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경영자의 임기가 기업의 성과에 미치는 영향: 경영자 직무 요구의 조절효과를 중심으로

The Effect of CEO Tenure on Firm Performance and the Moderating Effect of Executive Job Demands

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키워드

주제분류경영학

초록

최고 경영자는 기업의 최종 전략적 의사결정자이며, 기업의 의사결정 구조를 통해 성과에 중요한 영향을 미치게 된다. 본 연구는 최고 경영자의 인지적 패러다임과 환경과의 적합성이 성과에 미치는 영향에 주목하면서, 경영자의 임기와 성과와의 관계를 1997년부터 2008년까지 12개 산업에 걸친 한국 상장기업 자료를 대상으로 실증 분석하였다. 또한 본 연구는 최고 경영자의 임기와 성과 간의 관계를 조절하는 요소로 경영자 직무요구를 제시하고 이를 실증 분석하였다. 분석 결과 최고 경영자의 임기와 성과와의 관계는 역U자형으로 나타났다. 또한 해외시장 참여도가 최고 경영자의 임기와 성과와의 관계를 강화하는 것으로 나타났으며, 이사회 내 사외 이사의 비율이 최고 경영자의 임기와 성과와의 관계를 강화시키는 것으로 나타났다.

Abstract

CEOs are final and strategic decision-makers, and their fitness to the environments has a significant influence over corporate performance through a decision-making process. This paper focuses on the impact of CEO's fitness to the environments on performance with an empirical analysis of the relationship between CEO tenure and firm performance, based on the data from Korea's listed companies in 12 industries for the period of 1997-2008. In addition, this paper suggests hypotheses that the relationship between CEO tenure and corporate performance be positively moderated by executive job demands. The results of this study support the hypotheses that the relationship of CEO tenure and firm's performance is inverted U-sahped, and international involvement and the ratio of independent directors positively moderate the relationship between CEO tenure and firm performance.

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