기관투자자의 스튜어드십이 피투자기업의 기부금 지출에 미치는 영향

The Effect of Institutional Investors’ Stewardship on Charitable Donations by Investee Companies

본 연구는 스튜어드십 코드(Stewardship Code)에 가입한 기관투자자가 피투자기업의 사회공헌활동, 특히 기부금 지출을 증가시키는지 실증적으로 분석하였다. 스튜어드십에 가입한 기관투자자의 피투자기업 의사결정 참여가 기업의 사회적 책임(CSR) 수행과 관련이 있다면 기부금지출은 증가할 것이다. 또한 이러한 영향이 피투자기업의 상황에 따라 차별적으로 나타나는지도 분석하였다. 실증분석 결과 첫째, 스튜어드십 코드에 가입한 기관투자자가 주요 주주로 있는 기업은 그렇지 않은 기업보다 기부금 지출을 증가시켰다. 둘째, 기업의 재무적 여력(영업활동현금흐름, 순이익 등)이 충분한 경우, 스튜어드십 코드에 가입한 기관투자자가 주요 주주로 있는 기업은 기부금 지출을 보다 증가시켰다. 본 연구의 분석결과는 스튜어드십에 가입한 기관투자자가 스튜어드십 코드에 따라 적극적인 주주 활동을 수행하고 있으며, 이러한 의사결정활동은 피투자기업의 개별적인 상황을 고려하여 피투자기업의 사회공헌활동을 촉진하고 있음을 시사한다. 본 연구는 스튜어드십 코드의 중요성을 부각시키며, 향후 스튜어드십을 정책적, 실무적 방안으로 활용할 필요성을 제시한다.

This study empirically analyzed the impact of institutional investors who joined stewardship on the social contribution activities of investee companies, especially the expenditure of donations. Previous studies suggested that institutional investors’ participation in corporate decision-making is related to the performance of corporate social responsibility (CSR), but this study analyzed whether this relationship appears not to institutional investors but to institutional investors who participated in stewardship, and whether the individual circumstances of the investee strengthen this relationship. From 2018 to 2023, an empirical analysis was conducted on companies listed on the securities and KOSDAQ market, and additional analysis was performed to confirm the robustness of this study. For additional analysis, first, there is an analysis that adjusts the period, such as including 2017 when the stewardship code was introduced or excluding 2021 and 2022 during the COVID-19 period, and second, there is an analysis that limits institutional investors excluding stewardship as a disproving analysis to show that stewardship and institutional investors are different variables. Third, an additional 2SLS analysis was performed to control the endogenous generation of institutional investors who have joined stewardship in companies that have a large number of donation expenditures. As a result of the study, it was confirmed that companies with institutional investors who participated in the stewardship code as major shareholders tended to increase donation expenditure than companies that did not. This suggests that institutional investors who subscribe to stewardship go beyond simply maximizing current profits, place importance on enhancing the long-term value of the company and sustainable management, and influence decision-making in the direction of strengthening social responsibility activities. In addition, when the company’s financial capacity (operating cash flow, net profit, etc.) was sufficient, institutional investors who participated in stewardship tended to more actively demand social contribution activities. This means that if a company has a foundation to perform social responsibility, it is highly likely to induce institutional investors to increase donation expenditure to improve corporate value in the mid to long term. In order to secure the robustness of this study, the empirical results of this analysis were maintained even when the period was partially adjusted or the 2SlS analysis controlled endogenous production was performed. In addition, institutional investors who did not subscribe to stewardship showed different results from institutional investors who joined stewardship, showing that institutional investors who joined stewardship and institutional investors who did not subscribe to stewardship may differ in the purpose of investment, and institutional investors who participated in stewardship and institutional investors who did not subscribe to stewardship were different variables. This study highlights the importance of stewardship and contributes to the fact that it can serve as a basis for seeking policy and practical measures to make institutional investors’ shareholder activities more effective in the future.