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후발기업 전략 실행에 있어 이사회가 미치는 영향: 자원의존이론 관점에서의 실증적 연구

Effect of Boards on Strategy Implementation of Late Movers: An Empirical Analysis in Resource Dependence Perspective

유재욱|성병찬
한국산업경영학회 (Korean Association Of Industrial Business Administrarion)|2008.12|경영연구 (Journal of Business Research)|제23권 제4호|pp. 27-52|DOI 10.22903/jbr.2008.23.4.27

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참고문헌

키워드

이사회Agency Theory대리인이론자원의존이론Boards of DirectorsResource Dependence Theory후발기업경쟁전략실행Competitive Strategy ImplementationLate Movers
주제분류경영학

초록

본 연구는 이사회가 후발기업의 전략실행에 미치는 영향을 자원의존이론의 관점에서 실증적으로 분석하였다. 컴퓨터 하드웨어산업부문 후발기업들에 대한 17년간의 자료를 수집하여 계층적 다중회귀분석한 결과는 사외이사 활용의 경우 자원대체전략을 실행하는 후발기업들의 전략실행에 도움을 주어 성과향상에 유의한 양(+)의 영향을 미치는 반면, 이사회의장직과 대표이사직의 분리는 후발기업들의 성과에 중대한 영향을 미치지 않는 것으로 나타났다. 본 연구의 분석결과는 이사회의 역할과 기능과 관련한 기업지배구조 분야의 향후 연구들이 경영자의 이기적 행위 감시역할에 대한 과도한 집중에서 탈피하여 전략실행을 위한 정보, 조언, 자원 제공자로서의 역할로 연구범위를 확대해야 한다는 점을 시사하고 있다. 더불어 이사회의 다양한 역할이 기업성과에 영향을 미치게 되는 중간과정에 대한 실증적 분석을 통해 실무적 차원에서 가장 이상적인 기업지배구조 메커니즘들과, 이와 같은 메커니즘들의 구체적 활용방법을 실무자들에게 제시할 수 있어야 할 것이다.

Abstract

This paper examines the effects of boards of directors on strategy implementation of late movers. The findings in an hierarchial regression analysis of 17-years sample of late movers in the computer hardware industry indicate that independent, outsider directors are beneficial to implement resource substitution strategy of late movers whereas separating the positions of board chair and chief executive officer does not influence to the strategy implementation of them. These findings imply that researchers in corporate governance should reconsider the relative weight placed on directors' monitoring and resource provision role. Rather than focusing predominantly on directors' willingness or ability to control executives, in future research scholars should yield more productive results by focusing on the assistance directors provide in bringing valued resources to the firm and in serving as a source of advice and counsel especially for strategy implementation. In addition, they should pay more attention on identifying intervening processes between board and firm performance in order to provide optimal governance mechanisms and configurations to practitioners.

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