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기업지배구조에 대한 행태주의적 연구의 현재와 미래

A Behavioral Approach to Corporate Governance: A Review and Prospects for Future Research

박선현
한국전략경영학회 (Korean Strategic Management Society)|2015.08|전략경영연구 (Journal of Strategic Management)|제18권 제2호|pp. 75-105|DOI 10.17786/jsm.2015.18.2.004

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참고문헌

키워드

기업지배구조Corporate GovernanceInstitutionalism최고경영자CEO최고경영진Top Management Team행태주의제도론제도 관계자Behavioral Perspectives
주제분류경영학

초록

본 논문은 기업지배구조에 대한 기존의 계약론적 접근 이외에 보다 사회학적, 혹은 심리학적 접근을 취하고 있는 최근의 행태주의적 접근에 초점을 맞추고, 어떻게 기업 내 외부의 지배구조 관련 정책을 행태적 구조와 행태적 프로세스의 두 관점에서 이해할 수 있는지를 검토하였다. 기업 내 지배구조와 관련하여서는 최고경영자, 최고경영진, 그리고 이사회를 주요 의사결정자로 보고, 1) 최고 경영자와 이사들 간의 상호 관계, 상대적 권력, 사회적 영향력 등을 살피는 행태구조적 관점과 2) 최고경영자 개인의 성격, 심리적 인지유형 혹은 최고경영진과 이사회의 그룹의사결정 과정에 초점을 맞춘 행태프로세스 관점을 살펴보았다. 기업 외 지배구조 연구로는 산업 내 경쟁자, 겸임이사제도로 연결된 이사회 커뮤니티에서 투자자, 재무 분석가, 기자, 주주 운동가, 정부와 주요 감독기관에 이르기까지 기업의 다양한 외부 이해관계자를 기업의 제도 관계자로 인식하고, 1) 제도 관계자들의 사회적 연결 구조와 위치가 기업의 전략적 의사결정에 미치는 형향을 살피는 행태구조적 관점과 2) 제도 관계자들과 경영자들이 어떤 사회적 규범과 가치, 혹은 제도 논리에 따라 행동하는지를 살피는 행태 프로세스 관점을 검토하였다. 본 논문은 각 관점의 관련연구를 개관하고, 더불어 각 관점과 관련연구들의 기업 지배구조 연구에 대한 이론적인 기여와 추후 연구에서의 가능한 보완점에 대해서도 논의하였다. 마지막으로 이러한 행태주의적 구조와 프로세스 관점이 국내 기업지배구조 연구에 기여할 수 있는 방안에 대해서도 논의하였다.

Abstract

While the extant research focused on contractual views to corporate governance assuming the corporation as a “nexus of contracts,” a stream of research has emerged to adopt more behavioral perspectives to corporate governance from sociological and psychological studies. The present study provides a review and prospects for future research on the behavioral approach to corporate governance. In particular, this study offers behavioral structure and behavioral process as two distinctive perspectives to analyze corporate governance policies and the strategic decision making of top executives. In analyzing the governance decisions inside the firm, 1) the perspective of behavioral structure focuses on the dyadic relationship between Chief Executive Officer (CEO) and her directors and power and social influence over the dyad, while 2)　the perspective of behavioral process emphasizes the individual personality traits and cognitive patterns of the CEO as well as the group processes occurring at the board of directors. In considering the governance decisions outside the firm, 1）the perspective of behavioral structure incorporates a variety of external firm constituents and their relational structure including industry competitors, interlocking directors, the investor community representatives and regulatory authorities, while 2) the perspective of behavioral process pays attention to the evolution of social norms, values and institutional logics supporting a particular governance institution. The study provides an overview and critique of the relevant corporate governance literature in each perspective and concludes by discussing how the behavioral perspective can contribute to the research on corporate governance policies and strategic decision making of Korean companies.

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