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성과피드백이 전략적 강조 및 재무 성과에 미치는 영향

The Performance Feedback, Relative Strategic Emphasis, and Financial Performance

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키워드

주제분류경영학

초록

본 연구는 기업의 열망수준과 실제성과를 비교하는 성과피드백이 R&D와 마케팅에 대한 상대적 투자 비중으 로 측정되는 기업의 전략적 강조(relative strategic emphasis)에 어떠한 영향을 미치는지 실증분석하였다. 또한, 이러한 성과피드백에 기반한 기업의 전략적 선택이 실제 성과를 향상시켰는지에 대한 검증도 함께 수행하였다. 이를 위하여 2010년에서 2022년까지 한국제조기업으로 구성된 불균형패널자료 13,043개 관측치를 활용하여 실 증분석을 수행하였고, 그 결과는 다음과 같다. 기업 성과가 열망수준 대비 낮은 경우 성과피드백은 가치전유활 동보다는 가치창출활동을 강조하는 것으로 나타났으나 이러한 관계는 장기적 관점에서 U자형(U-shaped) 관계를 갖는 것으로 나타났다. 반면, 기업 성과가 열망수준을 초과하는 경우에는 성과피드백이 가치전유활동대비 가치 창출활동에 대한 전략적 강조가 역 U자형(inversed U-shaped)관계를 갖는 것으로 나타났다. 또한, 이러한 성과피 드백에 기반한 기업의 전략적 강조는 궁극적으로 기업의 성과향상에 긍정적 기여를 하는 것으로 나타났으나, 장 기적 관점에서는 역 U자형(inverted U-shaped)관계를 갖는 것으로 확인되었다. 이러한 결과는 기업이 성과평가 결과 성과향상을 위한 전략 수립과정에서 조직학습이론에서 제시된 조직 양면성(organizational ambidexterity) 측 면의 전략 수립과 조정이 필요함을 시사한다. 본 연구는 성과피드백 이후 기업이 수행하는 전략 변화활동을 활 용과 탐색이라는 조직학습이론 관점과 연계하여 비선형적 관계를 가짐을 실증함에 따라 성과피드백 연구의 확 장을 위한 단초를 제공하였다는 점에서 의의가 있다. 또한, 성과피드백 이후 추진되는 전략 변화의 성과향상 기 여여부를 검증함에 따라 기업 전략활동에 있어서 성과피드백의 중요성을 환기하였다는 점에서 시사점을 제공할 것으로 기대한다.

Abstract

This study investigates how firms’ performance feedback––the discrepancy between aspiration and actual performance––relates to firms’ relative strategic emphasis on R&D(value-creation) versus marketing(value- appropriation). With a unbalanced panel sample of 13,043 firm-year observations collected from Korean Manufacturing firms during 2010–2022, this study find that negative performance feedback has an U-shaped effect firms’ relative strategic emphasis on value-creation versus value-appropriation, while positive performance feedback has an inverted U-shaped effect. These findings suggest that when developing strategies for performance improvement based on feedback, firms need to and change strategies in terms of organizational ambidexterity, as proposed in organizational learning theory. This study extends the literature, which primarily focuses on the effect of performance feedback on specific strategic adoption, by examining how firms adjust their relative strategic emphasis between value-creation and value-appropriation. This approach provides a more comprehensive understanding of how firms adapt their strategic choices in response to performance relative to aspiration. Furthermore, by examining whether strategic changes implemented in response to performance feedback contribute to performance improvement, this study provides insights that highlight the importance of performance feedback in shaping firms’ strategic behaviors.

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