CEO 특성이 R&D투자정도에 미치는 영향
The Effects of CEO Characteristics on Firm R&D Investment
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초록
본 연구는 CEO의 인구통계학적 특성이 장기적 관점에서의 기업가치 결정에 매우 중요한 요소로 작용하고 있는 R&D투자정도에 어떤 영향을 미치는가에 대해 살펴보고자 하며, 이를 위해 CEO의 특성변수로 나이, 교육배경, 교육수준 및 업무경험을 이용하였다. CEO의 특성이 R&D투자정도에 미치는 영향에 대한 분석결과는 다음과 같다. 첫째, CEO의 나이가 많을수록 R&D투자에 부정적인 영향을 미치는 것으로 확인되었다. 둘째, CEO의 교육배경변수인 산업연관전공여부와 유학여부 모두가 R&D투자에 긍정적인 영향을 미치는 것으로 나타났으며, 셋째, CEO의 교육수준이 높을수록 R&D투자에 긍정적 영향을 미치는 것으로 나타났다. 마지막으로 CEO의 업무경험에 대한 세 가지 변수는 각각 다른 결과를 보여주었다. 즉, 다른 기업에서의 CEO경험은 R&D투자에 아무런 영향을 미치지 못하는 것으로 확인된 반면에 산업연관업무경험은 R&D투자에 긍정적인 영향을 미치는 것으로 확인되었다. 그리고 CEO의 재임기간은 R&D투자정도에 별다른 영향을 미치지 않는 것으로 나타났다. 본 연구에서의 이러한 결과는 기업의 R&D투자정도가 재무적·조직적 특성변수 뿐만 아니라 CEO의 특성에 의해서도 영향을 받고 있음으로 함의하는 것이며, 더불어 기업의 미래가치를 포함한 다양한 재무적 예측에서도 CEO의 특성이 중요하게 고려되어야 함을 함축하고 있다.
Abstract
The purpose of this study is to examine the effect of CEO demographic characteristics on R&D investment. It uses to analyze the age, educational background related firm-industry and studied abroad, educational level, working experience as other firm CEO and in the same or similar line of business for CEO demographic characteristics. The empirical results show that as follow: (1) CEO age has a negative effect on R&D investment. (2) The educational backgrounds have positive effect on R&D investment, and (3) the educational level has positive effect on R&D investment. (4) The working experience as other firm CEO has no effect on R&D investment, but the working experience in the same or similar line of business has strong positive effect on R&D investment. The CEO’s incumbency has no effect on R&D investment. The result of this study indicates that CEO characteristics affects firm R&D investment, and this results imply we have to consider CEO characteristics with financial information for predicting on the company.
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