기업의 성과피드백과 전략적 변화: 최고경영진 및 사외이사의 산업 외부 네트워크의 조절효과
Performance Feedback and Strategic Change: The Moderating Effect of Extra-Industry Ties of the Top Management Team and Outside Directors
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초록
본 연구는 기업의 성과피드백(performance feedback)이 전략적 변화에 어떠한 영향을 미치는지 살펴본 연구이다. 전략적 변화를 전략적 변동성(strategic variation)과 전략적 일탈(strategic deviation)의 두 가지 차원에서 개념화하고 측정하였으며, 행동적 기업이론(behavioral theory of the firm)과 최고경영층 이론(upper echelons theory)을 기반으로 전략적 변화의 동인에 대한 가설을 제시하였다. 첫째, 기업의 성과와 열망수준 간의 격차가 클수록 기업의 전략적 변동성과 전략적 일탈이 증가한다. 둘째, 최고경영진(top management team: TMT)과 사외이사가 보유한 산업 외부 네트워크는 첫 번째 가설의 효과를 강화한다. 미국 소프트웨어 산업의 2005~2019년간 230개 기업의 패널자료를 이용하여 가설을 검증한 결과, 대체로 모든 가설을 지지하였다. 단, 최고경영진의 산업 외부 네트워크 조절효과는 전략적 변동성과 전략적 일탈에 대해 모두 입증되었으나, 사외이사의 산업 외부 네트워크 조절효과는 전략적 일탈에 대해서만 입증되었다. 본 연구를 통해, 기업의 의사결정자들이 산업 외부 네트워크를 보유하면 성과 하락에 따른 문제해결적 탐색의 강도와 범위가 확장되어, 더욱 적극적인 전략적 변화를 시도한다는 결론을 도출하였다.
Abstract
This study investigates what determines firm-level strategic changes such as strategic variation and strategic deviation. Strategic variation is a longitudinal dimension of strategic change relative to the past, while strategic deviation is a cross-sectional dimension of strategic change relative to the industry norm. Relying on the behavioral theory of the firm and upper echelons theory, we hypothesized the effect of the performance below aspiration levels on strategic variation and strategic deviation. Additionally, we argue that external ties of the top management team and outside directors amplify the effect of the performance below aspiration levels on strategic variation and strategic deviation. We tested hypotheses using panel data of 230 firms from the United States software industry during the period 2005-2019. The result, by and large, supported all hypotheses. We found that external ties of the top management team and outside directors strengthen the effect of performance below aspirations on strategic deviation. We also found that external ties of outside directors only strengthen the effect of performance below aspirations on strategic deviation, while external ties of the top management team strengthen the effect of performance below aspirations on both strategic variation and strategic deviation.
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