최고경영진의 구조적 변화에 영향을 미치는 요인에 관한 연구
Why is the Structural Change of TMT Made?: A Study on Factors Affecting Structural Change of TMT
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초록
본 연구는 기존의 최고경영진 연구에서 주목을 받지 못하였던 최고경영진의 구조적 변화에 관심을 두고 연구를 수행하였다. 본 연구는 최고경영진의 구조적 변화를 규모 변화, 퇴출 변화, 영입 변화, 승진 변화의 네 가지 개념으로 정의하고, 최고경영진의 구조적 변화에 영향을 미치는 요인들을 환경 불확실성, 기업 이전 성과, 최고경영자 교체, 최고경영자 외부성으로 규정하였으며 이와 관련된 연구 가설들을 제시하였다. 연구 가설의 검증을 위하여, 2007년 말을 기준으로 코스피에 상장한 130대 기업을 표본으로 선정하였으며, 최종적으로 74개 기업, 28,642명의 최고경영진을 대상으로 2002년부터 2013년에 걸친 889개의 패널 자료를 구성하고, 연구 가설 검증에 사용하였다. 연구 가설 검증 결과, 최고경영진의 규모 변화에 있어서는 환경 불확실성이 높을수록, 기업의 이전 성과가 좋을수록, 최고경영진의 규모 변화가 증가하는 경향을 보인다는 사실을 발견하였다. 최고경영진의 퇴출 변화에 있어서는 기업의 이전 성과가 좋지 않을수록, 최고경영자의 교체가 있을 경우, 최고경영자의 외부성이 높을수록 퇴출 변화가 증가하는 경향을 보인다는 사실을 알 수 있었다. 또한, 최고경영진의 영입 변화에 있어서는 환경 불확실성이 높을수록, 최고경영자의 교체가 있을 경우, 최고경영자의 외부성이 높을수록, 새로운 최고경영진의 영입이 증가하는 경향을 보인다는 사실을 발견하였다. 마지막으로, 최고경영진의 승진 변화와 관련해서는 최고경영자의 외부성이 높을수록, 최고경영진의 승진 변화가 감소하는 경향을 보인다는 사실을 알 수 있었다.
Abstract
Based on upper echelons theory, large number of studies have been conducted on top management team (TMT) and most of them focused on composition of TMT. This study proposes new frameworks to explain the factors affecting the structural change of TMT, which was not considered in the previous researches. In this research, the structural change of TMT is composed of four concepts: The change of TMT size, and the change of resignation, appointment, and promotion of the top executives. 130 listed companies on KOSPI (Korea Stock Exchange Index) as of year-end 2007 are tested and the data from 2000 to 2015 are reviewed. Finally, 889 panel data from year 2002 to year 2013 are used and these cover 28,642 top executives of 74 companies. The scope of TMT has been extended to cover registered officers and unregistered officers who are also implementing the corporate strategy as core decision maker. It was found that the structural changes of TMT are affected in different ways by environmental uncertainty, prior performance of firm, CEO replacement and externality of CEO.
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