최고경영자의 해외경험과 기업 국제화: 경영자 재량권의 조절효과
CEO Foreign Experience and Firm Internationalization: The Moderating Effect of Managerial Discretion
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초록
본 연구의 목적은 최고경영자의 해외경험과 국제화간의 관계를 살펴보고, 두 변수간의 관계가 최고경영자의 재량권에 의해 어떻게 달라지는가를 규명하는 데 있다. 본 연구는 최고경영자의 해외경험과 국제화는 정의 관계를 갖는다고 주장한다. 그러나 이 관계는 경영자의 재량권에 영향을 주는 환경적, 조직적, 개인적 요인에 따라 달라질 것이라고 예측하였다. 2002년부터 2012년까지의 KOSPI 200 기업내 제조업에 속한 101개 기업의 1101개 관측치를 분석한 결과, 최고경영자의 해외경험과 국제화간에는 유의한 정의 관계가 나타났다. 이러한 최고경영자의 해외경험과 국제화간의 관계는 환경적 요인으로 고려한 글로벌 경제위기 시기에는 약화되는 것으로 나타났다. 조직적 요인으로 고려한 기업성과와 관련하여서는 성과가 좋을수록 두 변수간의 관계가 강화되었고, 마지막으로 개인적 요인으로 고려한 최고경영자의 재임기간이 늘어날수록 두 변수간의 관계는 강화되는 것으로 나타났다. 본 연구의 결과는 기업이 국제화 수준을 높이고자 한다면 최고경영자의 해외경험을 고려하는 것도 중요하지만, 최고경영자가 자신의 해외경험을 더 잘 활용하여 국제화를 추진할 수 있도록 경영자의 재량권을 확보해 주는 것이 중요함을 시사한다.
Abstract
The purpose of this study is to examine the direct effect of CEO foreign experience on a firm’s internationalization and to further investigate the moderating effects of managerial discretion for the relationship between CEO foreign experience and firm internationalization. We propose that a positive relationship exists between CEO foreign experience and firm internationalization. Further, we hypothesize three moderating effects of managerial discretion. First, the global economic crisis weakens the relationship between CEO foreign experience and firm internationalization. Second, both firm performance and CEO tenure strengthen the positive relationship between CEO foreign experience and firm internationalization. Using a dataset consisting of 101 Korean firms in manufacturing industries for the period of 2002 to 2012, we found supports for our hypotheses. The results show that it is important to have CEO with foreign experience in order to achieve a high level of internationalization. Moreover our findings imply that managerial discretion is a critical factor in leveraging CEO foreign experience in order to increase the level of firm internationalization.
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