주주모형과 이해관계자모형의사회적 책임 수행 비교

초록

The aim of this study is to find the way how Korean companies could overcome the anti-business sentiment and acquire social legitimacy. To accomplish this aim, this study focus on the difference of shareholderism and stakeholderism. If companies pursue to maximize the shareholders' profits, they could not satisfy the social expectations. But if companies pursue stakeholderism to fulfill the stakeholders' interest and needs, they could overcome the social critique and achieve the social legitimacy. To prove this assertion, this study compare the general characteristics of corporate governance beween sharehoderism and stakeholderism model and derive an theoretical model, which shows the difference of the level of corporate social responsibility in these models. That is, the stakeholderism-oriented companies try to perform the socially optimal level of corporate social responsibility, but shareholder- oriented companies execute less than the socially optimal level of corporate social responsibility. Traditionally, shareholderism-based companies considered that the increased investment on private and physical capital is the core condition to improve the competitiveness. Therefore, corporate aim is maximizing the profit of shareholders who are responsible for investing private and physical capital. But as the role of knowledge and the network between different economic actors is considered more and more as critical for value creation, the stakeholderism becomes a prominent figure to lay stress on the investment on human and social capital. Corporates' activities to satisfy the interest and needs of stakeholders is required not from the normative perspective, but from the practical perspective. The involvement on establishing social, human or relational capital is the incentive and investment on the stakeholders who take various risks. In that means, corporates could reinforce the investment on relational capital, improve the level of commitment by various stakeholders, and increase the value of corporates.

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