of risk. Given the potential measurement bias inherent in the Cash Effective Tax Rate(Cash ETR), additional tests are conducted after classifying firms by their levels of earnings management.
The empirical results show that Chaebol firms engage in significantly higher levels of ESG activity than their counterparts. This finding suggests that large business groups strengthen ESG initiatives to secure organizational legitimacy under substantial political and social oversight. Although tax avoidance does not exhibit a significant moderating effect in the overall sample, it enhances ESG activities among firms with low earnings management, indicating that tax savings may serve as an internal financial source for ESG-related investment. The influence of ESG on corporate risk differs across risk types: while ESG does not significantly affect market risk or stock price crash risk, it increases operational risk. This outcome may stem from cost burdens, managerial distraction, and concerns regarding greenwashing, all of which can heighten intrinsic operational uncertainty. Tax avoidance further shapes these relationships by strengthening the risk-reducing effect of ESG on market and crash risk while amplifying the risk-increasing effect on operational risk. These findings imply that tax strategy plays a critical and multidimensional role in determining the actual outcomes of ESG initiatives, particularly within large, complex business groups.
The study contributes to the literature by incorporating the institutional characteristics of Korean Chaebol firms into ESG analysis, thereby expanding the understanding of how organizational structure influences ESG behavior and its consequences. It highlights the importance of earnings management in evaluating the reliability of tax avoidance measures and demonstrates that tax strategies may differentially moderate the relationship between ESG activities and various forms of corporate risk. The finding that ESG can elevate operational risk challenges the conventional assumption that ESG uniformly enhances stability.
This study has limitations in that it does not fully control for firm-level heterogeneity—such as differences in industry characteristics, regulatory environments, firm size, and ownership structures—and relies primarily on Cash ETR to measure tax avoidance, which may not adequately reflect its diverse forms. Future research should address these limitations by employing more refined industry and size classifications and incorporating additional measures such as BTD. Nevertheless, this study offers important implications for corporate ESG strategy, tax policy, and investor decision-making, and provides a valuable foundation for future discussions on sustainable management and tax policy.

목차 (Table of Contents)

• 제 1장 서 론 1
• 1.1 연구의 배경 1
• 1.2 연구의 목적 3
• 1.3 논문의 구성 5
• 제 2장 이론적 배경 및 선행연구의 검토 7
• 2.1 상호출자제한기업의 특성 7
• 2.1.1 상호출자제한기업의 의의 및 제도 7
• 2.1.2 상호출자제한기업의 ESG 경영 9
• 2.1.3 상호출자제한기업의 위험구조 및 조세전략적 행태 10
• 2.1.4 상호출자제한기업과 관련된 선행연구 12
• 2.2 기업의 ESG 경영 14
• 2.2.1 ESG 경영의 개념 및 발전 배경 14
• 2.2.2 ESG 활동의 구성요소 및 측정지표 16
• 2.2.3 ESG 경영의 이론적 근거 20
• 2.2.4 ESG와 관련한 선행연구 22
• 2.3 조세회피 활동의 이론적 배경 25
• 2.3.1 조세회피의 정의 및 구분 25
• 2.3.2 조세회피의 동기와 결정요인 27
• 2.3.3 ESG 조세회피와 활동의 관계 29
• 2.3.4 조세회피와 관련한 선행연구 31
• 2.4 기업위험에 관한 이론적 배경 33
• 2.4.1 기업위험에 대한 개념 및 의의 33
• 2.4.2 시장위험과 관련한 선행연구 34
• 2.4.3 주가폭락위험과 관련한 선행연구 36
• 2.4.4 영업위험과 관련한 선행연구 37
• 제 3장 연구의 설계 41
• 3.1 연구의 가설 41
• 3.2 연구의 모형 52
• 3.3 변수의 측정 58
• 3.3.1 상호출자제한기업 58
• 3.3.2 ESG 59
• 3.3.3 조세회피 60
• 3.3.4 이익조정 62
• 3.3.5 기업위험 63
• (1) 시장위험 63
• (2) 주가폭락위험 64
• (3) 영업위험 67
• 3.3.6 통제변수 67
• 제 4장 실증 분석 70
• 4.1 표본선정 및 자료수집 70
• 4.2 기술통계량 및 상관관계 분석 71
• 4.2.1 기술통계량 71
• 4.2.2 상관관계 분석 73
• 4.3 가설검증 결과 77
• 4.3.1 가설 1의 검증결과 77
• 4.3.2 가설 2의 검증결과 79
• 4.3.3 가설 3의 검증결과 84
• 4.3.4 가설 4의 검증결과 88
• 4.3.5 가설 5의 검증결과 93
• 제 5장 결 론 100
• 5.1 연구의 요약 100
• 5.2 연구의 공헌점 및 한계점 103
• 참고문헌 106
• Abstract 116