이사회 속성과 기업성과에 관한 연구

• 영문명: Board Attributes and Firm Performance：Revisiting Board’s Roles
• 발행기관: 한국인사조직학회
• 저자명: 정무관(Mugoan Jeong) 이인석(Insuk Lee) 이동섭(Dongseop Lee) 남창수(Chang S. Nam) 박경미(Kyoungmi Park)
• 간행물 정보: 『인사조직연구』인사·조직연구 제17권 제2호, 195~228쪽, 전체 34쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2009.06.30

국문 초록

이사회는 최고경영자가 기업을 경영하는 과정에서 이루어지는 전략적 의사결정을 승인하고 경영성과를 평가하여 기업성과를 향상시키고, 주주의 이익을 대변한다. 많은 연구자들은 이사회 구성이나 구조와 같은 이사회 속성이 기업성과에 미 치는 영향을 실증적으로 검증하고자 노력하였다. 그러나 이사회 속성이 기업성과에 긍정적인 영향을 미친다는 일관된 결과를 보이지는 못하고 있다. 따라서 본 연구에서는 이사회의 역할을 중심으로 기존 연구들의 문제점들을 파악하고 이를 해결할 수 있는 방안을 제시하여, 이사회 속성과 기업성과간의 관계에 대한 논란을 해결해 보고자 하였다. 이사회의 역할에 대한 중요성은 소유경영인 기업이나 전문경영인 기업이라고 해서 달라지지는 않지만, 최고경영자가 소유경영인이냐 전문경영인이냐에 따라 특정 역할의 중요성은 달라질 수 있다. 또한 이사회의 두 역할인 통제역할과 지원역할은 기업성과 향상을 통하여 주주이익의 극대화를 추구한다는 목적은 동일하지만, 관점에 따라 두 역할이 주장하는 바가 서로 상충되거나 지향하는 방향이 다를 수 있다. 그러므로 본 연구에서는 먼저 전문경영인 기업과 소유경영인 기업을 구분하여 이사회를 바라볼 필요가 있음을 주장하였다. 그리고 이사회의 통제역할과 지원역할의 관점에서 이사회 속성이 기업성과에 미치는 영향을 각각 고려한 후, 이를 통합하여 이사회 속성이 기업성과에 미치는 영향을 보다 명확하게 규명하고자 하였다. 이사회 속성이 기업성과에 미치는 영향은 기업의 상황요인에 따라 특정 역할의 중요성이 보다 강조될 수 있으므로 기업이 처한 내ㆍ외부적 상황요인도 고려하고자 하였다.

영문 초록

In most companies, a board of directors (BOD) is an important strategic issue for global competition, because the BOD plays a key role in shareholder profit and firm performance through monitoring and supporting activities for CEOs. But, in many cases, the relationship between the BOD and the firm’s performance is inconsistence. Many recent studies explore the following issues：How can firm performance be linked with the BODs? Does the BOD play a major role in firm performance? Is it enough that the BOD is the only mechanism driving to improve firm performance in today’s business environment? Finally, why is it so difficult to find legitimate evidence to support a positive correlation between firm performance and the BOD? To answer these inquires, various research variables were reviewed and tested to prove effectiveness issues associated with the BOD. The basic assumptions for this study are as follows. First, there are only a few studies that contain CEO typology as a useful factor to measure firm performance. For example, nearly 30 percent of companies listed in the S&P 500 and KOSPI are operated by owner-managers. However, many studies do not assume that the owner-manager is an important factor for analysis. The monitoring role of the BOD has its theoretical base in classical agency theory. Classical agency theory helps to explain the existence of the BOD as an important internal mechanism to reduce agent cost. Furthermore, the theory suggests that the role of the board members is monitoring manager/executive opportunistic behavior for self-interest. Owner-managers are compelled to maximize the firm’s profit because of their stance as both an owner and a manager. Thus the role of the BOD as a monitor seems much less important in owner-manager operated organizations. Second, there exists a theoretical contradiction in explaining the role of the BODs. One of the most important theoretical bases, agency theory, is used to explain the role of the BOD (as a controlling body). Other theories include resource dependence perspective and the stewardship theory, which view the BOD as a supporting body. A supporting role for BODs may raise conflict in the real world even though they may have the same goals to maximize shareholder profit through better firm performance. In a view of “control,” CEO duality means that the chairman and CEO positions are occupied by the same person, which might have a negative effect on firm performance, due to the heavy dependence of the BODs on company CEOs. The “support” view of CEO duality could be good for firm performance, because a lot much of compromising decision making can be decreased by CEO duality. Third, It is clear that the BOD’roles influence BOD efficiency and firm performance. Four major variables are explored for further research: board composition (e.g., inside directors, affiliated directors, independent directors, and outside directors), board size, CEO duality, and social network. Considering the monitoring role of the BODs, outside directors might be much more effective than their inside counterpart. Also, to satisfy the control role for the BODs, it is important that the independent directors are far from CEO influence. For the supporting role, the BODs are not only expected to secure a variety of company resources from outside, but they also have the ability to buffer uncertainties from outside environments. As a consequence, once both monitoring and supporting roles are properly appointed to outside directors, they will have a positive effect on firm performance. Like outside directors, board size will positively influence a firm’s performance if both monitoring and supporting roles are permitted. However, CEO duality and social networking may not be strongly correlated with firm performance, because both monitoring and supporting roles of the BODs may play a role in opposite directions. Both internal and external situations can influence the BOD and fir

목차

초록

Ⅰ. 서론

Ⅱ. 소유경영인 기업과 이사회 역할

Ⅲ. 이사회의 역할과 기업성과

Ⅳ. 토의 및 결론

참고문헌

ABSTRACT

키워드

소유경영인 이사회 역할 이사회 속성 기업성과 Owner Manager Board’s Role Board Attribute Firm Performance