Social ties measured from firm disclosures of 318 Korean firms, 2012–2015; propensity score matching and regression analysis of the moderating effect on the CSR–performance relationship.
본 연구는 한국 기업에서 사회적 연결(social ties)이 CSR과 기업성과의 관계에 미치는 조절효과를 분석했다. 2012~2015년 318개 한국 기업의 공시자료에서 사회적 연결을 측정하고 성향점수매칭(PSM)과 회귀분석을 적용했다. 분석 결과 사회적 연결은 CSR–기업성과 관계에 부정적(−) 조절효과를 가졌으며, 그 효과는 비계열사보다 재벌 계열사에서 더 강하게 나타났다. 이는 CSR이 제대로 감독되도록 이사회 구성원 간 사회적 연결에 대한 모니터링을 강화할 필요가 있음을 시사한다.
Q. What counts as a 'social tie' here?
Ties among board members and management identified from the firms' own disclosures — school, regional and career connections that link directors to each other or to management.
Q. Why would social ties hurt CSR's payoff?
Ties can compromise the independence of board oversight. Where directors are socially connected, CSR spending is less effectively monitored, so it translates into firm performance less reliably.
Q. Why are Chaebol firms different?
The negative moderation is stronger in Chaebol firms, consistent with business-group governance where internal connections are denser and independent monitoring is harder to sustain.
Purpose – This paper aims to explore the effect of social ties on the relationship between corporate social responsibility (CSR) and firm performance in Korea. Design/methodology/approach – Social ties were measured from firm disclosures of 318 Korean firms from 2012 to 2015. Propensity score matching and regression analysis were used to investigate the moderating effects of social ties on the relationship between CSR and firm performance. Findings – The result shows that social ties have more negative moderating effects on the relationship between CSR and firm performance in Chaebol firms than in non-Chaebol firms. Practical implications – Firms need to enhance the monitoring of social ties within board members to assure the proper oversight of CSR. Originality/value – This paper contributes to the CSR literature by providing empirical evidence of the negative aspects of social ties on the relationship between CSR and firm performance in Korea.