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Strategic Choice of Late Movers: Influence of the Top Management Team's External Ties

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주제분류경영학

초록

본 연구에서는 후발기업 최고경영자들의 산업 내·외부 네트웍들이 기업의 전략선택(strategic choice)에 미치는 영향에 대한 분석을 실행하였다. 최고경영자들의 외부네트웍 활용을 통한 정보교류 효과에 관한 기존 연구들의 주장에 기초하여 다양한 유형의 네트웍들이 후발기업의 전략 - 모방전략(imitation strategy) 또는 자원대체전략(resource substitution strategy) - 선택에 미칠 수 있는 영향을 가설로서 채택하였다. 컴퓨터 산업분야의 선발기업들과 후발기업들에 대한 다년간데이터의 회귀분석 결과는 최고경영자들이 높은 수준의 산업 내부네트웍을 형성하고 있는 경우 해당 후발기업은 모방전략을 선호하게 되는 반면, 높은 수준의 산업 외부네트웍을 형성하고 있는 경우에는 자원대체전략을 선호하게 된다는 결과를 보여주고 있다. 이와 같은 연구결과는 최고경영자 외부네트웍이 사업부수준의 전략 (business-level strategy) 선택에 미치는 영향에 관한 "최고경영층이론 (upper-echelons theory)"에 대한 실증적 증거를 제시하고 있다. 더불어 최고경영자의 신규고용에 있어 해당 최고경영자들의 개인적 외부네트웍을 고려해야 한다는 실무적 차원에서의 시사점을 제시하고 있다.

Abstract

This work examines how the boundary spanning activities and resultant external ties of the Top Management Team (TMT) inside and outside their firm’s primary industry affect late mover’s strategic choice. I posit that the informational influences of external ties of the TMT will be reflected in late movers’ strategic choice, in the form of either an imitation or resource substitution strategy. Using a multiyear sample of first and late movers in the computer industry, I found that the TMT’s intra-industry ties are related to the adoption of an imitation strategy by late movers while extra-industry ties are associated with the adoption of a resource substitution strategy. This finding confirms the firm-level effects from interorganizational ties formed and maintained by top managers. Beyond our research interest as academics, it also highlights the importance of considering top managers’ network of personal relations when evaluating managerial candidates.

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