초록

본 연구는 기업 최고경영층 이론(Upper Echelon Theory)를 바탕으로 최고경영자의 임기와 최고 경영진의 다양성이 기업의 장기 전략인 연구개발(R&D) 투자에 미치는 영향을 분석하였다. 실증분석을 위하여 2002년부터 2006년까지의 한국 기업들을 대상으로, 거래소에 상장되어 있는 기업들 중 금융기관을 제외하고 표본을 구성하였으며, 그 결과 최종 표본에는 146개의 기업이 포함되었다. 본 연구의 실증 분석 결과, 최고경영자의 임기와 R&D 투자 사이에 역 U자의 관계를 발견하였다. 이는 장기적인 투자인 R&D의 적극적인 집행을 위해서는 최고경영자의 임기가 어느 수준까지는 보장되어야 한다는 것을 시사하면서, 동시에 지나치게 임기가 오래된 최고경영자는 연구개발 투자에 소극적이 될 수 있다는 것을 나타낸다. 이러한 결과는 CEO의 임기에 따라 선호하는 전략이 달라질 수 있다는 Hambrick and Fukutomi(1991)의 주장을 뒷받침하는 결과이다. 또한 본 연구는 최고경영진의 여러 가지의 다양성 변수 중에서 교육 수준의 다양성이 R&D 투자와 부(-)의 관계를 갖는 것을 발견하였다. 마지막으로 본 연구는 최고경영자와 최고경영진의 상호작용이 기업의 연구개발 투자에 어떠한 영향을 미치는 가에 대하여 분석한 결과, 최고경영자가 이공계 출신인 경우 최고경영진의 다양성과 R&D 투자의 부(-)의 관계를 감소시키는 조절효과를 발견하였다. 본 연구는 이러한 결과를 바탕으로 시사점과 그 한계점에 대하여 논의하였다

키워드

최고경영자 임기, 최고경영진 다양성, 연구개발(R&D) 투자

참고문헌(103)open

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