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기업의 회생 전략이 회생 성과에 미치는 영향에 대한 연구

An Empirical Study of Turnaround Strategy and Corporate Turnaround Performance

김창호|이호욱|정창욱
한국전략경영학회 (Korean Strategic Management Society)|2012.08|전략경영연구 (Journal of Strategic Management)|제15권 제2호|pp. 59-80|DOI 10.17786/jsm.2012.15.2.003

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참고문헌

키워드

회생 전략기업 회생회생 상황산업성장율회생 상황의 심각성corporate turnaroundturnaround strategyturnaround situationindustry growth rateseverity of the turnaround situation
주제분류경영학

초록

본 연구는 회생상황에 처한 기업의 회생 전략과 회생 성과와의 관계를 규명하고, 이러한 회생 전략과 회생 성과와의 관계를 조절하는 주요 요인을 알아보기 위한 연구이다. 이를 위해 국내 제조업에 속한 기업 중 상장, 코스닥상장, 금융감독위원회등록 기업들(1233개)을 대상으로 90년대 말 외환위기 상황을 기점으로 회생에 성공한 92개 기업을 연구 대상으로 선정하였다. 회생 전략의 유형은 KISLINE에서 제공하는 기업별 주요동정과 한국언론재단에서 제공하는 종합뉴스데이터베이스의 기업 관련 뉴스데이터를 바탕으로 contents analysis를 실시하여 효율성 제고 전략과 수익창출 전략으로 구분하였다. 선행 연구를 바탕으로 회생 전략과 회생 성과간의 관계를 조절하는 주요 변수로 ‘산업성장율’과 ‘회생상황의 심각성’을 도출하고 연구 가설을 수립하였으며, 실증 분석을 통해 크게 세 가지 시사점을 도출하였다. 첫째, 회생에 성공한 기업 중 65%가 수익창출전략을 회생 전략으로 선택하는 것으로 나타났으나, 회생 성과는 효율성 제고 전략을 추구하는 기업이 보다 높은 것으로 나타났다. 둘째, 회생 기업의 경우 ‘산업성장율’은 효율성 제고 전략과 회생 성과 간의 유의미한 정의 관계를 보다 강화시키는 것으로 나타났으며, 산업성장 주기 상 성장속도가 빠른 도입 단계에 속한 회생 기업에 있어 효율성 제고 전략이 회생 성과에 미치는 영향력이 더 커지며, 효율성 제고 전략의 효과도 더욱 높다는 사실을 실증적으로 입증하였다. 셋째, ‘회생상황의 심각성’이 클수록 효율성 제고 전략이 회생 성과에 미치는 영향력이 더욱 강화되는 것으로 나타났다.

Abstract

This research defines a relationship between corporate turnaround strategy and performance, also identifies what moderates this main relationship. For empirical analysis, 92 actual turnaround firms from 1,233 total firms which listed up on the KOSDAKQ and the Financial Supervisory Commission have been selected. Turnaround strategy is classified into efficiency strategy and entrepreneurial strategy categories through content analysis based on KISLINE corporate news and database of Korea Press Foundation. From literature review, ‘industry growth rate’ and ‘severity of the turnaround situation’ have drawn as two moderating variables. Three main implications from this research are as below: First, 65% of successful turnaround firms selected entrepreneurial strategy as their turnaround strategies. However, turnaround performances of efficiency strategy are verified to be higher than those of entrepreneurial strategy. Second, for turnaround firms ‘industry growth rate’ positively moderates the significant relationship between efficiency strategy and turnaround performance. This can be interpreted that for a turnaround firm in introduction stage, efficiency strategy tends to have higher turnaround performance. Third, ‘severity of the turnaround situation’ positively moderates efficiency strategy and its performance relationship.

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