CEO 조절 초점 성향이 CSR 활동에 미치는 영향에 관한 연구

Abstract

Drawing on upper echelon theory, this study examines whether CEO regulatory focus, one of a CEO’s psychological characteristics, affects CSR activities. Specifically, we argue that CEOs with high promotion focus, which is defined as “a sensitivity to gains and a desire for advancement and growth,” will prioritize strategic CSR activities. In contrast, CEOs with high prevention focus, which is defined as “a sensitivity to losses and a desire for stability and security,” will emphasize defensive CSR activities. Using data from Korean public firms included in the Korea Economic Justice Institute (KEJI) Index from 2014 to 2019, we found support for our theory. In addition, we found that, when the CEO is also the chairperson of the board, the relationship between CEO prevention focus and defensive CSR becomes stronger, while a CEO’s education level weakens the relationship between CEO promotion focus and strategic CSR activities, along with the relationship between CEO prevention focus and defensive CSR activities. Our study makes an important contribution to upper echelon research, CEO regulatory focus research in particular, by confirming the important role of a CEO’s psychological characteristics in CSR research. This study also demonstrates that it is necessary to take a multifaceted approach to CSR activities, while prior CSR research took a combined approach to CSR activities.