기업 이질성, 지배구조와 사회적 성과가 수출성과에 미치는 영향

The Influence of Corporate Governance, Corporate Social Performance and Firm Heterogeneity on Export Performance: Evidence from Korean Firms

This paper pays attention to firm-specific characteristics such as corporate governance and corporate social performance which have been ignored in the previous research studies relative to export determinants. In addition, it examines the influence of the ex-ante financial health, innovation activities of the firm on its export behavior(measured by export intensity). All our sample firms are large Korean firms listed on Korean Stock Exchanges, and selected from the list of "2006(fifteenth) ~ 2011(twentieth) Top 200 best corporate citizens," assessed by a leading Korean CSR institution, the Korea Economic Justice Institute (KEJI). The research time frame covers 2001~2012 due to the availability of data collection. The main findings are that the ex-ante financial health partly improves the firm's export intensity, while innovation activities do not exert influence on export performance in the short term. Moreover, CSR activities also do not contribute to better export performance in the short term. In addition, only institutional investors have preference for the international expansion of export markets, while other actors in corporate governance do not. It is also noteworthy to point out that the 1-yr time lagged variable of export intensity is positively associated with current export intensity, while 2-yr time lagged export intensity is negatively associated with it.