경영자의 휴브리스가 기업 혁신 활동에 미치는 영향과 기업지배구조의 조절 효과
The Impact of Hubris on Firm Innovation: The Moderating Role of Corporate Governance
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본 연구는 최고경영자 휴브리스(hubris)가 기업 혁신 활동에 미치는 정(+)의 효과와 이의 경계 조건(boundary condition)에 주목하였다. 지금까지 최고경영자 휴브리스와 관련된 선행 연구 대부분은이의 부정적 효과에 초점을 맞추었다. 즉, 최고경영자가 지나칠 정도의 오만 혹은 자만심을 가지고 있을 때 기업의 전략이나 성과에 부정적인 영향을 준다는 것이 학계의 주요 주장이었다. 그러나 본 연구는 최고경영자 휴브리스가 특정의 의사 결정, 구체적으로 기업의 혁신 활동 등 위험을 감수해야 바람직한 성과를 얻을 수 있는 경우에는 오히려 긍정적일 수 있다는 점을 규명하고자 한다. 더 나아가 최고경영자 휴브리스가 기업 혁신 활동에 미치는 긍정적 효과는 기업지배구조에 따라 달라진다는 점에 대해서도 보여주고자 한다. 우리나라 기업 183곳을 대상으로 분석을 수행한 결과 최고경영자 휴브리스는기업의 혁신 활동에 정(+)의 영향을 주는 것으로 나타났다. 최고경영자가 휴브리스를 지닐 경우, 혁신활동으로 인한 성과는 높게, 혁신 활동에 수반된 위험성은 낮게 평가하기 때문이다. 본 연구는 또한 기업의 지배구조에 따라 최고경영자 휴브리스가 기업 혁신에 미치는 영향력이 달라짐을 밝혔다. 구체적으로는 최고경영자의 소유지분이 높아질수록 최고경영자 휴브리스와 기업 혁신 활동 간 정(+)의 관계가 약화되었다. 이는 최고경영자의 소유지분이 많을수록 위험을 회피하고자 하는 동기 유인이 생기기때문으로 풀이된다.
Abstract
This study examines the effect of CEO hubris on firm innovation and its boundary conditions. Most literature of CEO hubris has shown that hubris is harmful to firm strategy or performance. Nevertheless, recent research on hubris called for research going beyond the dark side of managerial psychological biases. Some of the recent efforts in the field have started challenging to harmful effects of CEO hubris. In this regard, we argue that hubris is not always harmful to firms, but rather beneficial, specially when risk taking is necessary. Furthermore, we investigate the moderating role of corporate governance structure. We examine 183 firms in South Korea and our results show that hubris is positively related to firm innovation. Of particular interest was our finding that the positive relationship between hubris and firm innovation varies with corporate governance system. In our study, we found that high level of executive shareholding weakens the relationship between CEO hubris and innovation. When CEOs have significant ownership, they try to avoid high risks accompanied with innovative endeavors, weakening the positive relationship between CEO hubris and firm innovation.2)
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