한국 대기업 최고경영자가 기업성과에 미치는 영향 - 투하자산수익률 및 토빈의 Q를 중심으로 = How Much Do CEOs Matter in Explaining Firm Performance?：Analyses of the Companies Listed in Korean Stock Exchange

다국어 초록 (Multilingual Abstract)

  In this paper, we investigate whether the CEOs of Korean firms play a critical role in explicating firm performance. We also compare the relative importance of CEO impact on the variance in firm performance (1) before and after the financial crisis, (2) between chaebol and non-chaebol firms, and (3) between owner CEOs and professional CEOs.<BR>  The analyses of variance (ANOVA) and the analyses of variance components (VC) on a total of 3,440 firm-year-CEO matched panel data between 1995 and 2003 show that the CEOs account for a significant portion of the variance in profitability and market value of the firm. This result supports our first hypothesis that CEOs in Korean firms have an impact on firm performance. The ANOVA analyses show that the CEO effect explains 25.5% of ROIC and 21.5% of Tobin’s Q. In addition, the VC analyses show that the CEO effect explains 14.7% of ROIC and 25.0% of Tobin’s Q. These CEO effects are comparable to those reported in Weiner & Mahoney (1981), and much greater than those reported in Thomas(1988).<BR>  We estimated the relative size of the effect of 5 components-year, interaction of year and industry, industry, firm, and CEO-that have an impact on ROIC and Tobin’s Q. We found the effect of each component on ROIC to be 1.4% (year effect), 4.1% (the interaction effect of year and industry), 3.0% (industry effect), 25.5% (firm effect), and 14.7% (CEO effect). We also found the effect of each component on Tobin’s Q to be 8.8% (year effect), 1.2% (the interaction effect of year and industry), 7.2% (industry effect), 26.8% (firm effect), and 25.0% (CEO effect). These findings are consistent with the argument of Bertrand & Schoar (2003) that performance variance of the firms by CEO’s strategic actions can be found after controlling other firm-specific factors.<BR>  The CEO effects have been more pronounced after the financial crisis. The increase in CEO effects through the crisis are observed in both performance measures, ROIC and Tobin’s Q, from 7.5~7.9% and 12.1~12.3% to 20.0~20.6% and 27.3~28.7%, respectively. This result supports our second hypothesis that CEO effects would increase after the financial crisis. This finding indicates that the alignment between CEO competency and firm performance is strengthened after the financial crisis due to the increased transparency and accountability in the corporate governance in Korea.<BR>  Our third hypothesis that the effects of owner managers on firm performance are greater than those of professional managers is not supported. On the contrary, the effects of professional managers are much greater than those of owner managers on three out of four performance measures. The ANOVA result shows that the effects of professional managers on ROIC and Tobin’s Q were 19.6% and 21.7%, whereas those of owner managers are 11.8% and 8.3%. The VC result shows that the effects of professional managers on ROIC and Tobin’s Q are 13.1% and 31.2%, whereas those of owner managers are 11.0% and 14.3%. Except on the ROIC in VC, the effects of professional managers are much greater than those of owner managers on three performance measures.<BR>  These findings can be interpreted as follows. First, it seems that the discretionary actions of owner managers in Korean firms are greatly restricted, especially when they are mostly the second-generation of the founders, for two reasons: (1) the founders can intervene in the management issues of their successors, whoever their sons or daughters, even after their retirement; and (2) the successors inherit their parents’ management and decision-making styles. Second, there can be a possibility of sampling bias. Since the firms that did not experience a turnover of the CEOs during the observation period are excluded from the sample, the effects of owner managers might have been underestimated. Third, professional managers may have faced a greater pres

국문 초록 (Abstract)

  본 연구는 다음의 질문에 답하고자 한다. 첫째, 우리나라 대기업의 최고경영자는 기업 성과에 영향을 미치는가? 둘째, 만약 그렇다면 그 영향의 크기는 경기변동, 산업, 기업 등 성과에 영향을 미치는 다른 요소들과 비교할 때 어느 정도인가? 셋째, 최고경영자의 기업성과에 대한 영향력은 외환위기를 겪으면서 더 증대했는가? 넷째, 최고경영자의 기업 성과에 대한 영향력은 전문경영자와 소유경영자, 재벌기업과 비재벌 기업 간에 차이가 있는가?<BR>  우리나라 대기업의 최고경영자가 기업 성과에 미치는 영향력을 측정하기 위해 두 가지 성과지표, 즉 재무적 성과를 나타내는 투하자산수익률(ROIC)과 기업의 시장가치를 나타내는 Tobin의 Q를 사용하였다. 1995년부터 2003년까지 9년 동안 한국의 상장기업을 대상으로 분산분석(ANOVA) 및 분산분해(Variance Components)를 사용하여 분석한 결과, 최고경영자는 기업성과에 유의한 영향을 미치는 것으로 나타났다. 먼저, 분산분석에서는 최고경영자효과가 기업성과에 통계적으로 유의한 영향을 주는 것으로 나타났다. 분산분해에서는 임의모형(random model)과 혼합모형(mixed model)을 모두 적용하여 분석하였는데, 기업성과에 대한 최고경영자효과는 다음과 같다. 투자자산 수익률의 분산을 100%로 보았을 때 최고경영자효과는 임의모형이 14.7%, 혼합모형이 15.6%이고, 토빈의 Q에 대해서는 임의모형이 25.0%, 혼합모형이 26.6%인 것으로 나타난다. 이 결과는 또한 최고경영자의 효과가 재무성과(투하자산수익률)보다는 시장가치(Tobin의 Q)에 대해 더 크다는 것을 보여준다. 외환위기 이후 최고경영자의 기업성과에 대한 영향력의 크기는 위기 이전에 비해 뚜렷하게 커지는데 투하자산수익률에 대해서는 임의모형 및 혼합모형이 각각 7.5% 및 7.9%에서 20.0% 및 20.6%로, Tobin의 Q에 대해서는 각각 12.1% 및 12.3%에서 27.3% 및 28.7%로 크게 증가한다.<BR>  본 연구는 또한 최고경영자의 유형을 소유경영자와 전문경영자, 그리고 재벌기업과 비재벌 기업으로 구분하여 최고경영자가 성과에 미치는 영향력에 차이가 있는지를 분석하였다. 소유경영자와 전문경영자의 영향력의 크기는 기업성과의 유형에 따라 상이한 결과를 보여준다. 투하자산수익률에 대한 영향력은 두 집단 간 차이가 뚜렷하게 나타나지 않는 반면 토빈의 Q에 대해서는 전문경영자효과가 소유경영자효과보다 뚜렷하게 크게 나타난다. 재벌 기업과 비재벌 기업 간 최고경영자의 영향력의 크기는 투하자산수익률 및 기업가치에 대해 모두 유의미한 차이를 보이지 않는다.<BR>  본 연구는 1970년대 이후 서구 학계의 전략 이론 및 리더십 이론의 ‘리더십-성과 논쟁’과 그 과정에서 진행되었던 방법론 개선논의에 근거하여 우리나라 대기업의 최고경영자가 기업성과에 미치는 효과를 외환위기와 우리나라 기업지배구조의 특수성을 반영하여 규명했다는 데에 그 의미를 둘 수 있다.

목차 (Table of Contents)

• 〈초록〉
  Ⅰ. 서론
  Ⅱ. 선행연구 검토
  Ⅲ. 가설
  Ⅳ. 연구방법론
  Ⅴ. 실증결과
  Ⅵ. 결론
  참고문헌
  ABSTRACT
  

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