일반 논문 : CEO Duality 리더십과 기업성과와의 관계

김봉진 ( Bong Jin Kim ) 한국중소기업학회 2012 中小企業硏究 Vol.34 No.2

본 연구는 기업의 중요한 내부지배구조 시스템의 하나인 이사회의 리더십 구조가 기업성과에 미치는 영향을 고찰 하였다. 최고경영자가 이사회의장을 겸직하는 CEO Duality 리더십 구조가 기업성과에 미치는 영향에 대한 기존의 연구는 일관된 결과를 도출하지 못하였다. 이에 본 연구는 CEO Duality와 기업성과의 관계는 기업이 처한 외부환경에 따라 달라짐을 주장하며 대리인 이론과 집사 이론에 근거 하여 살펴보았다. 그 결과 산업의 탈규제로 인하여 외부 경쟁환경의 극심한 변화를 경험하는 기업집단에게서는 CEO Duality의 기업성과에 대한 영향은 부정적인 것으로 나타남을 확인 하였다. 본 연구의 결과는 특히 경쟁 환경의 불확실성에 영향을 비교적 많이 받고 있으며 이사회의장과 최고경영자의 분리가 이루어 지지 않고 있는 중소기업에게 시사하는 바가 큼을 보여 주고 있다. The board of directors is regarded as one of the most imperative governance mechanisms in both large firms and small and medium sized enterprises (SMEs). Although clear differences between large firms and SMEs exist, for example, in the amount of disposable resources and in the relationship between shareholders and managers, there is agreement that the board of directors plays a paramount monitoring role in improving firm performance. In particular, CEO leadership in a board room is argued to significantly affect the board`s monitoring function. Unfortunately, empirical studies examining the relationship between CEO leadership (i.e., CEO duality) and firm performance are equivocal. Building on agency and stewardship theories, the present research highlights the environmental context in examining the relationship between CEO leadership and firm performance. Based on a longitudinal data of 156 firms from deregulated and non-deregulated contexts, the results demonstrate that CEO duality leads to lower performance of firms in the deregulated context, supporting agency predictions. This result has implications for SMEs. CEO duality has been acknowledged as a major problematic governance issue that touches all types of enterprises. Although this research has practical implications for both large and small and medium sized enterprises, in fact, our findings are more specific and relevant to the context of small and medium sized firms than that of large enterprises. It is so because the separation between control decisions and management decisions rarely exists in SMEs. That is, in SMEs where the main managerial and control functions are most frequently concentrated in the hands of controlling CEO and/or owner, the result underscores the vulnerable nature of CEO duality as a control mechanism to firm performance of SMEs in uncertain and turbulent environments. Changes in the environment cause more uncertainty in SMEs than in large companies since their resources for acquiring information about the market and changing the course of the enterprise are more limited. That is, small and medium sized enterprises are more susceptible to the effects of external environment changes. Given that SMEs are more subject to uncertain forces of environmental changes, the choice of a CEO duality leadership structure might be more detrimental to firm performance of SMEs as compared to large firms which are equipped with a more diverse set of governance mechanisms.

CEO Duality and Corporate Social Performance : The Moderating Role of CEO Regulatory Focus

Seunghye Lee(이승혜),Yangmin Kim(김양민) 한국전략경영학회 2020 전략경영연구 Vol.23 No.1

CEO가 이사회 의장직을 겸임하는 리더십 구조에 대한 선행 연구들은 그것이 기업의 재무성과에 미치는 영향에 주로 주목해 왔고, 엇갈린 실증 연구 결과들을 보고해 왔다. CEO의 이사회의장 겸직은 기업지배구조 측면에서 CEO의 이사회에 대한 상대적 권력을 나타내는 변수로, 본 연구는 이러한 리더십 구조가 기업의 사회적 책임성과(corporate social performance)에 어떠한 영향을 미치는지 살펴보았다. 기업의 사회적 책임성과는 기업의 지속가능경영을 나타낼 수 있는 지표로서 재무적 성과 못지않게 최근 전략경영연구에서 주목받는 변수이다. 본 연구는 CEO의 이사회의장 겸직이 갖는 기업지배구조상의 약점 때문에 그것과 기업의 사회적 책임성과 간에 부(-)의 관계가 있을 것으로 예측하였다. 또한 최고경영자가 성취지향형인지 또는 안정지향형인지에 따라서 CEO의 이사회의장 겸직 구조와 기업의 사회적 책임성과 간의 관계가 달라질 것으로 예측하였다. 즉, 최고경영자가 성취지향형인 경우 CEO의 이사회의장 겸직과 기업의 사회적 책임성과 간 부정적 관계가 약화될 것으로, 반면에 안정지향형인 경우에는 CEO의 이사회의장 겸직과 기업의 사회적 책임성과 간 부정적인 관계가 오히려 강화될 것이라 예측하였다. 이러한 가설을 검증하기 위해, 본 연구는 2006년부터 2011년까지 미국 167개 대기업을 대상으로 분석을 진행하였다. 그 결과, 최고경영자와 이사회의장직을 분리하는 기업이 그렇지 않은 기업에 비해 기업의 사회적 책임성과가 높은 것을 발견하였다. 즉, CEO의 이사회의장 겸직과 기업의 사회적 책임성과 간에는 부정적 관계가 있는 것으로 나타났다. 한편, 성취지향적 성향이 강한 최고경영자/이사회 의장인 경우 CEO의 이사회의장 겸직과 기업 사회적 책임성과 간 부정적 관계를 약화시키는 것으로, 즉 기업의 사회적 활동에 보다 적극적으로 임하는 것으로 해석되는 결과가 나왔다. 이러한 결과를 바탕으로 그 시사점과 한계점에 대해서 논의하였다. Empirical evidence regarding the impacts of CEO duality on organizational outcomes is very limited. An extensive body of research that examined CEO duality and firm financial performance relationship produced only mixed results. We extend this area of inquiry by examining CEO duality-corporate social performance (CSP) relationship while focusing on CEO regulatory focus as the moderators. CSP is an important indicator of sustainable management and regarded as a vital part of sustainable development of corporations. Drawing from agency theory, dual leadership theory, and regulatory focus theory, we hypothesize that firms with CEO duality demonstrate lower levels of CSP, while the negative impacts of CEO duality on CSP will be moderated by CEO’s regulatory focus. Specifically, the level of promotion focus of CEO-chairperson attenuates the negative relationship between CEO duality and CSP while such relationship will be strengthened by the level of CEO-chairperson’s prevention focus. Using a sample of large 167 U.S. firms from 2006 to 2011 with their KLD ratings, we found strong support for two of our three hypotheses. Our findings suggest that firms interested in enhanced corporate social performance might consider splitting the titles of the CEO and the chairperson of the board. Also, we find that promotion focused CEOs are more willing to engage in CSR practices even when they hold both CEO and chairperson titles. Based on the results, theoretical and practical implications of the study are discussed.

CEO Duality Leadership: A Cure for Short-termism? Firm Performance Relative to Analyst Forecasts and CEO-Chairs on Corporate R&D Investments Intensity

Do-Hyung Cha,Hye-Jin Cho,Byung-June Min 한국인사조직학회 2017 한국인사ㆍ조직학회 발표논문집 Vol.2017 No.1

A commonly held view is that a hazardous short-termism has taken hold across the publicly held firms. Critics say that top managers have become myopic due to capital market pressures which may lead them into negative career consequences (e.g., executive dismissal) if they miss quarterly earnings forecasts by security analysts. As a result, business press and general public express concerns that companies may have become to invest too little. This study examines whether CEO duality leadership structure can mitigate this myopic behavior in the context of corporate R&D investments under the pressures from the capital market intermediaries, securities analysts. We hypothesize that if CEO duality leadership leverage ‘unity of command’, they may differ on the myopic behavior on R&D investments but this view was not supported by empirical results. So we turn to agency theorists who argue that CEO duality will become the entrenched power at the top by holding two most powerful positions -the CEO and board chair - to benefit themselves for short-term profits at the expense of long-term competitive advantage. This study shows, though preliminarily, that CEO duality tend to cut R&D investments when the CEO faces the pressures from the capital market, especially when they miss the performance target, which is consistent with the managerial entrenchment hypothesis. We test these hypotheses by a large-scale, cross-industry data from a sample of U.S. manufacturing firms during the period of 1992 to 2015. With regard to theory, this research offers fresh implications for CEO duality literature on the interaction with capital market. With regard to practice, it shed light on the dark side of market feedback by securities analysts and calls for curtailing the ‘short-termism’ of capital markets and supports the corporate reforms on separating the role of chief executive officer and board chairperson.

CEO Duality - 이사회의장과 대표집행임원의 겸직문제 -

김정호 한국경영법률학회 2013 經營法律 Vol.24 No.1

In 2013, the company lawyers in Korea hold a hot debate on the composition of board of directors in listed companies. The issue of splitting or combining the roles of CEO and boardchair is currently urgent to analyze. In corporate America the CEO duality is so pervasive that a global mega-bank, like Wells Fargo, or world-famous investor like J.P.MorganChase have also the combined CEO and boardchairs. The firm performance of these companies reveals also a better result than a company with a splitted leadership structure. In constrast to the U.S., the U.K. companies mostly have a splitted one. One says, that this difference comes from their corporate cultures. The author analyzes the phenomenon ‘CEO duality’ with the following viewpoints. He starts with the theoretical arguments about duality. He explains the agency theory, the stewardship theory and the contingency theory one after another. After this debate, he moves to the relationship between the CEO duality and firm performance. Finally he goes to the hopeful skill for a successful corporate governance drafting especially with regard to the splitting or combining the both positions. He concludes with the following passage of Charles Tribbett : “There is no ‘one-size-fits-all’ approach for the CEO-Chair issue. No single structure works for every corporation.”

CEO Characteristics and the Corporate Philanthropy in Korean Firms

Mugoan Jeong(정무관),Insik Min(민인식),Jonghoon Nam(남종훈) 한국전략경영학회 2016 전략경영연구 Vol.19 No.1

본 연구는 한국기업을 대상으로 최고경영자의 특성이 기업의 사회적 공헌에 미치는 영향을 전통적 회귀분석의 한계점을 극복할 수 있는 분위회귀분석을 이용하여 분석하였다. 이해관계자 이론을 바탕으로 최고경영자 특성들과 기업의 사회적 공헌간의 관계를 실증적으로 분석한 결과, 소유경영자는 기업의 사회적 공헌을 비용으로 인식하여 기업의 사회적 공헌에 부정적(-)일 것이라는 가설이 지지되었고, 이러한 결과는 모든 분위에서 확인되었다. 다음으로, 소유경영자가 이사회의장을 겸직하는 경우에는 기업의 사회적 공헌과의 관계가 부(-)에서 정(+)의 관계로 변화하였지만, 추가적인 분석을 통해서 일반적으로 소유경영자의 겸직은 기업의 사회적 공헌과 부의 관계를 보이는 것을 확인하였다. 세 번째로, 최고경영자의 임기 또한 기업의 사회적 공헌과는 부(+)의 관계를 보였다. 이러한 연구결과에 대해서 강건성 검증과 Fama-Macbeth and OLS estimations을 활용하여 재검증을 실시하였다. This paper analyzes three CEO characteristics as potential determinants of corporate philanthropy for a sample of Korean firms by using the simultaneous quantile regression method to supplement the limitations of conventional regression approaches. The study empirically investigates the relationship between selected CEO characteristics and corporate philanthropy using the stakeholder theory. Our empirical evidence indicates that every quantile of CEOs who act as firm owners have a negative relationship towards giving, although statistically insignificant. When a CEO owner allocates more to giving, the expenditure is more negatively associated with corporate philanthropy. Second, a CEO’s dual role as owner is generally negatively associated with corporate philanthropy; however, this dynamics requires further investigation because the effect changes from negative to positive. Third, the longer a CEO’s tenure, the greater the negative correlation with giving; this negative relationship does not change depending on the level of corporate philanthropy. The Fama-Macbeth model and the OLS model also generate results similar to those of the above quantile regression model. In summary, using the quantile regression approach, together with other robust tests, we confirm negative relationships between Korean CEOs and corporate philanthropy. Moreover, the negative effects show different patterns depending on the level of corporate philanthropy.

CEO Characteristics and the Corporate Philanthropy in Korean Firms: A Quantile Regression Approach

정무관,민인식,남종훈 한국전략경영학회 2016 전략경영연구 Vol.19 No.1

This paper analyzes three CEO characteristics as potential determinants of corporate philanthropy for a sample of Korean firms by using the simultaneous quantile regression method to supplement the limitations of conventional regression approaches. The study empirically investigates the relationship between selected CEO characteristics and corporate philanthropy using the stakeholder theory. Our empirical evidence indicates that every quantile of CEOs who act as firm owners have a negative relationship towards giving, although statistically insignificant. When a CEO owner allocates more to giving, the expenditure is more negatively associated with corporate philanthropy. Second, a CEO’s dual role as owner is generally negatively associated with corporate philanthropy; however, this dynamics requires further investigation because the effect changes from negative to positive. Third, the longer a CEO’s tenure, the greater the negative correlation with giving; this negative relationship does not change depending on the level of corporate philanthropy. The Fama-Macbeth model and the OLS model also generate results similar to those of the above quantile regression model. In summary, using the quantile regression approach, together with other robust tests, we confirm negative relationships between Korean CEOs and corporate philanthropy. Moreover, the negative effects show different patterns depending on the level of corporate philanthropy.

이사회구성과 사외이사제도

김정호 한국상사법학회 2010 商事法硏究 Vol.29 No.2

It seems like that the international financial crisis is slowly settled down,although it is a bit early to estimate that the crisis is completely over. However, the enduring five-digit Dow Jones Industrial Average and the positive economic indices give us some hopeful pictures to the end of economic downturn. In the meantime, the outside directorship has developed itself worldwide as a useful device to monitor the management in public companies. Korea has introduced this monitoring system since the finance crisis at the end of last century. The experience of last 13 years after the crisis gives Korea some valuable statistical analysis over this monitoring tool. In this article, the author tries to show the most appropriate board structure having problem with composition of inside and outside directorship and CEO Duality. After the in-depth analysis with statistical materials, the author recommends a solution from the view of the strategic management. The problem of CEO duality can be solved effectively with the contingency model. The characteristic of the individual industrial sectors can lead to influence variously the leadership structure of the individual company. The market situation, the abundance of material, the age of the company and the managerial environment, which the individual companies face daily in their operating condition reality, can also cause the variety of leadership structures. Each company should consider their business environment strategically before they decide to have the practical combination of inside and outside directors, the formation of their board committees, the power allocation between officers, board of directors and the CEO duality.

최고경영자의 경영권 집중도와 신용등급에 관한 연구

김유진,안정인 한국회계학회 2018 회계저널 Vol.27 No.6

This paper examines the effect of CEO centrality on corporate credit ratings in terms of management risk. Managerial centrality is measured based on the CEO Pay Slice by Bebchuk et al. (2011) and duality. Higher managerial centrality could reflect an agency cost, which in turn bring about the identified pattern between lower credit ratings and higher managerial centrality. Therefore, we predict that managerial centrality is negatively associated with credit ratings. The result are consistent with our prediction. This means that higher managerial centrality is reflected as a negative factor in evaluating bond credit ratings. In other words, a firm with higher managerial centrality is more likely to form an opaque management environment, such as the generation of agency cost, which causes the creditor to demand a higher interest rate, resulting in a lower credit rating. It is suggested that capital market participants need to have a conservative view on firms with high management concentration when they make investment decisions. In addition, it is important to design an effective management structure that can keep in check and balance among executives in order to reduce agency costs. 본 연구는 경영관리위험 차원에서 최고경영자의 경영권 집중도가 회사채 신용등급에 미치는 영향에 대해 살펴본다. 기업 내 의사결정 권한이 특정 1인의 경영자에게 과도하게 집중된다면 경영자가 재량권을 남용하여 사적 효익을 추구하면서 기업의 미래가치에 반하 는 의사결정을 할 가능성이 높다. 따라서 과도한 경영권 집중은 기업의 채무불이행 가능성 에 대한 평가지표인 신용등급에도 부정적인 영향을 미칠 것으로 예상된다. 분석 결과, CPS (최고경영자 1인의 보상이 등기임원 총 보상에서 차지하는 비중)와 Duality (최고경영자의 이사회 의장 겸직 여부)로 측정된 경영권 집중도가 높을수록 신용 등급이 낮은 것으로 나타났다. 이는 과도한 경영권 집중이 신용등급 평가 시 부정적인 요 인으로 반영되고 있다는 것을 의미한다. 즉, 경영권 집중도가 높은 기업일수록 불투명한 경 영환경이 형성될 가능성이 커지고, 이에 따라 채권자는 기업에 대해 높은 이자율을 요구할 수 있다. 한편, CPS 로 측정된 경영권 집중도가 신용등급에 미치는 부정적인 영향은 소유 경영자 표본에 국한되어 나타났다. 이를 통해 소유경영자 기업에서는 CPS 가 선행연구와 같이 경영권 집중도로 인식되는 반면, 전문경영자 기업에서는 높은 CPS 수준이 독단적인 경영권으로 인식되는 동시에 경영자의 탁월한 능력(노력, 성과)에 대한 보상의 결과로 해 석될 수 있다는 것을 발견하였다. 본 연구는 경영자 보상과 직위를 바탕으로 경영권의 집중화 수준을 측정하고, 신용등급과 연결하여 설명함으로써 신용등급 평정과정에서 고려되는 경영관리위험 중 하나인 경영자 영향력에 대해 고찰하는 계기를 마련한다. 이를 바탕으로 자본시장 참여자가 투자 관련 의 사결정을 할 때 경영권 집중도가 높은 기업에 대해서는 보수적인 관점을 가지고, 면밀하게 검토할 필요가 있다고 제언할 수 있다. 또한 기업경영 차원에서 대리인 비용 축소를 위해 경영진 간 견제와 균형이 가능한 효율적인 경영구도를 설계하는 것이 중요하다는 실무적 시사점을 제공할 것으로 기대된다.

회계이익의 보상관련성과 원가행태, 그리고 지배구조

권대현 ( Dae Hyun Kwon ) 한국회계학회 2014 회계학연구 Vol.39 No.4

본 연구는 회계이익과 연계된 보상(earnings based compensation)을 증가시키려는 경영자의 유인이 원가의 하방경직성에 미치는 영향에 대하여 분석한다. 경영자 보상이 회계이익과 연계된 정도가 큰 경우 경영자는 판매량 감소 시 회계이익을 증가시키는 방향으로 원가조정(cost adjustments)을 할 유인을 가지게 된다. 이에 따라 회계이익과 경영자 보상과의 민감도(sensitivity of earnings to compensation)가 증가할수록 회계이익을 늘리기 위하여 경영자는 매출 감소 시 유휴자원(slack resources)의 조정을 가속화할 것이다. 본 연구는 회계이익과 연계된 보상을 증가시킬 목적으로 이루어지는 자원의 조정(resource adjustments)이 원가의 하방경직성의 정도를 약화시키는지 여부에 대해 검증한다. 1993년부터 2009년 사이 미국기업(U.S. public firms) 데이터를 이용하여 가설을 검증할 결과,회계이익과 경영자 보상과의 민감도가 증가할수록 원가의 하방경직성은 약화되는 것으로 나타났다. 이는 가설과 일치하는 결과로, 경영자 보상이 회계이익과 연관된 정도가 클수록 매출 감소에 직면한 경영자는 자신의 보상을 증가시키기 위하여 유휴자원을 적정 수준(optimal level) 이상으로 처분함을 의미한다. 다음으로 지배구조가 대리인문제가 원가의 하방경직성에 미치는 영향을 최소화하는지 여부에 대하여 분석한다. 좋은 지배구조(good governance)를 가지고 있는 기업의 경우 기업내부에 대한 효율적인 감시(effective monitoring)가 이루어진다. 본 연구는 이러한 효율적인 감시가 이루어질 때 회계이익과 연계된 보상을 증가시키기 위해 유휴자원의 조정을 가속화하는 경영자의 행위가 제약을 받을 것인지에 대해 검증한다. 검증결과 장기 기관투자가(long term institutional investor)의 주식소유율이 높을수록, 그리고 각기 다른 사람이 CEO와 이사회의장을 맡고 있을수록 대리인문제가 원가의 하방경직성에 미치는 정도가 약화되는 것으로 나타났는데 이는 가설과 일치하는 결과이다. Comprehensive income is defined as the change in equity of a companyduring a period from transactions and other events and circumstances from non-owner sources. It means that all changes in equity as well as operating income over a period except those res

The Impact of Intellectual Capital Efficiency on Jordanian Companies Performance: The Moderating Roles of CEO Duality

ABDELGHAFOUR JOS, Rawan,MAT HUSIN, Norhayati,ISMAIL HYARAT, Hamza Korea Distribution Science Association 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.10

CEO duality and its impact on firm performance represent one of the most contentious issues in both academia and business. This study, therefore, aims to examine the moderating role of CEO duality in the relationship between intellectual capital Efficiency (human, structural, relational, Capital Employed, and Innovation) and firm performance (earnings per share and Tobin's Q) among Jordanian companies. The study sample consists of services listed companies on Amman Stock Exchange. The study used panel data for the period 2014-2018 with a sample size of 230 observations. SPSS software was used to analyze the collected data. The regression results indicate a significant relationship between, IC and firm performance. When CEO Duality is incorporated into the model as a moderator, there is an increase in the R² by 7.9%. The findings from this study expand the theoretical underpinning of corporate governance research by identifying the performance implications of CEO duality within the Jordanian context. It also contributes significantly to the literature review about the current status of the practices taken in the intellectual capital components efficiency among companies listed on the Amman Stock Exchange. Findings from this study also provide contributions to the concerned policymakers such as the Ministry of Finance, Securities Commission, and Amman Stock Exchange in Jordan, to improve the current policies related to intellectual capital efficiency.