최고 경영자 출신(Origin)이 휴브리스(Hubris) 형성에 미치는 영향
The Effects of CEO Origin on the CEO Hubris
0
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
휴브리스는 경영자의 독선, 오만 등으로 표현되며, 경영자의 과도한 자신감, 자아도취, 직원에 대한 불신, 자기중심적 사고 및 의사결정으로 나타난다. 1986년 휴브리스 (Hubris)와 인수합병 의사결정에 관한 Roll의 연구 이후, 여러 연구자들이 최고 경영자의 휴브리스가 기업의 의사 결정 및 성과 등에 미치는 영향을 연구해왔다. 그러나, 최고경영자 휴브리스의 원인에 대한 연구는 자존감, 이전 성공 경험, 언론의 칭찬 등의 최고경영자의 개인적 특성 및 경험을 그 원인으로 제시한 Hayward & Hambrick(1997)의 연구 이후 매우 제한적으로 이루어져 왔다. 본 연구는 최고 경영자 출신 (Origin)이 휴브리스 형성에 영향을 미칠 수 있음을 주장한다. 최고 경영자 출신은 소유권에 따라 가족경영자와 전문경영자로 나뉠 수 있으며, 승계 유형에 따라 외부영입경영자와 내부승진경영자로 나뉠 수 있다. 가족경영자와 전문경영자의 경우, 기업의 소유권과 오너 일가의 지지, 직업 안정성 등에서 차이를 보며, 외부영입경영자와 내부승진경영자는 임용 목적 및 기업 내부의 인적 네트워크 등에서 차이를 보이는데, 이러한 차이점은 최고경영자의 휴브리스에 서로 다른 영향을 미칠 수 있다. 이러한 차이가 휴브리스 수준에 어떤 영향을 미치는지를 검증하기 위해, 본 연구에서는 2008년부터 2010년까지 총 175개 기업의 최고 경영자의 유형 및 휴브리스 등 개별 기업의 자료를 수집하여 분석하였다. 최고 경영자의 유형은 소유경영자와 전문경영자, 내부승진경영자와 외부영입경영자로 분류하였으며, 휴브리스 측정을 위해 기업들이 매년 초에 발표하는 실적 예상치를 사용하였다. 연구결과, 가족경영자가 전문경영자에 비해 더 큰 휴브리스를 보여주었으며, 외부영입경영자가 내부승진경영자에 비해 더 큰 휴브리스를 보여줌을 확인하였다. 본 연구는 일반적으로 기업 성과 및 의사 결정에 부정적인 영향을 끼치는 것으로 알려진 휴브리스의 원인을 밝힘으로써 향후 경영자 휴브리스, 나르시시즘 등의 연구에 도움을 줄 수 있을 것으로 예상된다.
Abstract
Since Roll’s study(1986) on the effect of hubris on takeover decision, several researchers have mainly examined the impacts of CEOs’ hubris on decision making and firms’ performance. However, few researches have paid attention to the causes of hubris, although Hayward & Hambrick(1997) suggested that CEO’s personality and experience such as self-importance, previous success and media praise could cause CEO hubris. This study claims that CEO hubris also come from CEOs’ origins: CEO type and CEO succession type. Professional CEOs are different from family CEOs in ownership, support from owners’ family, job risk, etc. And external CEOs and internal CEOs are also different in terms of internal network and reason for hiring. These differences in CEO origin can build CEO hubris to a different level. We examines 175 companies from 2008 to 2010, and classified CEO origins into family CEOs/professional CEOs and internal CEOs/external CEOs. To measure CEO hubris, we used “earning forecasts” that companies announce in early of the year. The results are as follow. First, family CEOs have higher level of hubris than professional CEOs. Second, external CEOs have higher level of hubris than internal CEOs. This study is expected to contribute to other future researches on CEO hubris and narcissism by identifying the causes of hubris, which is generally known to have negative effects on corporate performance and decision making.
참고문헌 (48)
- 황순관, "최고경영자의 특성이 위험관리에 미치는 영향 - 구조화파생상품(KIKO)의 이용을 중심으로 -", 인적자원관리연구, 24(4), pp.61~71 (2017), 한국인적자원관리학회
- 남윤성, "최고경영자 유형, 사외이사, 기업성과가 가족임원의 선임에 미치는 영향에 대한 탐색적 연구", 인적자원관리연구, 24(5), pp.75~86 (2017), 한국인적자원관리학회
- Allen, M. P., "Power, performance, and succession in the large corporation", Administrative Science Quarterly, 27, pp.538~547 (1982)
- Allen, M. P., "Manangerial succession and organizational performance: A recalcitrant problem revisited", Administrative Science Quarterly, 24, pp.167~180 (1979)
- Brady, G., "Executive succession" (1984), Prentice Hall
- Berle, A., "The Modern Corporation and Private Property" (1932), Harcourt, Brace, & World
- Boeker, W., "Performance and successor choice: The moderating effects of governance and ownership", Academy of Management Journal, 36, pp.172~186 (1993)
- Cannella, A. A. Jr, "Succession as a sociopolitical process", Academy of Management Journal, 36, pp.763~793 (1993)
- Cannella, A. A. Jr, "So close and yet so far: Promotion versus exit for CEO Heirs apparent", Academy of Management Journal, 44, pp.252~270 (2001)
- Chatterjee, A., "It’s all about me: Narcissistic chief executive officers and their effects on company strategy and performance", Administrative Science Quarterly, 52, pp.351~386 (2007)
- Datta, D., K, "Executive succession: organizational antecedents of CEO characteristics", Strategic Management Journal, 15, pp.569~577 (1994)
- Dalton, D. R., "Organizational performance as an antecedent of inside", outside chief executive succession: An empirical assessment, 1985, pp.28, 749~762
- Finkelstein, S., "CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command", Academy of Management Journal, 37, pp.1079~1108 (1994)
- Finkelstein, S., "Strategic leadership" (1996), West
- Greiner, L., "When new CEOs succeed and fail: 4-D theory of strategic transformation", Organizational Dynamics, 32, pp.1~16 (2003)
- Hambrick, D. C., "Top executive commitment to the status quo: some tests of its determinants", Strategic Management Journal, 14, pp.401~418 (1993)
- Harris, D., "Specificity of CEO human capital and compensation", Strategic Management Journal, 18, pp.895~920 (1997)
- Hayward, M., "Explaining the premiums paid for large acquisitions:Evidence of CEO hubris", Administrative Science Quarterly, 42, pp.103~127 (1997)
- Hayward, M., "A hubris theory of entrepreneurship", Management Science, 52, pp.160~172 (2006)
- Helmich, D. L., "Successor type and organizational change in corporate enterprise", Administrative Science Quarterly, 17, pp.371~381 (1972)
- Hiller, N., "Conceptualizing executive hubris: The role of (hyper-) core self-evaluations in strategic decision-making", Strategic Management Journal, 26, pp.297~319 (2005)
- CEO overconfidence, management earnings forecasts, and earning management, "Hribar, P.", Cornell University, ~ (2010)
- Kahneman, D., "Judgment under uncertainty: Heuristics and biases" (1982), Cambridge University Press
- Kau, J. B., "Do managers listen to the market?", Journal of Corporate Finance, 14, pp.347~362 (2008)
- Kesner, I. F., "Top management turnover and CEO succession:An investigation of the effects of turnover on performance", Journal of Management Studies, 31, pp.701~713 (1994)
- Kesner, I. F., "Board composition and the commission of illegal acts: An investigation of Fortune 500companies", Academy of Management Journal, 29, pp.789~799 (1986)
- Kosnik, R. D., "Greenmail: A study of board performance in corporate governance", Administrative Science Quarterly, 32, pp.163~185 (1987)
- La Porta, R., "Corporate ownership around the world", Journal of Finance, 54, pp.471~517 (1999)
- Li, J., "CEO hubris and firm risk taking in china: The moderating role of managerial discretion", Academy of Management Journal, 53, pp.45~68 (2010)
- Lowe, R., "Overoptimism and the performance of entrepreneurial firms", Management Science, 52, pp.173~186 (2006)
- Malmendier, U., "CEO overconfidence and corporate investment", Journal of Finance, 60, pp.2661~2700 (2005)
- Malmendier, U., "Who makes acquisitions? CEO overconfidence and the market’s reaction", Journal of Financial Economics, 89, pp.20~43 (2008)
- Ocasio, W., "Institutionalized action and corporate governance: The reliance on rules of CEO succession", Administrative Science Quarterly, 44, pp.384~416 (1999)
- Pfeffer, J., "The external control of organizations" (1978), Harper & Row
- Roll, R., "The hubris hypothesis of corporate takeovers", Journal of Business, 59, pp.197~216 (1986)
- Salancik, G. R., "Effects of ownership and performance on executive tenure in U.S. corporations", Academy of Management Journal, 23, pp.653~664 (1980)
- Schepker, D. J., "CEO succession, strategic change, and post-succession performance: A meta-analysis", The Leadership Quarterly, 28, pp.701~720 (2017)
- Seth, A., "Synergy, managerialism or hubris? An empirical examination of motives for foreign acquisitions of U.S. firms", Journal of International Business Studies, 31, pp.387~405 (2000)
- Shen, W, "Revisiting the performance consequences of CEO succession: the impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure", Academy of Management Journal, 45, pp.717~733 (2002)
- Shleifer, A., "corporate takeovers", pp.33~56 (1988), University of Chicago Press
- Simon, M., "The relationship between overconfidence and the introduction of risky products: Evidence from a field study", Academy of Management Journal, 46, pp.139~149 (2003)
- Stotz, O., "The perception of control and the level of overconfidence:Evidence from analyst earnings estimates and price targets", Journal of Behavioral Finance, 6, pp.121~128 (2005)
- Stulz, R., "Managerial control of voting rights: financing policies and the market for corporate control", Journal of Financial Economics, 20, pp.25~54 (1988)
- Virany, B., "Executive succession and organization outcomes in turbulent environments: An organizational learning approach", Organization Science, 3, pp.72~90 (1992)
- Walsh, J. P., "On the efficiency of internal and external corporate control mechanisms", Academy of Management Review, 15, pp.421~458 (1990)
- Wiener, P. P., "Dictionary of the history of ideas" (1973), Scribner
- Wierseman, M. F., "Executive succession as an antecedent to corporate restructuring", Human Resource Management, 34, pp.185~202 (1995)
- Zajac, E. J., "CEO selection, succession, compensation and firm performance: A theoretical integration and empirical analysis", Strategic Management Journal, 11, pp.217~230 (1990)