한국대기업의 국가경제위기 대응패턴과 기업성과 = 1994∼2011년 기간을 중심으로

다국어 초록 (Multilingual Abstract)

Using longitudinal analysis of large Korean business conglomerates between 1994 and 2011, this study empirically shows the relationship between major Korean companies` post-crisis performances and their patterns of response to economic crises including the Korean currency crisis in 1997, the Korean credit card crisis in 2003, and the global financial crisis in 2008. Financial vulnerability turns out to have a significant relation with a company`s survival and performance. The results do not necessarily mean that financial vulnerability works as a cause for a company`s survival and performance, but rather suggest a likelihood that its effect on a company`s performance is moderated by a company`s strategic behaviors while responding to a crisis. When examining the response patterns to crises, diverse types of response patterns have been exploited equally without being limited to a specific pattern. Lastly, comprehensive analysis of the relationship between the patterns of response to a crisis and post-crisis performances shows that companies that minimized risks based on risk neutral behaviors performed better than companies that conducted extreme switchover strategies between risk-hedging and riskseeking behaviors. On the other hand, companies that conducted risk-seeking behaviors in all the crises show relatively poor business performances. Consequently, the results imply that managing financial vulnerability and conducting appropriate risk response in consideration of a company`s situation are crucial in coping with a crisis and improving the chance of survival and performance.

참고문헌 (Reference)

1 정이만, "한화그룹의 구조조정 사례와 시사점" 45 (45): 63-76, 2002

2 최두열, "한라그룹 구조조정 성공사례" 한국경영학회 9 (9): 149-173, 2006

3 삼성경제연구소, "한국경제의 위기극복 과정과 교훈"

4 유종숙, "한국 대기업의 업종별 위기관리에 관한 연구 - 10년 전의 IMF 경제위기시와 비교를 중심으로" 한국광고홍보학회 (88) : 65-97, 2011

5 김진방, "한국 기업집단의 자본구조와 소유구조 : 경제위기 이후의 변화와 그 의미" 11 (11): 49-90, 2009

6 유종숙, "한국 100대 기업의 위기관리 현황에 관한 연구" 한국광고홍보학회 4 (4): 34-62, 2002

7 최정표, "재벌의 연쇄도산과 흥망재벌간 경영구조의 차이" 한국산업조직학회 18 (18): 79-101, 2010

8 최두열, "외환위기와 대기업군 연쇄부도의 원인- 기업금융 규제를 중심으로 -" 한국경제연구학회 16 : 5-49, 2006

9 이병천, "외환위기 이후 한국의 축적체제: 수출주도 수익추구 축적체제의 특성과 저진로 함정" 한국사회과학연구회 (81) : 9-70, 2011

10 김지윤, "언론보도에 반영된 조직의 위기관리 전략 분석: GS칼텍스 개인정보 유출 사건을 중심으로" 한국지역언론학회 9 (9): 37-69, 2009

11 최순규, "아시아 경제위기와 한국 재벌그룹의 변화 : 위기와 조직관성의 영향에 대한 고찰" 31 (31): 1839-1863, 2003

12 김석진, "매각 목적과 분리매각의 성과" 한국증권학회 32 (32): 105-134, 2003

13 김동철, "기업수익성과 경영자의 경영위험 선택" 한국관리회계학회 7 (7): 69-88, 2007

14 길병옥, "국가 위기관리체계 확립방안 및 프로그램 개발에 관한 연구" 한국국제정치학회 43 (43): 339-359, 2003

15 박진우, "구조조정과 기업가치: 축소와 확장 비교분석" 한국경영학회 38 (38): 1329-1352, 2009

16 문창호, "경쟁전략과 최고경영자 특성 사이의 적합성이 성과에 미치는 영향:국내 제조벤처기업을 중심으로" 대한경영학회 25 (25): 3335-3355, 2012

17 윤민구, "경영위기 관리에 관한 사례연구 : 다산주물공단 사례를 중심으로" 2 (2): 1-15, 2009

18 Ren, C. H., "Understanding and Managing the Dynamics of Linked Crisis Events" 9 (9): 12-17, 2000

19 Dixon, W. J., "Trimming and Winsorization : A Review" 15 (15): 157-170, 1974

20 Baird, I. S., "Toward a Contingency Model of Strategic Risk Taking" 10 (10): 230-243, 1985

21 Lang, L. H. P., "Tobin's Q, Corporate Diversification and Firm Performance" 102 : 1248-1280, 1994

22 Staw, B., "Threat Rigidity Effects in Organizational Behavior : A Multi-Level Analysis" 26 (26): 501-524, 1981

23 Jensen, M. C., "The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems" 48 (48): 831-880, 1993

24 Bradley, M., "Synergistic Gains from Corporate Acquisitions and their Division between the Stockholders of Target and Acquiring Firms" 21 : 3-40, 1988

25 Thomas, J., "Strategic Sensemaking and Organizational Performance : Linkages among Scanning, Interpretation, Action, and Outcomes" 36 (36): 239-270, 1993

26 Rajagopalan, N., "Strategic Orientations, Incentive Plan Adoptions, and Firm Performance : Evidence fromElectric Utility Firms" 18 (18): 761-785, 1997

27 Hambrick, D. C., "Some Tests of the Effectiveness and Functional Attributes of Miles and Snow's Strategic Types" 26 (26): 5-26, 1983

28 Hermann, C. F., "Some Consequences of Crisis Which Limit the Viability of Organizations" 8 (8): 61-82, 1963

29 Dixon, W. J., "Simplified Estimation from Censored Normal Samples" 31 : 385-391, 1960

30 Bowman, E., "Risk Seeking by Troubled Firms" 23 : 33-42, 1982

31 Chou, P., "Prospect Theory and the Risk-Return Paradox : Some Recent Evidence" 33 (33): 193-208, 2009

32 Kahneman, D., "Prospect Theory : An Analysis of Decision under Risk" 47 (47): 263-292, 1979

33 Singh, J. V., "Performance, Slack, and Risk Taking in Organizational Decision Making" 29 (29): 562-585, 1986

34 March, J. G., "Managerial Perspectives on Risk and Risk Taking" 33 (33): 1404-1418, 1987

35 Wilson, J. W., "How Did Strategic Planning Help During the Economic Crisis?" 38 (38): 5-14, 2010

36 Figenbaum, A., "Dynamic and Risk Measurement Perspectives on Bowman's Risk-Return Paradox for Strategic Management : An Empirical Study" 7 (7): 395-407, 1986

37 Schlingemann, F. P., "Divestitures and the Liquidity of the Market for Corporate Assets" 64 : 117-144, 2002

38 Mitroff, I, I., "Crisis Management, San Francisco" Jossey-Bass Inc 1993

39 Claessens, S., "Corporate Performance in the East Asian Financial Crisis" 15 (15): 23-46, 2000

40 Mulherin J. H., "Comparing Acquisitions and Divestitures" 6 : 117-139, 2000

41 Coombs, W. T., "An Analytic Framework for Crisis Situations : Better Responses From a Better Understanding of the Situation" 10 (10): 177-191, 1998

42 Bowman, E., "A Risk-Return Paradox for Strategic Management" 21 : 17-31, 1980

43 Lindstrom, J., "A Model to Explain A Business Contingency Process" 21 (21): 269-281, 2012

44 김상조, "1986~2006년간 한국의 200대 기업의 동태적 변화" 한국경제의 분석패널 15 (15): 1-76, 2009