코스닥 벤처기업의 최고 경영진 사회적 자본이 기업 퇴출에 미치는 영향 = Top management team social capital and its impacts on firm exit from the KOSDAQ market : Evidence from venture startup companies

국문 초록 (Abstract)

본 연구의 목적은 최고 경영진의 사회적 자본이 신생 벤처기업의 실패 가능성에 미치는 영향, 더 정확하게 표현하면 주식시장에서의 퇴출에 미치는 영향을 분석하는 것이다. 본 연구는 최고 경영진의 사회적 자본을 그 위치와 쓰임새에 따라 각기 내부 묶는 사회적 자본 (Internal bonding social capital)과 외부 연결 사회적 자본 (external bridging social capital) 의 두 가지로 나누어 각각의 최고 경영진 사회적 자본이 기업 퇴출에 미치는 영향을 분석하였다. 약 200여개의 신생 벤처 코스닥 기업을 2000년부터 2004년까지 생존연구를 사용하여 분석한 결과, 최고 경영진간의 학연(學緣)과 경력연(經歷緣)으로 측정한 내부 사회적 자본과 최고 경영진의 외부 관련 기관 근무 경험으로 측정한 외부 사회적 자본은 기업의 주식시장퇴출과 부(-)의 관계를 갖는 것으로, 즉 기업의 성과에 긍정적인 영향을 주는 것으로 나타났으나, 최고 경영진간의 지연관계로 측정한 내부 사회적 자본은 기업의 퇴출과 정(+), 즉 기업의 성과에 악영향을 미치는 것으로 나타났다. 이러한 연구결과를 바탕으로 그 시사점과 향후 연구 방향에 대해 토의 하였다.

다국어 초록 (Multilingual Abstract)

It is argued that social capital of Top Management Team (TMT) creates value for firms thereby improving firm performance. TMT social capital is defined as potential resources arising from the sum of top management team members' interpersonal linkages to other individuals, both inside and outside the firm. I examine both internal and external social capital among corporate upper echelons and their impacts on the probability of firm exit from the stock market. The theory and hypotheses are tested with young venture startup companies listed in the KOSDAQ market from 2000 to 2004. The results indicate that social capital can be both detrimental and beneficial to organizations. While one type of internal social capital measured by regional ties among top managers was found to have a positive relationship with firm exit, other types of internal social capital such as school ties and ties from the previous work have negative relationships with firm exit. External social capital measured by previous work experience in the related industry was also found to have a negative relationship with firm exit, suggesting external social capital may weather the storm associated with being young and volatile organizations.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 이론 및 가설 설정
• Ⅲ. 연구방법
• Ⅳ. 결과
• Ⅴ. 논의 및 결론
• References
• Abstract

참고문헌 (Reference)

1 "최고경영진의 대외 연결 능력, 보유지식 그리고 성과와의 관련성에 대한 탐색적 연구" 31 (31): 1401-1422, 2002

2 "최고경영자 교체에 따른 경영성과 변화" 16 : 231-256, 2003

3 "벤처기업의 네트워크 효과, 선점전략, 조직역량 및 성과에 관한 연구" 6 : 1-26, 2003

4 "벤처기업의 구조와 전략; 코스닥 등록 기업의 주가와 그 결정요인에 대한 경제사회학적 연구" 37 : 1-33, 2003

5 "벤처기업의 경영특성 및 성공요인이 경영성과에 미치는 영향에 관한 연구" 16 : 17-31, 2003

6 "경영진의 대외연결능력이 조직성과에 미치는 영향" 6 (6): 167-220, 1998

7 "and function of hospital board of directors A study of organization-environment Linkage" 349-64, 1973

8 "Top team deterioration as part of the downward spiral of large corporate bankruptcies" 1445-66, 1992

9 "Too much of a good thing? Social networks, influence behaviors, and team performance" 1999

10 "Too Much of a Good Thing? Product Proliferation and Organizational failure" Stanford University 1997

11 "The ＂Other side＂ of embeddedness: A case study of the interplay between economy and ethnicity" 18 : 555-580, 1995

12 "The strength of Weak ties American Journal of Sociology" gra (gra): 1360-1380, 1973

13 "The search-transfer problem: The role of weak ties in sharing knowledge across organization subunits" 44 (44): 82-111, 1999

14 "The role of social and human capital among nascent entrepreneurs" 18 : 301-331, 2003

15 "The moderating roles of environmental turbulence and discretion Academy of Management Journal" 844-863, 1993

16 "The liabilities of newness and adolescence" 530-547, 1990

17 "The external control of organizations" 1978

18 "The experience and evolution of trust: Implications for cooperation and teamwork" 23 (23): 531-546, 1998

19 "The effects of human capital, organizational demography, and interpersopnal process on venture partner perceptions of firm profit and growth" 18 : 145-164, 2003

20 "The dynamics of organizational change and failure" 51-73, 1993

21 "The Social Structure of Competition" Harvard University Press 1992

22 "The Forms of capital In Handbook of theory and Research for the Sociology of Education" 1986

23 "Some reservation about social capital" 24 : 8-9, 1999

24 "Social relations and cooperation in organizations" 38 (38): 1-25, 1999

25 "Social capital: Prospects for a new concept" 27 : 17-40, 2002

26 "Social capital: Its origin and applications in modern sociology" 24 : 1-24, 1998

27 "Social capital, structural holes and the transformation of an industry network" 8 (8): 109-125, 1997

28 "Social capital, knowledge acquisition, and knowledge exploitation in young technology-based firms" 22 : 587-613, 2001

29 "Social capital at the top Effects of social similarity and status on CEO compensation" 39 (39): 1568-1593, 1996

30 "Social capital and value creation: the role of intrafirm networks" 41 : 464-476, 1998

31 "Social capital and economic development: Toward a theoretical synthesis and policy framework" 27 : 151-208, 1998

32 "Social Capital, intellectual Capital, and organizational Advantage" 23 (23): 242-266, 1998

33 "Revisiting performance consequence of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure" 45 : 717-734, 2002

34 "Problems of explanation in economic sociology" Harvard University Press gra (gra): 25-56, 1992

35 "Pathways to top corporate management" 1986184-200

36 "Journal of Management" 99-120, 1991

37 "Intra and inter organizational cooperation: Toward a research Agenda" 38 : 7-23, 1995

38 "Internal capabilities, external networks, and performance: A study of technology based ventures" 22 : 615-640, 2001

39 "Institutional isomorphism and collective rationality in organizational fields" 147-160, 1983

40 "Initial Human and Financial Capital as Predictors of New Venture Performance Journal of Business Venturing" gime : 371-395, 1994

41 "Human capital, social capital, and firm dissolution" 41 (41): 425-440, 1998

42 "Honeymoons and the liability of adolescence A new perspective on duration dependence in social and organizational relationships Academy of Management Review" 442-468, 1991

43 "Group social capital and group effectiveness" 47 : 860-875, 2004

44 "Goal setting as an interaction process" 23-31, 1959

45 "Ghost of managers past Academy of Management Journal" 864-881, 1993

46 "Foundations of Social Theory" Harvard University Press 1990

47 "Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties" 42 (42): 7-24, 1999

48 "Career mobility in a corporate hierarchy" Academic Press 1984

49 "Bowling alone: The collapse and revival of American commuity" New York: Simon & Schuster 2000

50 "Board network characteristics and firm performance in Korea" 13 (13): 800-808, 2005

51 "Blacks in the white establishments? A study of race and class in America" Yale University Press 1991

52 "Annual Review of Sociology" 435-463, 1990

53 "Affect and cognition based trust and foundation for interpersonal cooperation in organization" 38 (38): 24-59, 1995

54 "Academy of Management Journal" 9-37, 1992

55 "A resource based view of the firm" 171-180, 1984

56 "A multilevel model of group social capital" 31 (31): 569-582, 2006

57 "A conceptual integration and reconsideration of the Research in Organizational Behavior" 171-213, 1994