일본 기업에서의 가족승계와 기업성과

국문 초록 (Abstract)

본 연구는 일본 제조업을 대상으로 가족승계와 기업성과의 관계를 분석하였다. 조사대상은 1990년부터 2002년까지 동경 및 지방 증권거래소에 상장된 총 1,419개 기업에서 이루어진 사장교체 2,290건이었으며, 사장교체 시점을 기준으로 직전 사장과 교체된 사장이 각각 3년 이상을 재직한 경우에 한정하여 가족승계와 기업성과와의 관계를 확인하였다. 분석결과, 첫째 최고경영자의 가족승계는 기업 성과의 부진 때문이라고 주장할 수 없다는 것을 발견하였다. 둘째, 비가족승계에 비해 가족승계는 기업의 주식수익률에 긍정적인 영향을 미치는 것으로 나타났다. 하지만 이를 제외한 다른 기업성과에는 영향을 미치지 못하였다. 마지막으로, 가족승계 중에서도 최고경영자가 엘리트 대학을 나오는 것이 기업성과에 영향을 미치는지를 검증하였는데, 엘리트 대학 출신 여부가 기업성과에 통계적으로 유의한 차이를 가져오지는 못했다.

다국어 초록 (Multilingual Abstract)

This study investigated the relationship between family succession and firm performance and productivity of manufacturing firms in Japan. A total of 1,252 succession events of 1,419 listed firms from 1990?02 where shachos(company presidents) and their successors maintained the tenure of at least 3 years before and after the succession respectively were analyzed. The results demonstrated that (i) family succession in these firms could not be attributed to suffering firm performances at the time except for stock return, (ii) family succession, as compared to non-family succession, did not have significant influence on subsequent firm performances except for stock return. In addition, it was found that having family successors with elite educational background was not sufficient to bring positive firm performances.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 이론적 배경
• Ⅲ. 자료분석
• Ⅳ. 실증분석
• Ⅴ. 결론
• 참고문헌
• [Abstract]

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