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소유 또는 전문 CEO 선택이 가족 기업의 장기성과에 미치는 영향: 두 가족기업의 성쇠

The Choice of a CEO and its Impact on Long-term Corporate Performance: The Rise and Fall of Long-lived Family Firms

박동준|안세연
한국전략경영학회 (Korean Strategic Management Society)|2013.08|전략경영연구 (Journal of Strategic Management)|제16권 제2호|pp. 57-88|DOI 10.17786/jsm.2013.16.2.003

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참고문헌

키워드

지배구조전문화professionalization가족기업governance structurefamily business장기 생존corporate longevity
주제분류경영학

초록

본 연구는 가족소유경영 기업의 경영권 승계 시 전문경영인 또는 소유경영인의 선택이 각 기업의 장기성과(long-term performance)에 미치는 영향을 분석한다. 이를 위해 동일 산업, 유사 업력 및 규모, 가족소유(family-ownership), 동일 승계시점으로 통제된 두 기업에 대한 종단적 사례 연구를 수행하였다. 분석 결과 전문경영체제를 도입한 기업은 CEO 교체 직후 초기엔 기존 연구에서 주장된 전문화(professionalization)의 이점을 나타냈으나 이후 장기 성장 과정에 있어서는 전문경영인의 단기 및 사적 이익 추구(appropriation risk)에 따른 전문화 비용(professionalization cost)의 증가로 인한 전문화의 단점이 부각되었다. 반면 소유경영체제를 유지한 기업은 기존 연구에서 주장된 성장 정체(stagnation) 등의 문제가 나타나지 않았고 10년간 꾸준한 해외진출 및 다각화를 통한 고속 성장을 달성하였다. 이러한 결과는 가족기업의 승계에 있어서 전문화는 단기적 관점이 아닌 장기적 관점에서 조망할 필요가 있음을 시사한다. 또한, 기존 소유경영체제 하의 지배구조 특성이 이후 CEO 선택에 따른 영향을 달라지게 하는 상황 별 맥락으로 작용함을 밝힘으로써 가족기업의 바람직한 전문화에 대한 시사점을 제공한다. 아울러, 본 연구는 가족기업에서 CEO의 선택과 그에 따른 기업의 성장 전략 변화가 어떻게 기업의 장기 경쟁력에 영향에 미쳤는지를 실증함으로써 가족기업의 장수에 관련된 논의에도 중요한 함의를 제공한다.

Abstract

This study analyzes the impact that the choice of a professional manager or a member of the owner's family as the next CEO in family-owned enterprises has on their long-term performance. For this purpose, two firms that are similar in terms of industry, age and size, family-ownership, and succession timing in the past, have been selected in order to conduct a longitudinal case study. The results of this study revealed that the professionally managed firm had an advantage in achieving substantial professionalization within a short period of time after the succession, as suggested in the previous studies. In the long run, however, this advantage seemed to backfire as professional managers began to pursue self-interest, a behavior that is known to increases appropriation risks and as a result, professionalization cost. On the other hand, the owner-managed firm did not suffer from the alleged stagnation in growth that has been frequently suggested by previous researches, and achieved fast growth through active globalization and diversification. This result implies that it is desirable for firms to have a long-term perspective on planning their future professionalization when it comes to succession decisions in family-owned enterprises. Finally, this paper shows how the decisions on the sucession of CEOs in family-enterprises and subsequent changes in their growth strategies can affect their long-term competitiveness, providing valuable insight especially for discussions on related topics such as corporate longevity.

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