Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
권호 표지

The Effect of CSR on Venture Companies' Managerial Performance: Considering Corporate Growth Stage

CSR 활동이 벤처기업의 경영성과에 미치는 영향: 기업의 성장단계를 구분하여

  • 천동필 (부경대학교 기술경영학과) ;
  • 우청원 (과학기술정책연구원 국가연구개발분석단)
  • Received : 2019.10.23
  • Accepted : 2020.02.03
  • Published : 2020.02.29
Download PDF
⟨ Previous Next ⟩

Abstract

The Korean government is attempting to promote technology-based start-ups and venture firms that can lead to new national growth engines being developed. Although government support policies focus on improving survival rates, strategic tools for sustainability management based on a continuing company's assumption are also relevant. Previous studies indicate corporate social responsibility (CSR) as an important strategic tool for the management of corporate sustainability. This research is an exploratory study that seeks to empirically analyze the applicability of such CSR to venture firms. Existing previous studies have been carried out by large companies and surveys, and there are limitations that do not reflect the characteristics of companies. To complement the shortcomings of previous studies and propose practical consequences, this study conducted an empirical analysis using raw data from government approval statistics to identify the growth stages of venture firms. Using the 2018 Survey of Korea Venture Firms, we identified the growth stages of domestic venture firms and used the data envelopment analysis (DEA) to investigate the effect of CSR activities on managerial efficiency. The analysis found that CSR during start-up and early growth cycles did not affect managerial performance. The organization that conducted enthusiastic CSR activities performed better than those that did not perform CSR activities since the rapid growth era. Ultimately, the scale efficiency of venture business was the highest from the rapid growth era when the CSR was not done. This study is a pioneering study that found that after the period of high growth, venture firms' CSR activities can affect managerial performance. Therefore, it is important to advise applicable policies and business decision-makers that CSR practices can be a tactical resource for improving performance of management.

한국 정부는 기술기반 창업 및 벤처기업의 육성에 노력하고 있으며, 다양한 지원 정책은 생존율 개선에 집중하고 있다. 이와 함께, 기업의 기본가정인 계속기업의 가정을 위한 지속가능경영을 가능하게 하는 전략적 수단의 발굴 또한 중요하다. 국내·외 연구에서 기업의 지속가능경영을 위하여 기업의 사회적 책임(Corporate social responsibility, 이하 CSR)을 주요 전략 수단으로 제시하고 있다. 본 연구는 이러한 CSR 활동이 벤처기업에 적용이 가능한지에 대한 실증분석을 시도한 탐색적 연구이다. 기존의 선행연구들은 대기업 중심, 설문조사 중심의 연구가 진행되었으며 기업의 특성을 반영하지 못한 한계점이 존재한다. 기존 선행연구의 한계점을 보완하고, 의미있는 시사점을 제안하기 위하여 본 연구는 정부승인통계 원시자료를 기반으로 벤처기업을 대상으로 하여 기업의 성장단계를 고려한 연구를 진행하였다. 2018 벤처기업정밀실태조사 원데이터를 기반으로 국내 벤처기업의 성장단계를 구분하여 성장단계 별 CSR 활동이 경영성과에 미치는 영향을 자료포락분석 (Data envelopment analysis, 이하 DEA)살펴보았다. 분석결과, 창업기 및 초기성장기에서는 CSR 활동이 경영성과에 영향을 미치지 못하고 있음이 발견되었다. 고도성장기 부터 적극적인 CSR 활동을 수행한 기업이 CSR 활동을 하지 않은 기업과 비교하여 경영성과가 우수한 것을 확인하였다. 마지막으로, 고도성장기 부터 벤처기업의 규모효율성은 CSR을 하지 않았을 때 가장 우수한 것으로 나타났다. 본 연구는 벤처기업의 CSR 활동이 고도성장기 이후 경영성과에 영향을 미칠 수 있음을 규명한 진취적인 연구이며, 관련 정책 및 현업 의사결정자들에게 CSR 활동이 경영성과 제고에 도움을 줄 수 있는 전략적 방안임을 제안한데에 그 의의가 존재한다.

Keywords

References

  1. Ahmed, M. U., Kristal, M. M., & Pagell, M.(2014). Impact of operational and marketing capabilities on firm performance: Evidence from economic growth and downturns. International Journal of Production Economics, 154, 59-71. https://doi.org/10.1016/j.ijpe.2014.03.025
  2. Charnes, A., Cooper, W. W., & Rhodes, E.(1978). Measuring the efficiency of decision making units. European journal of operational research, 2(6), 429-444. https://doi.org/10.1016/0377-2217(78)90138-8
  3. Cho, J. S., Lee, M. S., & Kwak, Y. K.(2019). The Influences of LCCs' CSR Activities on Associations and Royalty. Journal of Hotel & Resort, 18(1), 165-190.
  4. Cho, M. K., Kim, C. J., & Yu, N. N.(2014). Influence of Employees' Perceived Corporate Social Responsibility on Organizational Commitment: Mediating Effect of Organizational Prestige. Journal of CEO and Management Studies, 17(4), 169-189.
  5. Guan, J. C., R. C. Yam,, C. K. Mok., & N. Ma.(2006). A study of the relationship between competitiveness and technological innovation capability based on DEA models. European Journal of Operational Research, 170(3), 971-986. https://doi.org/10.1016/j.ejor.2004.07.054
  6. Ha, G. R., & Choi, S. B.(2014). The evaluation of relative management efficiency of automobile companies using non-parametric approach. Knowledge Management Research, 15(2), 147-164.
  7. Hammann, E. M., Habisch, A., & Pechlaner, H.(2009). Values that create value: socially responsible business practices in SMEs-empirical evidence from German companies. Business Ethics: A European Review, 18(1), 37-51. https://doi.org/10.1111/j.1467-8608.2009.01547.x
  8. Hong, K. J.(2015). A Study on the Determinants on the Efficiency Change of Korean Venture Companies. Doctor's thesis, Korea Maritime & Ocean University.
  9. Hong, T. H., Park, J. Y., & Kim, E. M.(2007). Using DEA-logit Approach to Evaluate Efficiency of IT Venture Business. The Journal of Internet Electronic Commerce Resarch, 7(3), 429-449.
  10. Hwang, K. Y., & Koo, J. S.(2011). An Evaluation on the International Competitiveness of Korean and Global Container Shipping Company through a Comparative Analysis on the Efficiency. International Commerce and Information Review, 13(1), 123-144. https://doi.org/10.15798/kaici.13.1.201103.123
  11. Jang, S. H.(2014). The Effects Social Entrepreneurship and CSR Activities on Performance of Social Enterprise. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 9(2), 117-127. https://doi.org/10.16972/APJBVE.9.2.201404.117
  12. Jung, S. M.(2011). A study on Efficiency Analysis for Photovoltaic Power Plants using DEA model in Korea. Journal of Energy&Climate Change, 6(2), 40-62.
  13. Kim, E. J., Moon, Y. E., & Kim, J. W.(2016). Impact of CSR Activity and the Fitness in Small and Medium Enterprises on Corporate Image and Purchase Intention. The Journal of Internet Electronic Commerce Research, 16(3), 195-213.
  14. Kim, G. H., & Kwak, K. H.(2018). Adverse Selection in the Government R&D Support for Venture Business : Evidence from the Managerial Efficiency Comparison of the Recipient and Non-recipient of R&D Grants. Journal of Korea Technology Innovation Society, 21(4), 1366-1385.
  15. Kim, J. W., Kim, S. M., Kim, E. J., & Cho, S. H.(2010). An Empirical Study of the Effects of Corporate Social Responsibility Fitness of Small and Medium Enterprise on Corporate Reputation and Purchase Intention. Journal of the Korea Industrial Information Systems Research, 15(5), 247-258.
  16. Kim, I. S.(2006). CSR evaluation system for promoting the globalization of Korean small and medium enterprise: focusing on the integration within the management system and practical scheme. Koreanische Zeitschrift fuer Wirtschaftswissenschaften, 24(3), 113-141.
  17. Kim, S. H.(2015). A study on improvement of management efficiency to defense venture business. Doctor's thesis, Dongyang university.
  18. Ko, S. C., & Park, R. S.(2011). Corporate Social Responsibility and Firm Value. Journal of Taxation and Accounting, 12(2), 105-134.
  19. Lee, C. G., & Yang, D. W.(2018). An Empirical Study on the Effect of SME's Management Strategies and Corporate Social Responsibility (CSR) on Business Performance: Focusing on Mediated Effect of Types of Corporate Organizational Culture. The Journal of Small Business Innovation , 21(3), 77-92.
  20. Lee, C. W.(2009). Sustainability Analysis of Small and Medium-sized Venture Firms by Evaluating Efficiency. Conference proceedings of the Korean association of logos management, The 2009 spring Korean association of logos management conference, Daegu: The Korean association of logos management
  21. Lee, H. G., Park, S. W., & Yeo, E. M.(2011). A Study on the Relationship Between Business Ethics and Financial Performance. Korean international accounting review, 38, 267-292.
  22. Lee, I. S., & Kang, I. W.(2019). A Study on the Effect of Corporate Social Responsibility on Organizational Commitment, Organizational Trust, Organizational Citizenship Behavior : Focusing on Incorporation Companies in Business Incubator. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 14(2), 235-247. https://doi.org/10.16972/apjbve.14.2.201904.235
  23. Lee, M. S., & Choi, E. S.(2017). SME focus : first venture boom era, performance of venture firms and policy implications(17-19). Seoul: KOSBI.
  24. Lieberman, M. B., & Dhawan, R.(2005). Assessing the resource base of Japanese and US auto producers: A stochastic frontier production function approach. Management Science, 51(7), 1060-1075. https://doi.org/10.1287/mnsc.1050.0416
  25. Lim, S. H., & Park, B. S.(2018). An Analysis of the Relationship Between the CSR activities of Public Enterprise and Social Reliability: Focusing on Authenticity and Appropriateness of the CSR Activities of Public Enterprise. The Korean Journal of Local Government Studies, 21(4), 411-435. https://doi.org/10.20484/klog.21.4.18
  26. Martin-Cejas, R. R.(2002). An approximation to the productive efficiency of the Spanish airports network through a deterministic cost frontier. Journal of Air Transport Management, 8(4), 233-238. https://doi.org/10.1016/S0969-6997(01)00056-4
  27. O, D. I.(2001). Efficiency evaluation of well-performed listed construction companies during 3 years in the period of Korean financial crisis by DEA. Korean Accounting Review, 26(4), 27-61.
  28. Qin, Y., & Wu, Q.(2012). An Empirical Study on Operational Efficiency of Chinese Listed Logistics Corporations. Conference proceedings of the IEEE 2012, 2012 Fifth International Joint Conference on Computational Sciences and Optimization, Harbin: IEEE.
  29. Song, S. H., Gwon, S. H., Hong, S. K., Yoo, K. J., & Bae, Y. I.(2010). The Analysis of Financial Factors and efficiency that influence on the Venture Business' Survival. Korean management science review , 27(1), 107-117.
  30. Wang, E. C., & Huang, W.(2007). Relative efficiency of R&D activities: A cross-country study accounting for environmental factors in the DEA approach. Research Policy, 36(2), 260-273. https://doi.org/10.1016/j.respol.2006.11.004
  31. Wang, T., & Bansal, P.(2012). Social responsibility in new ventures: profiting from a long-term orientation. Strategic Management Journal, 33(10), 1135-1153. https://doi.org/10.1002/smj.1962
  32. Yun, K. C., & Jeon, I. O.(2017). The Effect of Corporate Social Responsibility (CSR) Activity on the Brand Equity and Purchasing Intention. KOREA LOGISTICS REVIEW, 27(3), 109-124.
  33. Yang, S. Y., & Park, O. S.(2010). A study on the Effects of Corporate Ethics Program Implementation on Stakeholder's Satisfaction and Financial Performance. Korean management review, 39(6), 1505-1537.
  34. Yoon, H. D., Sung, J. S., & Seo, R. B.(2012). The Effect of Cooperate Social Responsibility in Supply Chain Management (SC-CSR) on the Willingness to Initiate CSR in Small and Medium-sized Enterprises. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 7(2), 25-34. https://doi.org/10.16972/apjbve.7.2.201207.25
  35. Yun, S. Y., Lim, S. S., & Cho, Y. H.(2017). Study on Evaluation System and Practice Strategy of SME's CSR. Korean Journal of Resources Development, 20(3), 131-158. https://doi.org/10.24991/KJHRD.2017.09.20.3.131