사외이사의 전략적 안건 반대: 최고경영자와 이사회의 권력 차이를 중심으로
Independent Directors’ Dissents on Strategic Issues: The Power Difference between CEO and Board of Director
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초록
사외이사의 역할과 효과에 대한 학계의 지속적인 관심에도 불구하고 사외이사의 최고경영자 견제 활동을 직접적으로 관측하는 것은 쉽지 않았다. 본 논문은 기업지배구조를 조직 내의 다양한 전략결정자 간의 힘과 지위에 따른 상호작용으로 보고 최고경영자와 이사회임원 간의 권력의 차이가 이사회의 활동, 구체적으로는 최고경영자 견제에 미치는 영향을 연구한다. 우리는 최고경영자의 상대적 권력이 작을 때 사외이사의 최고경영자 견제가 더욱 적극적으로 발생할 것이라고 가정하였으며 이러한 가설을 2011~2015년의 4년간 한국증권거래소에 상장한 기업들의 데이터로 실증하였다. 본 연구는 권력의 차이를 발생시키는 요인으로 최고경영자의 이사회의장 겸임여부, 사외이사의 초과선임, 독립적 사외이사 추천여부와 기업의 산업대비 성과에 주목하였다. 연구결과, 최고경영자의 이사회의장 겸임여부, 사외이사의 초과선임, 독립적 사외이사 추천여부는 최고경영자의 견제에 긍정적인 영향을 미치는 반면 기업의 산업대비 성과는 통계적으로 유의미하지 않은 것으로 나타났는데, 이는 구조적 측면에서의 최고경영자의 상대적 권력이 작을 때 사외이사의 활동성이 증가한다는 점을 시사한다.
Abstract
Despite continued scholarly attention to the roles and effectiveness of outside board of directors, direct observations on the activities of outside directors, such as monitoring and controlling CEOs have been somewhat limited. In this paper, we view corporate governance as interactions between various strategic decision makers, resulting in power dynamics within an organization. Specifically, we argue that the power differences between board members and CEO affect board activities such as dissent on strategic agenda of firms. Observing Korean companies that are listed Korean Exchange(i.e. KRX) throughout 2011-2014, we found that when power of boards is greater than that of CEO, such as separate board chair-CEO, excessive appointment of independent boards, CEO on nominating committee- board members are more likely to dissent on the strategic issue. The findings show that power dynamics within the governance structure have a significant impact on the strategic direction of the firms.
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