코스닥 벤처기업의 최고 경영자 교체가 기업 퇴출율과 기업성과에 미치는 영향 = Performance Consequences of Leader Succession：Evidence from the KOSDAQ Venture Companies

국문 초록 (Abstract)

  본 연구의 목적은 CEO의 교체라는 사건이 신생 벤처기업에 미치는 영향을 주식 시장에서의 퇴출율과 기업 재무 성과라는 두 가지 지표를 사용하여 분석하는 것이다. 본 연구는 CEO 교체가 기업 성과에 미치는 영향을 분석한 기존의 논문을 검토하여 CEO 교체라는 사건이 기업에 미치는 영향은 그 기업이 처한 상황, CEO 교체의 맥락 등의 내부, 외부적 요인을 따져 그 실효성을 평가해야 한다고 주장한다. 기업의 주식시장 퇴출을 종속변수로 한 비례위험함수 생존분석과 총자산 이익률을 종속변수로 한 다중 회귀분석을 통해 2000년부터 2004년까지 약 200여개의 신생 벤처 코스닥기업을 분석한 결과, CEO 교체는 주식시장에서의 기업 퇴출율과정(+)의 관계를 갖는 것으로, 즉 기업의 성과에 악영향을 미치는 것으로 해석되는 반면, 동시에 퇴출위기를 면한 기업들에 있어서는 교체 후 총자산이익률의 변화율과 정(+)의 관계를 갖는 상호모순적인 역할을 하는 것으로 나타났다. 이러한 연구결과를 바탕으로 시사점과 향후 연구 방향에 대해 토의 하였다.

다국어 초록 (Multilingual Abstract)

  An ecological perspective supposes there exist strong inertial pressures within organizational structures, causing organizational changes to be disruptive. On the contrary, a strategic perspective assumes that organizations are able to adapt when circumstances change. I examine one form of organizational change (CEO change) and its impacts on: (1) the probability of firm’s exit from the stock market; and (2) firm’s financial performance. The theory and hypotheses were tested with young venture companies listed in the KOSDAQ market from 2000 to 2004. When the probability of firm’s exit from the stock market was used as a dependent variable, CEO succession was significantly, and positively associated with the probability of exit, suggesting that CEO changes can be detrimental to organizations. On the other hand, when post succession financial performance was used as a dependent variable, the performance of firms with CEO succession improved after the succession, suggesting that the CEO succession can be beneficial to some organizations. Overall, the results indicate that ecological perspective and the strategic perspective are complementary rather than antithetical.

목차 (Table of Contents)

• 〈초록〉
  Ⅰ. 서론
  Ⅱ. 이론적 배경 및 가설의 설정
  Ⅲ. 연구방법
  Ⅳ. 결과
  Ⅴ. 논의 및 결론
  참고문헌
  ABSTRACT
  

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