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전임경영자의 영향력: 전략변화의 선행요인 연구

Influential former CEO: Revisiting the Ancedecents of Strategic Change

박종훈|박나온
한국전략경영학회 (Korean Strategic Management Society)|2019.04|전략경영연구 (Journal of Strategic Management)|제22권 제1호|pp. 17-48|DOI 10.17786/jsm.2019.22.1.002

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기업집단최고경영자CEOBusiness Group경영자교체전략변화CEO SuccessionStrategic Change전임경영자Former CEO
주제분류경영학

초록

본 연구의 목적은 전략변화의 선행요인으로서 신임경영자의 출신과 전임경영자의 영향력을 제시하고 이러한 선행요인들과 전략변화의 관계가 경영자교체 이전의 성과에 의해 어떻게 달라지는지 설명하는 데 있다. 본 연구는 기업집단 수준에서 신임경영자를 ‘기업의 외부에서 영입된 경우’와 ‘기업집단의 외부에서 영입된 경우’로 구분하여 신임경영자의 ‘기업외부영입’과 ‘그룹외부영입’이 전략변화에 긍정적인 영향을 미칠 것이라고 주장한다. 또한, 전임경영자가 경영자교체 이후에도 기업집단 내 잔류하게 될 경우 전략변화에 부정적인 영향을 미칠 것이라고 주장한다. 그러나 이와 같은 관계들은 경영자교체 이전의 성과에 의해 달라질 것이라고 주장한다. 경영자교체 이전의 성과가 높을수록 외부영입된 신임경영자와 전략변화의 긍정적인 효과는 약화되고, 전임경영자의 잔류와 전략변화의 부정적인 효과는 강화될 것이다. 2001년부터 2016년간 142개의 국내 제조 기업의 315건의 경영자교체 사례를 분석한 결과, 신임경영자가 기업의 외부에서 영입되었을 때 전략변화는 높아졌으며, 전임경영자가 잔류하였을 때 전략변화는 낮아지는 것으로 나타났다. 반면, 신임경영자의 그룹외부영입과 전략변화의 관계는 유의하지 않게 나타났다. 이 결과는 신임경영자의 외부성이 높다고 해서 전략변화의 수준이 높아지는 것이 아님을 보여준다. 경영자교체 이전 성과가 높을수록 신임경영자의 외부영입과 전략변화의 긍정적인 효과는 약화되었으며, 전임경영자의 잔류와 전략변화의 부정적인 효과는 강화되는 것으로 나타났다. 본 연구는 기업이 전략의 지속성을 추구하는지, 변화를 필요로 하는지에 따라 신임경영자의 출신과 전임경영자의 영향력에 대한 고려가 동시에 이루어져야 함을 시사한다.

Abstract

This study examinean the relationships between (1) an incoming CEO’s origin and a firm’s strategic change and between (2) a departing CEO’s retention and its strategic change and further explains how these relationships are moderated by pre-succession performance. We expand ‘outsiderness’ to a business group context, in which independently affiliated firms are controlled by a group headquater. We posit that outsiders make more strategic change than insiders and that group outsiders make more strategic change than group insiders. Moreover, we argue that if a departing CEO stays within a business group after the CEO succession, he or she could restrict an incoming CEO’s discretion, weakening the level of strategic change. Additionally, high pre-succession performance empowers a departing CEO’s influence. Based on the analysis of 315 successions in Korean manufacturing firms, we found strong supports for our hypotheses. An incoming CEO’s origin and a departing CEO’s retention had significant effects on strategic change of the firm. Our results show that it is important to consider CEO characteristic but also his or her surroundings to predict the strategic change of a firm.

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