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대리인문제상황, 도덕발달수준, 윤리환경이 투자의사결정에 미치는 영향

The Effects of Agency Problem Condition, Cognitive Moral Development and Ethical Environment on the Project Evaluation Decision of Managers

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한국산업경영학회 (Korean Association Of Industrial Business Administrarion)|2009.02|경영연구 (Journal of Business Research)|제24권 제1호|pp. 241-272|DOI 10.22903/jbr.2009.24.1.241

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역기능적선택상황도덕발달수준윤리환경Adverse-selection ConditionCognitive Moral DevelopmentEthical Environment
주제분류경영학

초록

대리인이론에 따르면 대리인들은 조직의 목적이 자신의 이해와 일치하지 않을 때는 자신의 이해에 따라 행동하고자 하는 동기를 가지고, 주인이 자신의 기회주의적 행동을 파악할 수 있는 정보를 갖지 못할 때 대리인문제가 발생한다고 예측한다. 그러나 Noreen(1988) 등은 대리인의 행동은 이러한 대리인문제상황뿐만 아니라 윤리적 측면에 의해서도 영향을 받는다고 주장하면서 대리인들의 행동을 예측하기 위해서는 윤리변수를 고려할 것을 권고하였다. 본 연구에서는 Noreen(1988)의 권고에 따라 대리인(매니저)들의 프로젝트 평가 의사결정 행동을 대리인변수(역기능적선택상황)를 이용하여 예측하는 순수 대리인모델에 윤리변수들을 추가함으로서 예측모델을 개선하였다. 본 연구에서 추가한 윤리변수로는 대리인의 개인속성인 도덕발달수준과 조직속성인 윤리환경이다. 개선된 모델의 유용성을 검정하기 위해서는 프로젝트 담당 매니저의 역할이 부여된 학생들을 피험자로 하는 실험실연구를 행하였다. 실험결과에 의하면 대리인변수는 여전히 대리인의 의사결정 행동을 예측하는 데 유용하지만, 윤리변수들을 고려함으로써 예측모형이 크게 개선될 수 있음이 밝혀졌다. 특히 실험결과 대리인문제상황하에서 강한 윤리환경의 효과는 도덕발달수준이 높은 매니저 보다는 도덕발달수준이 낮은 매니저들에게 큰 영향을 미치는 것과 같은 상호작용효과가 있는 것이 발견되었다. 본 연구는 대리인들의 의사결정 행동 예측에 대리인변수와 함께 윤리에 관한 개인속성과 조직속성을 동시에 고려했다는 점에서 큰 의의가 있다. 본 연구의 결과는 직원선발과 직원들이 조직목적에 일치하는 방향으로 의사결정 행동을 하도록 유도하는 데 시사점을 제공한다.

Abstract

Agency theory posits that an agency problem exists when managers' economic interests differ from those of their firm and they possess relevant information not available to their superiors. But Noreen(1988) argues that in practice the standard agency problem outcome of self-interested decision might be a special case; that is, ethical behavior may be more common than opportunistic behavior. Agency model predicts project evaluation decision of managers with agency variable(adverse-selection condition). In this study, The agency model was improved by adding ethical variables(cognitive moral development and ethical environment). To verify the validity of the improved model, laboratory experiment was performed using students as the subjects who are assigned as the role of manager of project. The findings of the experiment are as follows. The agency variable was still effective in predicting mangers' decision behavior but the model could be improved by adding ethical context. When condition for adverse selection is present, low CMD managers constrained their opportunistic behaviors more than high CMD managers, with strong ethical environment. But the difference between the actions of managers with low CMD and high CMD was not substantial, with week ethical environment. That means interaction effects between CMD and ethical environment when condition for adverse selection is present. The result of this study provides suggestions that ethical factors should be considered in adopting new employees and aligning the employees' behaviors to the purpose of the firm.

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