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중국 상장기업의 기업특성과 CEO 경력특성이 CSR정보공시에 미치는 영향 : 지역발전수준의 조절효과
Xuexu Piao,박상문 대한경영학회 2018 大韓經營學會誌 Vol.31 No.12
In the past 30 years, the research on corporate social responsibility information disclosure(CSRID) has attracted great attention. This is because it reduces the information gap between enterprises and stakeholders, thus reducing the capital cost of enterprises and increasing the value of enterprises. In addition, companies can manage their competitive advantage and corporate image through CSR information disclosure and gain their legitimacy. Previous studies have investigated the effect of corporate characteristics on the disclosure of CSR information, but there are inconsistent relationships between many factors and CSR information disclosure. Although prior studies on CEO characteristics mainly focus on age, gender, education, tenure, and professional knowledge, there is little research on specific background of CEO prior experience. In addition, China has developed rapidly in the past 30 years, with different economic development levels in different regions. It is not enough to explain the impact of China's vast land, regional economic and legal development on the market environment for enterprises. In underdeveloped regions, the government still interferes with economic activities with the invisible hand, while in developed regions, the government only assists economic activities, and the market will dominate economic transactions. In other words, the market system and legal system in developed regions are sound, and the government has less interference and the market supervision function is also good. In the case of studying the Chinese market, it is necessary to consider the market environment. With the differences in regional development level in China, the variables of corporate characteristics and CEO characteristics will have different impacts on CSR information disclosure decisions. From 2006 to 2009, 1,064 companies listed on the Shanghai and Shenzhen stock exchanges were selected as samples and composed of 3,981 firm-year observations, which were analyzed by logistic regression. In this study, the characteristics of enterprises include state-owned enterprises(SOE), firm size, and firm performance. CEO career variables are classified as CEO with output-function career backgrounds such as R&D and marketing and CEO with academic career. The moderating variables were measured by RGDP per capita in China. As a result of the empirical analysis, it can be confirmed that all of the independent variables excluding the CEO with career backgrounds in output functions have a significant relation with the decision making of CSR information disclosure. In addition, the level of local development proved to be effective in strengthening the positive relationship between the firm size and the company performance and CEO with career backgrounds in output functions. These results show that career variables, excluding demographic and tenure variables of the CEO, affect CSR information disclosure, In addition, it can be seen that the level of regional development, which is an environmental situation, can be considered as a key factor in studying companies in China, which is an emerging market with mixed economic system and unequal economic development. 사회적책임 활동(Corporate Social Responsibility)의 중요성을 인식하고 자사의 CSR 정보공시(Corporate Social Responsibility Information Disclosure)를 실시하는 기업들이 증가하고 있다. 이는 기업과 이해관계자간의 CSR 관련 정보 격차를 감소시키고 CSR을 통한 사회적 정당성을 확보함으로써 궁극적으로 경쟁우위를얻을 수 있기 때문이다. 본 연구에서는 기업의 CSR과 CSR정보공시가 활발한 선진국의 기업들을 대상으로한 기존연구들과 달리 최근 경제발전에 따라 CSR에 대한 관심이 증가하고 CSR 관련 제도들이 도입 초기시점에서의 중국 기업들의 CSR정보공시 특성에 대한 연구에 초점을 두고자 한다. 특히, 제도이론과 최고경영자 이론의 시각에서 기업특성과 CEO경력특성이 기업들의 CSR정보공시 여부에 미치는 영향을 살펴보고자한다. 또한, 중국 시장에서 환경적인 상황요인의 중요성을 고려하여 지역발전수준에 따른 기업특성과 CEO특성이 CSR정보공시에 미치는 조절효과를 살펴보고자 한다. 표본대상은 2006년부터 2009년까지 중국 상하이와 선전거래소에 상장된 1,064개 기업으로 대상으로 3,981개의 기업-연도 관측치를 구성하고 Logit모형으로 분석하였다. 실증 분석 결과, 기업특성에서는 국유기업인경우 CSR정보공시에 정의 영향을 미치며 기업규모가 크고 기업성과가 높은 기업일수록 SR정보공시에 정의영향을 미치는 것으로 나타났다. CEO특성에서는 학술경력을 가진 경우에는 CSR정보공시에 정의 영향을 미치나 결과형 직무경력을 가진 경우에는 CSR정보공시에는 유의한 영향관계가 나타나지 않았다. 또한 지역발전수준은 기업규모, 기업성과와 결과형 직무경력 CEO와 CSR정보공시간 정의 효과를 강화시키는 조절효과가 나타났다. 마지막으로 CSR정보공시와 관련하여 이론적 의의와 실무적 시사점을 제시하였다.
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Hui Zheng,Xuexu Piao,Sangmoon Park 한국경영학회 2019 한국경영학회 통합학술발표논문집 Vol.2019 No.8
This paper examines that the role of founder, human capital, and legitimacy in financing from venture capital in China’s P2P Lending industry. Explaining how entrepreneurs overcome information asymmetry between themselves and potential investors to obtain financing is an important issue for entrepreneurship research. We use signaling theory to explain how new ventures effectively signal future prospects to acquire external resources. Based on a sample of 2,388 new ventures of China’s P2P Lending industry, we found that the status of founder-CEO, human capital of CEO, and legitimacy for third-party signaling are related to acquisition of venture capital funding. This result suggests that new ventures can use multiple ways of signal and legitimacy activities to get venture capital financing.
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