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기업 경영체제 유형이 성과피드백에 기반한전략적 변화에 미치는 영향

The Performance Feedback and Strategic Change : The Moderating Effect of Corporate Ownership Structure

한상연
한국혁신학회|2023.08|한국혁신학회지 (Innovation studies)|제18권 제3호|pp. 161-182

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corporate governance structure전략적 일탈성과피드백최고경영층 이론upper echelons theory경영체제전략변화performance feedbackstrategic changestrategic deviance

초록

기업행위이론에 기반한 성과피드백 연구에 따르면, 기업은 성과피드백 결과에 따라 전략을 변화시키는 의사결정을 수행한다. 본 연구는 이러한 기업의 성과피드백 기반 전략변화 의사결정과정에 영향을 미칠 수 있는 기업 경영체제 유형에 영향을 규명하는 것으로 목적으로 설정하였다. 즉, 기업의 경영체제가 소유주 혹은 전문경영인 중심으로 구성됨에 따라 전략변화와 관련한 자원배분 및 전략적 행위의 패턴이 달라질 것으로 가정하였다. 이를 위하여 HCCP(인적자본기업패널)를 활용하여 실증분석을 수행하였다. 분석 결과, 기업 성과가 목표수준보다 낮거나 높게 나타날수록 기업의 전략변화는 전략 집단 내 평균적인 자원배분 전략과 멀어지는 전략적 일탈이 더욱 확대되는 것으로 나타났다. 또한 이러한 전략변화의 과정에 소유주 중심의 경영체제의 기업일수록 전략적 일탈의 크기를 더욱 강화하여 도전적이고 위험을 감수하는 패턴의 전략을 채택하는 것으로 나타났다. 이러한 전략변화과정에 미치는 기업 경영체제 유형의 영향을 보다 구체적으로 살펴보기 위하여 조직 탐색행위 수준의 변화에 미치는 영향을 함께 실증한 결과도 동일하게 확인할 수 있었다. 본 연구는 기업의 소유구조에 따른 경영체제에 따라 성과피드백 이후 기업이 추진하는 전략변화의 방향이 영향을 받을 수 있음을 보여준다. 특히, 이를 통해 향후 성과피드백과 전략변화 연구에 있어서 의사결정자의 정성적 속성에 더욱 주목할 필요가 있다는 시사점을 제공한다.

Abstract

According to the behavioral theory of the firm, in order to recover or increase performance, a firm need to change strategy as an organizational response to performance feedback. Although top management team is a decision maker for a firm’s strategic position change, it remains largely unclear how the attributes of top management team can in this process. Building on insights from performance feedback and upper echelons theory literature, this study investigates how corporate ownership structure influence the relationship between the performance feedback and strategic deviance. Using unbalanced panel HCCP data, this study finds that the owner manager structure strengthen the effect of performance below/above aspirations on strategic deviance. And it also strengthen the effect of performance above to aspirations on technology search behavior, while weaken the the effect of performance below to aspirations on market search behavior. This study enriches the organizational attributes of decision makers related to strategic change to performance feedback from the perspective of upper echelons theory. This arguments and findings also suggest extensions to the behavioral theory of the firm and imply modifications to performance feedback when applied to the organizational context.

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