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열망 수준 성과와 기업 성과의 차이가 전략 변화도에 미치는 영향: 최고경영자의 과거, 미래 지향성의 조절 효과를 중심으로

Attainment Discrepancy and Strategic Change: The Moderating Effects of CEO Temporal Focus

김양민|이승혜
한국전략경영학회 (Korean Strategic Management Society)|2019.08|전략경영연구 (Journal of Strategic Management)|제22권 제2호|pp. 43-61|DOI 10.17786/jsm.2019.22.2.003

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참고문헌

키워드

Strategic Change열망 수준 성과-기업 성과 차이전략 변화도최고경영자 시기적 지향성Attainment DiscrepancyCEO Temporal Focus
주제분류경영학

초록

기업 전략 변화는 그 결과가 조직 전체에 미치는 영향을 감안할 때 매우 중요하고 큰 위험을 수반하는 의사결정이다. 선행 연구에서는 많은 상황 변수들이 기업 전략 변화를 야기한다고 보고하였는데 그 중 가장 자주 다루어진 변수는 기업의 낮은 성과와 최고 경영진의 인구통계학적 특성 등이었다. 본 연구는 이러한 기존 연구들을 보완하기 위해 두 가지 변수, 즉 열망 수준 성과와 기업 성과의 차이와 최고경영자의 시기적 지향성에 주목하였다. 경영자가 주관적으로 판단하는 기업 성과는 단순히 당해 연도의 절대적 이익이나 손실로 계산되지 않는다. 기업이 속한 산업의 평균 성과나 해당 기업의 과거 성과를 기준으로 한 상대적 성과로 그 해 기업이 잘했는지 못했는지를 판단할 것이다. 선행 연구에서는 이러한 성과 기준을 열망 수준 성과라 명명하고 기업이 상대적 성과를 산정할 때 그 기준으로 삼는다고 보았다. 본 연구의 첫 번째 가설은 열망 수준 성과보다 실제 성과가 낮을 경우 그 차이가 클수록 전략 변화의 가능성은 커진다는 것이다. 둘째는 최고경영자의 시기적 지향성이 열망 수준 성과-기업 성과 차이와 전략 변화도의 관계를 조절한다는 것이다. 구체적으로 최고경영자의 과거 지향성은 그 관계를 약화시킬 것으로, 미래 지향성은 그 관계를 강화시킬 것이라 주장하였다. 2006년부터 2011년까지의 미국 대기업을 대상으로 한 실증 연구에서, 기업 성과가 열망 수준 성과보다 낮을 때 열망 수준 성과-기업 성과 간의 괴리는 전략 변화도와 정(+)의 관계가 있는 것으로, 그리고 그 두 변수간의 관계는 최고경영자의 과거 지향성이 높을수록 약해진다는 것을 발견하였다. 본 연구는 이러한 결과를 바탕으로 시사점과 그 한계점에 대하여 논의하였다.

Abstract

Strategic change is a very important and risky corporate decision, given the impacts of the results on the organization as a whole. Previous studies in this area suggest that low firm performance and CEO’s demographic characteristics such as tenure, age, and gender are important predictors of strategic change. However, relatively few researchers have focused on the interaction effect of low firm performance and CEO’s psychological characteristics. To fill this void, we focus on two important factors which are expected to influence the likelihood and the degree of strategic change. Those factors are attainment discrepancy and CEO temporal focus. CEOs do not evaluate their firm performance by simply calculating focal year’s gains or losses. Instead, they will evaluate firm performance by comparing it to the average industry performance or its historical performance. Previous studies define such cognitive performance criteria as an aspiration level performance which serves as an anchor from which to determine relative firm performance. We hypothesize that the greater attainment discrepancy the greater possibility of strategic change when firm performing below its aspiration level performance. This paper also examines the moderating effect of CEO temporal focus, CEO past and future focus in particular. We posit that CEO past focus attenuates the relationship between attainment discrepancy and strategic change, whereas such relationship is strengthened by CEO future focus. Using panel sample of 712 large publicity traded in the United States manufacturing firms from 2006 to 2011, we found that the possibility of strategic change increases as attainment discrepancy rises among firms performing below aspiration level performance. We also found CEO past focus attenuates the relationship between attainment discrepancy and strategic change. Based on the results, theoretical contributions and practical implications of the study are discussed.

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