최고 경영자(CEO), 최고 경영진(TMT), 기업 소유구조간의 상호작용이 R&D 투자에 미치는 영향
CEO Characteristics and Firm R&D Investment: The Moderating Role of TMT Characteristics and Ownership Structure
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본 연구는 최고경영자 (CEO)의 의사결정을 설명하는 두 주요이론인 최고 경영층 이론 (Upper-Echelons theory)과 대리인 이론 (agency theory)의 통합을 통해, CEO의 인구통계학적 특성이 기업의 연구개발 (R&D)투자에 미치는 영향이 기업의 소유구조 및 최고 경영진 (TMT) 구성원의 인구통계학적 특성에 따라 어떻게 달라지는 가를 살펴보고 있다. 한국의 상장기업 289개를 대상으로 한 연구에서 우리는, (1) CEO의 나이가 증가할수록 기업의 R&D투자는 감소하지만, (2) CEO가 소유경영자인 경우 그렇지 않은 경우보다 R&D 투자의 감소폭이 적게 나타나고 있음을 발견하였다. 또한 우리는, CEO의 인구통계학적 특성과 TMT 구성원들의 인구통계학적 특성 간에 상호 보완적 관계가 나타나고 있음을 발견하였다. 즉, (3) 나이가 많은 CEO가 나이가 어린 TMT 구성원들과 함께 의사결정을 내리는 경우, 그리고 (4) R&D관련 교육배경이 없는 CEO가 R&D 관련 교육배경을 가진 TMT 구성원들과 함께 의사결정을 내리는 경우에, 그렇지 않은 TMT 구성원들과 함께 의사결정을 내리는 경우보다 상대적으로 더 많은 R&D투자를 하고 있음을 발견하였다. 본 연구의 실증결과는, CEO의 의사결정에 대한 보다 정확한 이해를 위해서는, 최고 경영층 이론과 대리인 이론의 통합을 통해 CEO의 인구통계학적 특성과 지배구조상의 지위가 어떻게 상호작용하는지, 그리고 CEO와는 다른 지배구조상의 지위를 가지는 TMT구성원들의 인구통계학적 특성이 CEO의 인구통계학적 특성과 어떻게 상호작용하는지를 살펴볼 필요가 있음을 시사한다.
Abstract
In this paper, we integrate agency theory that emphasizes managers' governance position and Upper-Echelons theory that is interested in managers' demographic characteristics to examine the effects of CEO on firm R&D investment. We investigate the effects of CEO demographic characteristics on firm R&D investment and also examine how TMT demographic characteristics and firm ownership structure moderate the effects of CEO characteristics on firm R&D investment. Using a sample of Korean manufacturing firms listed in 2004. we find that (1) CEO age has a negative effect on firm R&D investment, (2) however, the negative effect is weaker for family CEOs. We also find that (3) old CEOs tend to increase investment in R&D when they work with young top executives and that (4) CEOs who lack R&D-related educational background have a tendency to increase investment in R&D when they work with top executives who have R&D-related educational background. Our findings suggest that CEO decision-making can be better understood when we consider both the effects of CEO‘s demographic characteristics and the effects of CEO's governance positions. Our study also suggests that the demographic characteristics of top executives affect CEO decision-making.
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