본문 바로가기
KERD
논문KCI 등재

한국 상장기업에 있어서 외국인 이사 선임의 요인 분석: 자원의존이론의 관점에서

Determinants of the Foreign-Director Appointment in Korean Firms: A Resource Dependence Approach

민현주|이윤진|곽주영
한국국제통상학회 (The Korean Association of Trade and Industry Studies)|2011.09|국제통상연구 (Journal of International Trade and Industry Studies)|제16권 제3호|pp. 79-107

1

조회

0

다운로드

14

인용

0

참고문헌

키워드

이사회board of directors자원의존외국인이사Resource dependenceforeign directors
주제분류무역학

초록

많은 연구들이 이사진(board of directors)을 대리인이론에서 접근한 반면, 자원의존이론은 이들을 기업에 중요한 서비스와 네트워킹 등 유무형의 자원을 제공하는 원천으로 보았다. 본 연구는 이러한 자원의존이론의 연장선상으로 “외국인 이사”를 자원의 한 종류로 간주하여 해외진출을 하는 제조업에 종사하는 한국기업이 왜 외국인 이사를 임명하는지에 대하여 분석하였다. 본고는 외국인 이사의 임명에 기업연령, 기업규모, 산업성장성, 경쟁압력, 해외매출 비중이 영향을 미칠 것이라는 가설을 제시하였다. 데이타는 한국유가증권시장에 상장된 기업을 대상으로 1998년부터 2007년까지 1024개의 기업표본을 구성하였고 이에 대하여 회귀분석과 푸아송 분석을 실시하였다. 분석 결과, 기업의 연령이 낮을수록, 기업의 규모가 작을수록 외국인 이사의 비율이 높아지는 것으로 나타났다. 해외매출 비중은 부분적으로만 외국이사 선임과 정(+)의 관계를 나타내었다. 반면, 기업의 경쟁압력은 외국인 이사와는 부(-)의 관계를 갖는 것으로 나타났다. 본 연구는 자원이 부족하고 외부 불확실성에 많이 노출된 기업일수록 외국인 이사를 임명할 가능성이 높다는 것을 실증 분석함으로써 자원으로써의 외국인 이사의 가능성을 보여주었다.

Abstract

While the board of directors have been examined in the framework of agency theory, resource-dependence theory has regarded them as a valuable set to provide tangible and intangible resources. As an extension to this perspective, this study has approached the foreign directors on the board of director as a type of resource, and have addressed what determines appointment of the foreign directors in the Korean manufacturing firms. Based on the theoretical review and the preceding findings, we have hypothesized that firm age, firm size, industry growth, competitive pressure, and the relative importance of foreign sales affect appointment of the foreign directors. Our dataset includes 1024 Korean public firms listed on the Korean Stock Exchange during 1998-2007. The regression results have suggested that the percentage of the foreign directors in the board of directors increases, as (1) firms are younger, (2) firms are smaller-sized, or partially (3) firms are more dependent on the overseas sales. In addition, the competitive pressure in the business environment decreases the Korean firms' appointment of the foreign directors. The results have demonstrated the existence of the foreign directors as a resource, and have illustrated that this resource tends to be possessed by a certain type of firms, which is, the firms with less experiences or exposed to more environmental uncertainties.

참고문헌 (58)

  1. 강명헌, "경제력 집중과 기술혁신", 경제학연구, 41(3), pp.3~25 (1994)
  2. 임성준, "산업특성과 CEO 특성간의 관계 및 이들간의 적합성이 경영성과에 미치는 영향에 관한 연구", 전략경영연구, 4(1), pp.1~23 (2001)
  3. Agarwal,R, "Evolutionary trends of industry variables", International Journal of Industrial Organization, 16(4), pp.511~526 (1998)
  4. Agrawal,A, "Do some outside directors play a political role", Journal of Law and Economics, 44(1), pp.179~199 (2001)
  5. Ainuddin,R, "Resource attributes and firm performance in international joint ventures", Journal of World Business, 42(1), pp.47~60 (2007)
  6. Besanko,D, "Strategic positioning for competitive advantage, In Economics of Strategy", pp.343~396 (2009), John Wiley & Sons
  7. Boeker,W, "Organizational performance and adaption:Effects of environment and performance on changes in board composition", Academy of Management Journal, 34(4), pp.805~826 (1991)
  8. Carpenter,M, "Building capital with organizational context:The impact of international assignment experience on multinational firm performance and CEO pay", Academy of Management Journal, 44(3), pp.493~511 (2001)
  9. Carter,N, "New venture strategies:Theory development with an empirical base", Strategic Management Journal, 15(1), pp.21~42 (1994)
  10. Caves,R, "Market structure,oligopoly,and stability of market shares", Journal of Industrial Economics, 26(4), pp.289~313 (1978)
  11. Daily,C, "Bankruptcy and corporate governance:The impact of board composition and structure", Academy of Management Journal, 37(6), pp.1603~1617 (1994)
  12. Daily,C, "Corporate governance and the bankrupt firm:An empirical Assessment", Strategic Management Journal, 15(8), pp.643~654 (1994)
  13. Daily,C, "Chief executive officers,top management teams,and boards of directors:Congruent or countervailing forces", Journal of Management, 22(2), pp.185~208 (1996)
  14. Dalton,D, "Number of directors and financial performance:A meta-analysis", Academy of Management Journal, 42(6), pp.674~686 (1999)
  15. Dalton, D, "Agency theory and its mitigation", Academy of Management Annals, 1(1), pp.1~64 (2007)
  16. Denicol,V, "Competition,market selection and growth", Economic Journal, 120(545), pp.761~785 (2010)
  17. Distefano,J, "Creating value with diverse teams in global management", Organizational Dynamics, 29(1), pp.48~66 (2000)
  18. Fama,E, "Separation of ownership and control", Journal of Law and Economics, 26(2), pp.301~338 (1983)
  19. Flamholtz,E, "Human Resource Accounting" (1986), Dickinson Publishing
  20. Gales,L, "An analysis of board of director size and composition in bankrupt organizations", Journal of Business Research, 30(3), pp.271~282 (1994)
  21. Gong,Y, "Subsidiary staffing in multinational enterprises; Agency,resources,and performance", Strategic Management Journal, 46, pp.728~739 (2003)
  22. Hambrick,D, "Top management groups: A conceptual integration and reconsideration of the team label, In Research in Organizational Behavior", pp.171~214 (1994)
  23. Hambrick,D, "Toward an empirical prioritization of contingency variables for business strategy", Academy of Management Journal, 28(6), pp.763~788 (1985)
  24. Hambrick,D, "The influence of top management team heterogeneity on firms’competitive moves", Administrative Science Quarterly, 41(4), pp.659~685 (1996)
  25. Hamermesh,R, "How to compete in stagnant industries", Harvard Business Review, 9 (1979)
  26. Harzing,A, "Who's in charge? An empirical study of executive staffing practices in foreign subsidiaries", Human Resource Management, 40(2), pp.139~158 (2001)
  27. Hashim,M, "Exploring strategic thinking practices among Malaysian SMEs", Malaysian Management Review, 42(1), pp.29~41 (2007)
  28. Hillman,A, "The resource dependence role of corporate directors:Strategic adaptation of board composition in response to environmental change", Journal of Management Studies, 37(2), pp.235~255 (2000)
  29. Hillman,A, "Women and racial minorities in the boardroom:How do directors differ", Journal of Management, 28(6), pp.747~763 (2002)
  30. Hirsch,S, "Sales stabilization through export diversification", Review of Economics & Statistics, 53(3), pp.270~277 (1971)
  31. Ismail,A, "The relationship between organizational competitive advantage and performance moderated by the age and size of firms", Asian Academy of Management Journal, 15(2), pp.157~173 (2010)
  32. Jensen,M, "Theory of the firm:Managerial behavior,agency costs,and ownership structure", Journal of Financial Economies, 3(4), pp.305~360 (1976)
  33. Johnson J, "Boards of directors:A review and research agenda", Journal of Management, 22(3), pp.409~438 (1996)
  34. Knight,D, "Top management team diversity,group process,and strategic consensus", Strategic Management Journal, 20(5), pp.445~465 (1999)
  35. Macpherson,A, "Knowledge,learning and SME growth:A systematic review of the evidence", Research Policy, 36(2), pp.172~192 (2007)
  36. McDougall,P, "The effects of industry growth and strategic breadth on new venture performance and strategy content", Strategic Management Journal, 15(7), pp.537~554 (1994)
  37. Masulis,R, "Are Foreign Directors Valuable Advisors or Ineffective Monitors", European Financial Management Symposium on Corporate Governance and Control in 2008 (2009), Cambridge University
  38. Miller,D, "A longitudinal study of the corporate life cycle", Management Science, 30(10), pp.1161~1183 (1984)
  39. Oxelheim,L, "The impact of foreign membership on firm valuation", Journal of Banking and Finance, 27(12), pp.2369~2392 (2003)
  40. Peng,M, "Outside directors and firm performance during institutional transition", Strategic Management Journal, 25(5), pp.453~471 (2004)
  41. Pfeffer,J, "Merger as a response to organizational interdependence", Administrative Science Quarterly, 17(3), pp.382~394 (1972)
  42. Pfeffer,J, "The External Control of Organizations:A Resource Dependence Perspective" (1978), Harper & Row
  43. Porter,M.E, "Competitive Advantage:Creating and Sustaining Superior Performance" (1985), Free Press
  44. A Nordic Perspective on Corporate Board Diversity, "Rand y,T", Nordic Innovation Centre project, ~ (2006)
  45. Rumelt,R, "Toward a strategic theory of the firm.Resources,Firms,and Strategies:A Reader in the Resource-Based Perspective" (1997), Oxford University Press
  46. Saemundsson,R, "How business opportunities constrain young technology-based firms from growing into medium-sized firms", Small Business Economics, 24(2), pp.113~129 (1984)
  47. Salomon,R, "Export and domestic sales:Their interrelationship and determinants", Strategic Management Journal, 26(9), pp.855~871 (2005)
  48. Scherer,E, "Industrial Market Structure and Economic Performance" (1990), Houghton Mifflin
  49. Singh,J, "Organizational change and organizational mortality", Administrative Science Quarterly, 31(4), pp.367~388 (1986)
  50. Starr,J, "Resource cooptation via social contracting:Resource acquisition strategies for new ventures", Strategic Management Journal, 11(1), pp.79~92 (1990)
  51. Stinchcombe,A, "Social structure and organizations, In Handbook of Organizations", pp.142~193 (1965), Handbook of Organizations
  52. Tappan,M, "Foreign independent directors on Russian boards", RSR Russia, ~ (2008)
  53. Thomas,L.G, "The two faces of competition:Dynamic resourcefulness and the hypercompetitive shift", Organization Science, 7(3), pp.221~242 (1996)
  54. Thompson,J, "Organization in Action" (1967), McGraw Hill
  55. Watson,E, "Cultural diversity’s impact on interaction process and performance:Comparing homogeneous and diverse task groups", Academy of Management Journal, 36(3), pp.590~603 (1993)
  56. Williamson,O, "Corporate governance", Yale Law Journal, 93(2), pp.197~229 (1984)
  57. Zahra,S, "Boards of directors and corporate financial performance:A review and integrative model", Journal of Management, 15(2), pp.291~244 (1989)
  58. Zald,M, "The power and functions of boards of directors:A theoretical synthesis", American Journal of Sociology, 74(1), pp.97~111 (1969)

관련 논문AI추천

신규 사외이사의 임명에 관한 연구: 사회적 연결을 중심으로서정일, 이경환한국전략경영학회 · 전략경영연구2011 · 제14권 제3호사외이사의 해외경험과 사회적 자본이 해외직접투자 규모에 미치는 영향박영렬, 양영수, 이재은한국국제경영학회 · 국제경영연구2014 · 제25권 제2호해외자회사의 CEO 현지화 결정요인에 대한 실증연구: 본사-해외자회사 간 자원의존성을 중심으로박철형, 이동기, 조영곤한국국제경영학회 · 국제경영연구2018 · 제29권 제1호외환위기이후 한국기업에서 사외이사제도의 도입에 관한 연구김주태한국산업경영학회 · 경영연구2004 · 제19권 제3호한국기업 사외이사 네트워크에서의 끊어진 연결 복구: 기업 엘리트집단, 자원의존, 조직학습 관점을 중심으로박선현한국전략경영학회 · 전략경영연구2021 · 제24권 제3호후발기업 전략 실행에 있어 이사회가 미치는 영향: 자원의존이론 관점에서의 실증적 연구성병찬, 유재욱한국산업경영학회 · 경영연구2008 · 제23권 제4호

이 간행물의 다른 논문 (4건)

한국의 해외직접투자가 수출입에 미치는 영향김혁황, 현혜정pp. 1-28미국의 서비스무역 결정요인 분석고희채, 이한영, 방호경pp. 29-58외국인직접투자의 기업생산성 효과분석: 투자유형을 중심으로김혁황, 이홍식pp. 59-78Are state-owned enterprises under share issuing privatization efficient in China?유승훈, 우광동pp. 109-137
원문 보기