최고경영진 이질성과 기업성과의 관계에 대한 연구: 환경의 조절효과를 중심으로
A Study on the Relationship between the Heterogeneity of the Top Management Team and Firm Performance: Focusing on the Moderating Effects of Environment
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참고문헌
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초록
문헌에 따르면 Upper Echelons의 관점을 바탕으로 최고경영진(TMT)의 이질성과 기업성과의관계에 대한 많은 연구가 진행되어 왔지만, 이에 대한 연구 결과는 일관성이 부족한 상황이다. 따라서TMT 이질성과 기업성과의 관계에 대한 추가적인 연구의 필요성이 존재한다. 본 연구에서는 기존 연구들과는 달리 TMT 이질성과 기업성과의 관계에 대해 역U자형의 가설을 설정하였으며, 또한 이 관계에 대한 환경 동태성, 복잡성, 풍부성의 조절효과를 분석하였다. 본 연구에서는 181개의 중국상장기업들을 대상으로 TMT 이질성과 기업성과는 역U자형의 관계가 존재한다는 점과, 환경에 따라 TMT 이질성과 기업성과의 관계 정도가 다소 달라진다는 점을 밝혀내었다. 즉 환경 동태성은 TMT 이질성과 기업성과 간의 관계를 강화시키는 반면, 환경의 복잡성은 이들 관계를 약화시키고, 또한 환경 풍부성은 이들 관계를 조절하지 못하는 것으로 분석되었다. 이러한 결과를 바탕으로 본 연구는 중요한 결론 및 시사점을 제시한다.
Abstract
Based on Hambrick and Mason (1984)'s Upper Echelons Perspective, many studies have examined the relationship between the heterogeneity of the top management team (TMT) and firm performance, but there exist conflicting results on this relationship in the literature. This necessitates further research on this topic. Unlike most of the previous studies, this study posits that there is an inverted U-shaped curvilinear relationship between TMT heterogeneity and firm performance and that there are the moderating effects of environmental dynamism, complexity, and munificence on this relationship. Based on a sample of 181 companies in China for a period of seven years between 2006 and 2012, the study reveals that TMT heterogeneity has an inverted Ushaped effect on firm performance and that environmental characteristics partly moderate the relationship between TMT heterogeneity and firm performance. Specifically, environmental dynamism strengthens this relationship, complexity weakens this relationship, and munificence has no effect on this relationship. Based on these key findings, this research discusses some important conclusions and implications.
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