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중국 기업의 지배구조 및 자원의존도가 제도적 압력에 대한 기업의 행동에 미치는 영향 : 자원의존이론 관점에서

The Impact of Corporate Governance and Resource Dependence on Corporate Behavior in Response to Institutional Pressures : A Resource Dependence Theory Perspective

한병섭|양우영
아태지역연구센터 (The Asia-Pacific Research Center)|2023.11|중소연구|제47권 제3호|pp. 61-104|DOI 10.21196/aprc.47.3.202311.003

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참고문헌

키워드

ComplianceCorporate Governance순응Institutional Theory기업 지배구조자원의존이론Resource Dependence Theory제도이론자원의존도Resource Dependence

초록

본 논문의 목적은 기업 내․외부의 다양한 제도적 압력에 대한 기업의 반응에서 기업 내부특성이 기업 행동에 미치는 효과를 알아보는 것이다. 특히 기업 내부 특성을 지배구조(국유기업, 민영기업), 기업 내∙외부 자원의존도 등 3가지로 세분화하고, 제도적 압력에 따른 기업 행동은 속도와 깊이 개념을 사용하여 분석하였다. 본 논문의 주요 변수는 지배구조, 모기업 지분비율 및 자본부채비율 등 세 가지 이다. 분석 대상 지역은 중국의 31개 성∙시이며, 분석 대상은 중국 A시장에 상장된 878개 기업의 10년간 관측 샘플 5,372개이다. 관찰 기간은 2008년부터 2017 년까지 총 10년이다. 분석에 따르면 기업들은 지배구조에 따라 제도적 압력에 대해 다양한 형태로 대응하는 것으로 나타났다. 먼저 국유기업은 제도적 압력에 대해 빠르지만 상징적 순응을 하고, 민영기업은 제도적 압력에 대해 저항하는 성향이 있었다. 그리고 외부 자원의존도가 높을 경우 제도적 압력에 실질적 순응을 하고, 내부 자원의존도가 높을 경우 제도적 압력에 저항하는 것으로 나타났다. 본 연구는 기업 내부 상황이 기업 행동에 미치는 영향을 규명하였다는 점에서 학술적 의의가 있다. 또한 제도적 환경에 대한 기업의 대응 행동에서 지배구조 및 자원의존도가 기업 행동에 미치는 영향을 실증함으로써, 기업 내부 상황에 따른 대응 행동을 전략적으로 활용할 수 있게 했다는 점에서 실무적 시사점이 있다.

Abstract

The purpose of this study is to examine the effect of corporate characteristics on corporate behavior in response to various internal and external institutional pressures. Specifically, internal corporate characteristics are segmented into three categories: corporate governance (state-owned and private firms), internal and external resource dependence, and corporate behavior in response to institutional pressures is analyzed using the concepts of speed and depth. The research has three main variables: corporate governance, the parent company's equity ratio, and the asset-debt ratio. The study target regions are 31 provinces and cities in China. The observation period is a total of 10 years, from 2008 to 2017, and the analysis subject was 5,372 observations from 878 firms listed on the A-market in China for ten years. The research found that firms respond to institutional pressures in various ways based on their corporate governance. State-owned firms, for instance, respond quickly to institutional pressures but exhibit symbolic compliance, while private firms tend to resist institutional pressures. Furthermore, it is observed that when the magnitude of external resource dependence is high, firms exhibit substantial compliance with institutional pressures, while high internal resource dependence leads to resistance to institutional pressures. This study has academic significance in elucidating the impact of internal corporate conditions on corporate behavior. Additionally, there is a practical implication by empirically demonstrating the influence of corporate governance and resource dependence on corporate behavior in response to the institutional environment.

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