신규진입기업의 성장정체 - 새로운 성장동력 확보를 위한 혁신전략 -
Growth Stall in New Firms : Reigniting growth momentum through innovation
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현실에서 성장하던 기업들이 갑자기 성장이 멈추는 성장정체가 만연한다. 특히, 신규진입기업 대다수는 생존 이후 진입 초기 성장동력을 유지하지 못하고 성장정체를 경험하게 된다. 본 연구에서는 한국 제조업의 신규진입기업을 대상으로 성장정체가 언제 발생하는지 살펴보고, 이를 극복하기 위한 대응전략을 실증적으로 파악하였다. 세 가지 데이터베이스를 병합하여, 진입 당시부터 최장 30년 성장경로 추적이 가능한 진입 제조기업 780개의 고유 패널데이터를 구축하였다. 분석 결과, 생존한 신규진입기업 중 약 90%가 성장정체를 경험하였으며, 업력 10년, 종업원 수 100명 또는 매출액 240억원 전후로 성장정체가 시작된다. 새로운 성장동력을 확보하기 위해서는 혁신전략을 재정비하고 내부역량에 집중하는 것이 중요하다. 구체적으로, 첫째, R&D를 통한 탐색활동을 활발하게 할수록 새로운 성장동력을 확보할 가능성이 증가한다. 둘째, 성장정체가 발생하기 전 축적된 지식이 많은 기업일수록 성장정체 기간 동안 R&D 탐색활동의 효율성이 증가한다. 셋째, 새로운 지식 영역으로의 탐색을 활발히 하는 기업일수록 새로운 성장동력을 확보할 확률이 증가한다. 본 연구에서는 성장정체를 무조건 피해야 할 대상보다는 새로운 성장동력을 확보하기 위한 조직과 전략의 전환 시기로 재해석하고, 지속성장을 위한 실무적, 정책적 시사점을 도출하였다.
Abstract
Most firms experience growth stall where growth stops or stagnates for a long time. In particular, the majority of entrants fail to maintain their initial growth rates and experience growth stall. This study aims to analyze (I) when new firms experience the growth stall and (II) how they can overcome growth stall. By merging three firm-level databases, we construct an unique panel of 780 Korean manufacturing firms observed over more than 15 years after market entry. We find that 90% of the entrants experience growth stall, and their growth stall begin around 10 years old, the size of 100 employees or sales of 24 billion won. Innovation is important to overcome growth stall. First, search activity through R&D increases the probability of overcoming growth stall. Second, firms with accumulated knowledge have higher efficiency of R&D search during the period of growth stall. Third, the more firms actively explore new knowledge areas, the more likely they gain new growth momentums. Our findings suggest managerial and policy implications for sustainable firm growth.
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