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불안정한 산업에서의 최고경영자 교체유형 결정요인 및 교체이후 성과

Determinants and Consequence of New CEO Origin in Turbulent Industries

김언수|백유진
한국전략경영학회 (Korean Strategic Management Society)|2014.08|전략경영연구 (Journal of Strategic Management)|제17권 제2호|pp. 47-77|DOI 10.17786/jsm.2014.17.2.003

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참고문헌

키워드

Environmental TurbulenceCEO Age최고경영자 교체CEO Succession교체유형외부영입CEO OriginPerformance Consequence환경의 불안정성최고경영자 연령기업위험도OutsidernessFirm Fisk
주제분류경영학

초록

한 기업의 전략 및 성과를 설명하는 여러 관점 중 최고경영자의 역할을 중시하는 전략적 선택이론, 최고경영층 관점 등에 기반 한 연구들은 그동안 전략경영연구에서 많은 주목을 받아왔다. 그 중에서도 최고경영자 교체와 관련한 연구는 크게 1) 교체에 영향을 주는 요인, 2) 교체가 이후 기업의 전략 및 성과에 미치는 영향으로 나뉜다. 본 연구는 이전 연구들이 양 갈래의 흐름 중 어느 한 곳에만 집중하는 경향을 지적하며 두 흐름을 동시에 포함한 연구를 진행하였다. 특히 본 연구는 총자산순이익률과 매출액을 기준으로 산업 환경의 불안정성 정도가 상대적으로 큰 산업을 연구대상으로 선정하였는데, 이는 상대적으로 안정적인 산업 내 기업보다 불안정한 산업 내의 기업들이 경영권 교체라는 메커니즘을 통해 산업 환경의 불안정성을 극복하려는 경향이 강하기 때문이다. 또한 환경의 불안정성은 최고경영자의 역량에 대한 중요성을 높이고, 이러한 환경에서는 최고경영자의 재량권이 높기 때문에 불안정한 산업 내 기업을 대상으로 최고경영자 교체와 관련한 연구를 진행하는 것이 보다 의미 있는 결과를 도출 할 수 있을 것이다. 본 연구는 주요 변수인 교체유형을 내부승진, 동종 산업 내 타 기업으로부터의 영입, 타 산업으로부터의 영입과 같이 세 가지로 세분하여 외부성의 정도에 따른 양상을 구체적으로 살펴보았다. 교체유형의 결정요인에 대해 살펴본 결과, 불안정한 산업의 경우에 교체이전 성과가 좋지 않을수록 타 산업으로부터 새로운 최고경영자를 선택하려는 경향이 있었다. 그러나 타 산업으로부터의 외부영입이 교체이후 성과에는 부정적인 영향을 미치는 것으로 나타나, 현재 상황을 개선하기 위한 최고경영자의 외부영입이 결국 교체이후 성과에 긍정적인 영향을 미치지 못한다는 시사점이 도출되었다. 또한 최고경영자의 외부영입 교체와 교체이후 성과의 부정적인 관계는 최고경영자의 나이가 어릴수록, 기업의 위험도가 클수록 강화되는 것으로 분석되었다.

Abstract

Despite a long history of research on CEO succession, few studies investigate both antecedents and consequences of the new CEO origin simultaneously. Moreover, CEO origin is rather simply measured by dichotomizing CEO origin into the insider-outsider dimension. In order to overcome such limitations, we simultaneously examine the determinant and the result of new CEO origin, especially in turbulent industries. We focus on the industries with a high level of instability, because CEO succession has more important implications in such an environment. We operationalize new CEO origin into three ways depending on the degree of outsiderness: intrafirm, intraindustry, and outside-industry. We test the hypotheses with 74 CEO successions between 1999 and 2006. As a result, we find outside-industry successor is more likely to be hired when the performance is poor. However, outside-industry successor has a negative impact on post-succession performance. At the same time, young CEO and high level of firm risk strengthen this negative relationship. Theoretical and practical implications are discussed.

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