초록

한 기업의 전략 및 성과를 설명하는 여러 관점 중 최고경영자의 역할을 중시하는 전략적 선택이론, 최고경영층 관점 등에 기반 한 연구들은 그동안 전략경영연구에서 많은 주목을 받아왔다. 그 중에서도 최고경영자 교체와 관련한 연구는 크게 1) 교체에 영향을 주는 요인, 2) 교체가 이후 기업의 전략 및 성과에 미치는 영향으로 나뉜다. 본 연구는 이전 연구들이 양 갈래의 흐름 중 어느 한 곳에만 집중하는 경향을 지적하며 두 흐름을 동시에 포함한 연구를 진행하였다. 특히 본 연구는 총자산순이익률과 매출액을 기준으로 산업 환경의 불안정성 정도가 상대적으로 큰 산업을 연구대상으로 선정하였는데, 이는 상대적으로 안정적인 산업 내 기업보다 불안정한 산업 내의 기업들이 경영권 교체라는 메커니즘을 통해 산업 환경의 불안정성을 극복하려는 경향이 강하기 때문이다. 또한 환경의 불안정성은 최고경영자의 역량에 대한 중요성을 높이고, 이러한 환경에서는 최고경영자의 재량권이 높기 때문에 불안정한 산업 내 기업을 대상으로 최고경영자 교체와 관련한 연구를 진행하는 것이 보다 의미 있는 결과를 도출 할 수 있을 것이다. 본 연구는 주요 변수인 교체유형을 내부승진, 동종 산업 내 타 기업으로부터의 영입, 타 산업으로부터의 영입과 같이 세 가지로 세분하여 외부성의 정도에 따른 양상을 구체적으로 살펴보았다. 교체유형의 결정요인에 대해 살펴본 결과, 불안정한 산업의 경우에 교체이전 성과가 좋지 않을수록 타 산업으로부터 새로운 최고경영자를 선택하려는 경향이 있었다. 그러나 타 산업으로부터의 외부영입이 교체이후 성과에는 부정적인 영향을 미치는 것으로 나타나, 현재 상황을 개선하기 위한 최고경영자의 외부영입이 결국 교체이후 성과에 긍정적인 영향을 미치지 못한다는 시사점이 도출되었다. 또한 최고경영자의 외부영입 교체와 교체이후 성과의 부정적인 관계는 최고경영자의 나이가 어릴수록, 기업의 위험도가 클수록 강화되는 것으로 분석되었다.

키워드

최고경영자 교체, 교체유형, 외부영입, 환경의 불안정성, 최고경영자 연령, 기업위험도

참고문헌(111)open

  1. [학술지] 김정진 / 2007 / 최고경영자 교체에 따른 성과주의 인사제도 변화와 조직성과와의 관계 / 조직과 인사관리연구 31 (4) : 25 ~ 48

  2. [학술지] 박경진 / 2009 / 기업집단의 총수는 어떤 회사를 직접 경영하는가? / 기업경영연구 16 (3) : 287 ~ 302

  3. [학술지] 박종철 / 2008 / 최고경영자의 교체가 기업의 사업구조 집중화에 미치는 영향 / 전략경영연구 11 (3) : 69 ~ 89

  4. [학술지] 박철순 / 1999 / 전략결정요인으로서의 최고경영자: upper echelons 이론 및 자유재량이론의 통합모형 / 전략경영연구 2 (1) : 1 ~ 22

  5. [학술지] 서정일 / 2010 / 최고 경영자(CEO), 최고 경영진(TMT), 기업 소유구조간의 상호작용이 R&D 투자에 미치는 영향 / 전략경영연구 13 (1) : 29 ~ 49

  6. [학술지] 조혁수 / 2010 / Theoretical relationship among strategic conformity, firm performance and environmental uncertainty / 국제학논총 14 : 145 ~ 170

  7. [학술지] Ashforth, B.E / 1990 / The double edge of organizational legitimation / Organization Science 1 (2) : 177 ~ 194

  8. [학술지] Barney, J. B. / 1991 / Firm resources and sustained competitive advantage / Journal of Management 17 (1) : 99 ~ 120

  9. [학술지] Baum, J.A.C. / 1991 / Institutional linkages and organizational mortality / Administrative Science Quarterly 36 (2) : 187 ~ 218

  10. [학술지] Baum, J.A.C. / 1992 / Localized competition and organizational failure in the Manhattan hotel industry, 1898~1990 / Administrative Science Quarterly 37 (4) : 580 ~ 604

  11. [학술지] Beckert, J. / 1999 / Agency, entrepreneurs, and institutional change, The role of strategic choice and institutionalized practices in organizations / Organization Studies 20 (5) : 777 ~ 799

  12. [학술지] Bettis, R. A. / 1983 / 'Modern financial theory, corporate strategy and public policy: three conundrums / Academy of Management Review 8 : 406 ~ 415

  13. [단행본] Bettis, R.A. / 1990 / Risk, strategy, and management / JAI Press

  14. [학술지] Boeker, W. / 1989 / The development and institutionalization of subunit power in organizations / Administrative Science Quarterly 34 : 388 ~ 410

  15. [학술지] Boeker, W. / 1997 / Strategic change : the influence of managerial characteristics and organizational growth / Administrative Science Quarterly 40 (1) : 152 ~ 170

  16. [학술지] Boeker, W. / 1993 / Performance and successor choice : the moderating effects of governance and ownership / Academy of Management Journal 36 (1) : 172 ~ 186

  17. [단행본] Brady, G. / 1984 / Executive Succession / Prentice-Hall

  18. [단행본] Brigham, E.F. / 1996 / Intermediate financial management / Dryden

  19. [학술지] Browning, L. D. / 1995 / Building cooperation in a competitive industry : SEMATECH and the semiconductor industry / Academy of Management Journal 38 (1) : 113 ~ 151

  20. [학술지] Cannella, A.A. / 1993 / Succession as a sociopolitical process : Internal impediments to outsider selection / Academy of Management Journal 36 : 763 ~ 793

  21. [학술지] Chen, G. / 2012 / CEO replacement in turnaroudn situation : Executive(mis)fit and its performance implications / Organization Science 23 (1) : 225 ~ 243

  22. [학술지] Child, J. / 1972 / Organizational structure, environment and performance : The role of strategic choice / Sociology 6 (1) : 1 ~ 22

  23. [학술지] Chung, C.-N. / 2013 / Leadership succession and firm performance in an emerging economy : Successor origin, relational embeddedness, and legitimacy / Strategic Management Journal 34 : 338 ~ 357

  24. [단행본] Cyert, R.M. / 1963 / A behavioral theory of the firm / Prentice-Hall

  25. [학술지] Dalton, D.R. / 1983 / Inside/outside succession and organizational size : The pragmatics of executive replacement / Academy of Management Journal 26 (4) : 736 ~ 742

  26. [학술지] Dalton, D.R. / 1985 / Organizational performance as an antecedent of inside/outside chief executive succession : An empirical assessment / Academy of Management Journal 28 (4) : 749 ~ 762

  27. [학술지] Datta, D.K. / 1994 / Executive succession : Organizational antecedents of CEO characteristics / Strategic Management Journal 15 (7) : 569 ~ 577

  28. [학술지] Datta, D.K. / 1998 / Industry structure and CEO characteristics : An empirical study of succession events / Strategic Management Journal 19 : 833 ~ 852

  29. [단행본] David, L.E. / 1971 / Institutional change and American economic growth / Cambridge University Press

  30. [학술지] Deephouse, D.L. / 1999 / To be different, or to be the same? It’s a question(and theory)of strategic balance / Strategic Management Journal 20 (2) : 147 ~ 166

  31. [학술지] Deephouse, D.L. / 2000 / Comparing alternative explanations for accounting risk-return relations / Journal of Economic Behavior and Organization 42 : 463 ~ 482

  32. [학술지] DiMaggio, P.J. / 1983 / The iron cage revisited : Institutional isomorphism and collective rationality in organizational fields / American Sociological Review 48 (2) : 147 ~ 160

  33. [단행본] Donaldson, L. / 1999 / Performance-driven organizational change: The organizational portfolio / Sage

  34. [단행본] Finkelstein, S. / 1990 / Strategic Leadership / St Paul, MN

  35. [단행본] Finkelstein, S. / 1996 / Strategic Leadership: Top Executives and their Effects on Organizations / St Paul, MN

  36. [학술지] Fredrickson, J. M. / 1988 / A model of CEO dismissal / Academy of Management Review 13 : 255 ~ 270

  37. [단행본] Gabarro, J. J. / 1987 / The Dynamics of Taking Charge / Harvard Business School Press

  38. [학술지] Gavetti, G. / 2000 / Looking forward and looking backward : Cognitive and experiential search / Administrative Science Quarterly 45 : 113 ~ 137

  39. [학술지] Geletkanycz, M.A. / 1997 / The external ties of top executives : Implications for strategic choice and performance / Administrative Science Quarterly 42 : 654 ~ 681

  40. [학술지] Golden, B.R. / 2001 / When will boards influence strategy? Inclination× power=strategic change / Strategic Management Studies 22 (12) : 1087 ~ 1111

  41. [학술지] Grimm, C.M. / 1991 / Management and organizational change : A note on the railroad industry / Strategic Management Studies 12 (7) : 557 ~ 562

  42. [학술지] Greiner, L. / 2002 / When new CEOs succeed and fall : 4-D theory of strategic transformation / Organizational Dynamics 32 (3) : 1 ~ 17

  43. [학술지] Grusky, O. / 1963 / Managerial succession and organizational effectiveness / American Journal of Sociology 69 : 21 ~ 31

  44. [학술지] Gunz, H.P. / 1996 / Managerial careers and business strategies / Academy of Management Review 21 (3) : 718 ~ 756

  45. [학술지] Guthrie, J.P. / 1997 / Contextual influences on executive selection : Firm characteristics and CEO experience / Journal of Management Studies 34 (4) : 537 ~ 560

  46. [학술지] Haleblian, J. / 1993 / Top management team size, CEO dominance, and firm performance : the moderating roles of environmental turbulence and discretion / Academy of Management Journal 36 (4) : 844 ~ 863

  47. [학술지] Hambrick, D. C. / 2007 / Upper echelons theory : An update / Academy of Management Review 32 : 334 ~ 343

  48. [학술지] Hambrick, D.C. / 1984 / Upper echelons : the organization as a reflection of its top managers / Academy of Management Review 9 (2) : 193 ~ 206

  49. [단행본] Hambrick, D.C. / 1987 / Managerial discretion: A bridge between polar views of organizational outcomes / JAI Press : 369 ~ 406

  50. [학술지] CT. Hambrick, D. C. / 1993 / Top executive commitment to the status quo : some tests of its determinants / Strategic Management Journal 14 (6) : 401 ~ 418

  51. [단행본] Hannan, M.T. / 1992 / Dynamics of organizational populations: Density, competiton and legitimation / Oxford University Press

  52. [학술지] Hannan, M.T. / 1977 / The population ecology of organizations / American Journal of Sociology 82 (5) : 929 ~ 964

  53. [학술지] Hart, P. / 1970 / Management youth and company growth : A correlation? / Management Decision 4 (2) : 50 ~ 53

  54. [학술지] Helmich, D. L. / 1977 / Executive succession in the corporate organization : A current integration / Academy of Management Review 2 (2) : 252 ~ 266

  55. [학술지] Helmich, D.L. / 1972 / Successor type and organizational changes in the corporate enterprise / Administrative Science Quarterly 17 : 371 ~ 378

  56. [보고서] Henderson, A. D. / 1996 / Uniqueness vs. conformance:The role of technology strategy in coping with highly disruptive events

  57. [학술지] Higgins, M.C. / 2006 / Stacking the deck : The effects of top management backgrounds on investor decisions / Strategic Management Journal 27 (1) : 1 ~ 25

  58. [학술지] Hirshleiffer, J. / 1977 / Economics from a biological viewpoint / Journal of Law and Economics 20 (1) : 1 ~ 52

  59. [학술지] Hitt, M. / 1991 / Strategic decision models : Integrating different perspectives / Strategic Management Journal 12 : 327 ~ 335

  60. [학술지] Hoskisson, R. E. / 2000 / Strategy in emerging economies / Academy of Management Journal 43 : 249 ~ 267

  61. [학술지] Jiang, Y. / 2011 / Principal-principal conflicts during crisis / Asia Pacific Journal of Management 28 : 683 ~ 695

  62. [학술지] Karaevli, A. / 2007 / Performance consequences of new CEO ‘outsiderness’ : Moderating effects of pre-and post-succession contexts / Strategic Management Journal 28 (7) : 681 ~ 706

  63. [학술지] Katz, R. / 1982 / The effects of group longevity on project communication and performance / Administrative Science Quarterly 27 (1) : 81 ~ 104

  64. [학술지] Kesner, I.F. / 1994 / Executive succession : Past, present, and future / Journal of Management 20 : 327 ~ 372

  65. [학술지] Kim, H. / 2010 / Does market-oriented institutional change in an emerging economy make businessgroup-affiliated multinationals perform better? An institution-based view / Journal of International Business Studies 41 : 1141 ~ 1160

  66. [학술지] Lant, T.K. / 1992 / An Organizational Learning Model of Convergence and Reorientation / Organization Science 3 (1) : 47 ~ 71

  67. [학술지] Lubatkin, M. / 1994 / Extending modern portfolio theory into the domain of corporate diversification: Does it apply? / Academy of Management Journal 37 : 109 ~ 136

  68. [학술지] March, J.C. / 1977 / Almost random careers : the Wisconsin school superintendency, 1940~1972 / Administrative Science Quarterly 22 (3) : 377 ~ 409

  69. [학술지] Meyer, A. / 1982 / Adapting to environmental jolts / Administrative Science Quarterly 27 : 515 ~ 537

  70. [학술지] Meyer, J.W. / 1977 / Institutional organizations : formal structure as myth and ceremony / American Journal of Sociology 83 : 340 ~ 363

  71. [학술지] Miller, D. / 2013 / Family firm governance, Strategic conformity, and performance : Institutional vs. strategic perspectives / Organization Science 24 (1) : 189 ~ 209

  72. [학술지] Miller, D. / 1996 / Nonconformity in competitive repertoires : A sociological view of markets / Social Forces 74 (4) : 1209 ~ 1234

  73. [학술지] Miller, D. / 1996 / The resource-based view of the firm in two environments : The Hollywood film studios from 1936 to 1965 / Academy of Management Journal 39 (3) : 519 ~ 543

  74. [학술지] Mitchell, J. R. / 2011 / Erratic strategic decisions; When and why managers are inconsistent in strategic decision making / Strategic Management Studies 32 (7) : 683 ~ 704

  75. [단행본] North, D. C. / 1981 / Structure and change in economic history / Norton

  76. [단행본] North, D. C. / 1990 / Institutions, institutional change and economic performance / Harvard University Press

  77. [학술지] Oliver, C. / 1991 / Strategic response to institutional processes / Academic of Management Review 16 (1) : 145 ~ 179

  78. [학술지] Orlitzky, M. / 2001 / Does organizational size confound the relationship between corporate social performance and firm financial performance? / Journal of Business Ethics 33 (2) : 167 ~ 180

  79. [학술지] Orlitzky, M. / 2001 / social performance and firm risk: a metaanalytic review / Business and Society 40 : 369 ~ 396

  80. [단행본] Porter, M. E. / 1980 / Competitive strategy: Techniques for analyzing industries and competitors / Free Press

  81. [학술지] Porter, M. E. / 1996 / What is strategy? / Harvard Business Review 74 (6) : 61 ~ 78

  82. [학술지] Prahalad, C.K. / 1986 / The dominant logic : a new linkage between diversity and performance / Strategic Management Journal 7 (6) : 485 ~ 501

  83. [학술지] Prahalad, C.K. / 1990 / The core competence of the corporation / Harvard Business Review 68 (3) : 79 ~ 91

  84. [학술지] Quigley, T.J. / 2012 / When the former ceo stays on as board chair : effects on successor discretion, strategic change, and performance / Strategic Management Journal 33 (7) : 834 ~ 859

  85. [학술지] Reinganum, M. R. / 1985 / The Effect of Executive Succession on Stockholder Wealth / Administrative Science Quarterly 30 (1) : 46 ~ 60

  86. [학술지] Ruef, M. / 1998 / A multidimensional model of organizational legitimacy : Hospital survival in changing institutional environments / Administrative Science Quarterly 43 (4) : 877 ~ 904

  87. [학술지] Salancik, G.R. / 1980 / Effects of ownership and performance on executive tenure in U. S. corporations / Academy of Management Journal 23 : 653 ~ 664

  88. [단행본] Sharpe, W. F. / 1990 / Quantifying the market risk premium phenomenon for investment decision making / Institute for Chartered Financial Analysts

  89. [학술지] Shen, W. / 2002 / Revisiting the performance consequences of CEO succession : The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure / Academy of Management Journal 45 (4) : 717 ~ 733

  90. [학술지] Shen, W. / 2002 / Power dynamics within top management and their impacts on CEO dismissal followed by inside succession / Academy of Management Journal 45 (6) : 1195 ~ 1206

  91. [단행본] Spender, J. C. / 1989 / Industry Recipes: The Nature and Source of Managerial Judgment / Oxford

  92. [학술지] Staw, B. M. / 1981 / Threat-rigidity effects in organizational behavior : A multilevel analysis / Administrative Science Quarterly 26 : 501 ~ 524

  93. [학술지] Sutcliffe, K.M. / 1998 / Firm and industry as determinants of executive perceptions of the environment / Strategic Management Journal 19 (8) : 793 ~ 807

  94. [학술지] Taylor, R. N. / 1975 / Age and experience as determinants of managerial information processing and decision making performance / Academy of Management Journal 18 : 74 ~ 81

  95. [학술지] Teece, D. / 1997 / Dynamic capabilities and strategic management / Strategic Management Journal 18 (7) : 509 ~ 533

  96. [단행본] Thornton, P.H. / 2008 / The Sage Handbook of Organizational Institutionalism / Sage : 99 ~ 129

  97. [학술지] Tushman, M.L. / 1986 / Technological discontinuities and organizational environments / Administrative Science Quarterly 31 : 439 ~ 465

  98. [단행본] Tushman, M.L. / 1985 / Research in Organizational Behavior / JAI Press

  99. [학술지] Tushman, M.L. / 1996 / Executive succession, strategic reorientation and performance growth : A Longitudinal study in the U. S. Cement industry / Management Science 42 (7) : 939 ~ 953

  100. [학술지] Virany, B. / 1992 / Executive succession and organization outcomes in turbulent environments : an organizational learning approach / Organization Science 3 (1) : 72 ~ 91

  101. [학술지] Vroom, V.H. / 1971 / Relationship between age and risk taking among managers / Journal of Applied Psychology 55 (5) : 399 ~ 405

  102. [학술지] Wernerfelt, B. / 1984 / A resource-based view of the firm / Strategic Management Journal 5 (2) : 171 ~ 180

  103. [학술지] West, J. / 2003 / Experience, experimentation, and the accumulation of knowledge : The evolution of R&D semiconductor industry / Research Policy 32 (5) : 809 ~ 825

  104. [학술지] Wiersema, M. F. / 2002 / Holes at the top : Why CEO firings backfire? / Harvard Business Review 80 (12) : 70 ~ 77

  105. [학술지] Wiersema, M.F. / 1992 / Top management team demography and corporate strategic change / Academy of Management Journal 35 : 91 ~ 121

  106. [학술지] Wiersema, M.F. / 1993 / Top management team turnover as an adaptation mechanism : the role of the environment / Strategic Management Journal 14 (7) : 485 ~ 504

  107. [학술지] Zajac, E. J. / 1990 / CEO selection, succession, compensation and firm performance : a theoretical integration and empirical analysis / Strategic Management Journal 11 (3) : 313 ~ 330

  108. [학술지] Zhang, Y. / 2008 / Information asymmetry and the dismissal of newly appointed CEOs : An empirical investigation / Strategic Management Studies 29 : 859 ~ 872

  109. [학술지] Zhang, Y. / 2003 / Explaining new CEO origin : Frim versus Industry antecedents / Academy of Management Journal 46 (3) : 327 ~ 338

  110. [학술지] Zhang, Y. / 2004 / When the known is better than an unknown god : An empirical study of the antecedents and consequences of relay CEO successions / Academy of Management Journal 47 (4) : 483 ~ 500

  111. [학술지] Zhang, Y. / 2010 / Once an outsider, always an outsider? CEO origin, strategic change, and firm performance / Strategic Management Journal 31 : 334 ~ 346