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전임-신임 최고경영자 특성 차이가 최고경영자 교체 이후 기업의 전략변화에 미치는 영향

Dissimilarities between Prior and New CEOs and Strategic Changes

서정일|이대현
한국전략경영학회 (Korean Strategic Management Society)|2018.08|전략경영연구 (Journal of Strategic Management)|제21권 제2호|pp. 73-94|DOI 10.17786/jsm.2018.21.2.004

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키워드

최고경영자 교체최고경영자의 인구통계학적 특성전략변화Strategic ChangeCEO ChangeCEO Demographic Characteristics
주제분류경영학

초록

본 연구는 최고경영자 교체가 기업의 전략변화에 미치는 영향을 살펴본다. 구체적으로 우리는 전임 최고경영자와 신임 최고경영자 간 특성의 차이에 주목하여, (1) 전임 최고경영자와 신임 최고경영자 간의 인구통계학적 이질성, (2) 전임 최고경영자와 신임 최고경영자의 지배주주 가족일가 구성원 여부 변화가 최고경영자 교체 이후 기업의 전략변화에 미치는 직접효과와 상호작용 효과를 검토하였다. 또한, 우리는 최고경영자 교체 전 기업성과가 위의 관계를 어떻게 조절하는지 살펴보았다. 2003년부터 2011년까지 국내 코스닥 상장 제조업 12월 법인을 대상으로 한 실증분석 결과, 전임 최고 경영자와 신임 최고경영자 간 인구통계학적 이질성, 가족경영자에서 전문경영자로의 교체, 그리고 이 두 변수 간의 상호작용이 최고경영자 교체 이후 기업의 전략변화의 정도를 높이는 것으로 나타났다. 또한 최고경영자 교체 전 기업의 저성과가 이러한 관계를 일부 강화시키는 것으로 나타났다. 본 논문은 최고경영자 교체 이후 기업전략의 변화를 살펴보는 연구에 있어서 전임 최고경영자와 신임 최고경영자 간 인구통계학적 특성의 차이, 가족구성원 여부의 차이 등 다양한 측면에서의 이질성에 주목하였다는 점에서 중요한 시사점을 가진다.

Abstract

Prior research on the effects of CEO succession on strategic change focused on the new CEO’s own demographic characteristics or the new CEO’s prior experiences with the focal firm (e.g., CEO origin). In this paper, we propose that examining similarities/dissimilarities between prior and new CEOs will enable us to better understand strategic changes following CEO succession. Specifically, our study focuses on the differences in demographic characteristics between prior and new CEOs and their family status. Using data on CEO changes at Korean manufacturing firms listed in KOSDAQ from 2003 to 2011, we found that strategic changes are greater when the prior and new CEOs are demographically dissimilar from each other and/or when a family CEO is replaced by a professional CEO. We also found a positive interaction effect of the two conditions and a moderation effect of prior firm performance on these relationships. Our findings suggest that we should pay more attention to the similarities/dissimilarities between the prior and new CEOs when studying the consequences of CEO succession.

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