기업 초기 최고경영진 및 최고경영자의 특성이 ICT 벤처기업의 장기생존에 미치는 영향 = The Impact of Top Management Characteristics at the Time of IPO on Long-Term Survival of ICT Venture Firms

다국어 초록 (Multilingual Abstract)

This study empirically investigated the imprinting effect of initial conditions regarding the top management team of venture firms on their long-term survival. Previous research on upper echelons theory suggest that TMT/CEO demo-graphic characteristics (age, education level), TMT heterogeneity (age, past industry experience, functional background) and the moderating effects of TMT characteristics on CEO characteristics would influence firm performance. Based on the concept of organizational imprinting this study attempted to extend the upper echelon theory by examining whether aforementioned charac-teristics of a firm’s top management at the time of its IPO indeed affect its long-term survival. The sample of this study consisted of 151 information and communication technology (ICT) venture firms that were newly registered in KOSDAQ from 1999 to 2002. A venture firm was considered to be survived if it was still listed in KOSDAQ at the end of 2012. Employing a survival analysis method, this study empirically examined which characteristics of a firm’s top management at the time of its IPO indeed affect its long-term survival. In addition, in order to verify likely stronger imprinting effects of top management characteristics in the event of environmental jolt, separate analyses were conducted before and after 2008, when the global financial crisis occurred. Survival analysis results suggest that (1) a TMT’s average age at the time of IPO had U-shaped relationships with a firm’s long-term failure, (2) the TMT’s average education level and the CEO’s age at the time of the IPO had positive imprinting effect on a firm’s long-term survival, and (3) top management characteristics at the time of IPO indeed had greater imprinting effects on a firm’s long-term survival when it faced an environmental jolt.

국문 초록 (Abstract)

본 연구는 신생 벤처기업의 최고경영진과 관련된 초기 조건들이 기업의 장기생존에 영향을 미치는 각인효과(imprinting effect)를 최고경영층이론을 중심으로 분석한 것이다. 이를 위해 1999년부터 2002년까지 KOSDAQ에 신규 등록한 ICT분야 151개 벤처기업 들을 표본으로 2012년 말까지 KOSDAQ 법인목록에서의 존속 혹은 삭제 여부를 살펴보고, 생존분석 기법을 통해 이에 영향을 미친 요인들에 대해 실증 분석해 보았다. 최고경영층 이론의 선행연구에 기초하여 TMT/CEO의 인구통계학적 특성(연령, 교육수준), TMT의 다양성(연령, 과거 산업 경험, 기능적 배경) 및 CEO 특성에 대한 TMT 특성의 조절효과를 기업 생존에 영향을 미칠 수 있는 요인으로 설정하였다. 또한 급격한 환경적 충격이 있을 때 신생벤처기업 초기 최고경영진 구성의 각인효과가 기업의 생존에 미치는 영향이 어떻게 달라지는지 살펴보기 위해 생존분석의 시점을 글로벌 금융위기가 발생한 2008년 이전과 이후로 나누어 추가 분석해보았다. 실증분석 결과 첫째, 초기 TMT의 인구통계학적 특성 중 TMT의 평균 연령은 기업실패와 U자 관계를 가지며, TMT의 교육수준이 높을수록, CEO의 나이가 많을수록 기업생존에 유리한 것으로 나타났다. 둘째, 글로벌 금융위기 이전과 이후의 생존분석을 통해 환경의 급격한 충격이 있을 때에 초기 CEO 및 TMT의 특성이 기업생존에 미치는 영향력이 더 클 수 있다는 것을 발견했다. 본 연구는 신생 벤처기업의 초기 TMT 및 CEO의 인구통계학적 특성으로 대리(proxy) 측정되는 초기 경영의사결정의 구조 및 조건이 장기적인 기업생존에 영향을 미치는 각인효과(imprinting effect)를 검증하였고 또한 그 효과가 급격한 환경적 충격이 있을 때 더 크게 나타난다는 점을 제시하였다는 점에서 의의를 찾을 수 있다.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 선행연구의 검토
• Ⅲ. 가설의 설정
• Ⅳ. 연구의 방법
• Ⅴ. 연구의 결과

참고문헌 (Reference)

1 김태기, "한국 제조업에서 기업의 특허가 생산성 증가에 미친 영향" 한국경제학회 53 (53): 183-209, 2005

2 한정화, "코스닥기업의 실패 및 재기사례 연구" 코스닥상장법인협의회 2006

3 김양민, "코스닥 벤처기업의 최고 경영진 사회적 자본이 기업 퇴출에 미치는 영향" 한국전략경영학회 10 (10): 71-89, 2007

4 백윤정, "최고경영진의지식다양성과 사회적 범주다양성이 조직성과에 미치는 영향" 한국인사조직학회 10 (10): 1-34, 2002

5 이호욱, "최고경영진의 다양성이 국제적 제휴에 미치는 효과" 한국인사조직학회 12 (12): 1-34, 2004

6 반혜정, "최고경영자의 특성이 기업의 사회적 책임활동에 미치는 영향" 한국국제회계학회 (53) : 252-275, 2014

7 조봉순, "최고경영자 팀(TMT)의 다양성이 조직 성과에 미치는 영향: 집단 내 갈등의 매개효과에 대한 실증적 분석" 한국인사조직학회 10 (10): 119-148, 2002

8 서정일, "최고 경영자(CEO), 최고 경영진(TMT), 기업 소유구조간의 상호작용이 R&D 투자에 미치는 영향" 한국전략경영학회 13 (13): 29-49, 2010

9 안세연, "창업 이념의 각인 효과와 기업의 장기 생존에 대한 탐색적 고찰" 한국중소기업학회 14 (14): 19-47, 2011

10 장세진, "인터넷 산업에서의 전략적 제휴가 최초상장으로 측정한 벤처들의 경영성과에 미치는 영향에 대한 실증분석" 한국경영학회 31 (31): 2-619, 2002

11 송치승, "우리나라 벤처기업의 미시적 특성과 생존요인 분석" 한국중소기업학회 14 (14): 1-24, 2011

12 송혜향, "생존분석" 청문각 1996

13 임성준, "산업특성과 CEO 특성간의 관계 및 이들간의 적합성이 경영성과에미치는 영향에 관한 연구" 한국전략경영학회 4 (4): 1-23, 2001

14 한준, "사회과학의 고급계량분석: 원리와 실제" 서울대학교출판문화원 219-270, 2005

15 임채윤, "벤처기업의 생존 영향요인 분석" 과학기술정책연구원 2008

16 이재열, "벤처기업의 구조와 전략 코스닥 등록 기업의 주가와 그 결정요인에 대한 경제사회학적 연구" 한국사회학회 37 (37): 1-33, 2003

17 성상현, "다양성이 프로젝트 팀의 성과에 미치는 영향" 한국인사조직학회 15 (15): 39-70, 2007

18 장수덕, "기업생존에 있어서 인적자본과 사회적 자본의 역할: IMF 전후의 생존 벤처기업을 대상으로" 한국경영학회 35 (35): 1131-1155, 2006

19 정덕화, "기술지향성이 제품품질, 혁신속도, 기술역량 그리고 신제품성과에 미치는 영향: 시장진입순서의 조절효과" 한국전략마케팅학회 20 (20): 129-153, 2012

20 이승현, "경영혁신과 위기시 기업이 받는 충격 및 회복력과의 관계 연구" 한국기업경영학회 19 (19): 177-191, 2012

21 구철모, "가상시장에서 선발기업과 후발기업의 전략선택과 성과에 대한 연구 -닷컴기업 중심으로-" 한국경영정보학회 13 (13): 29-48, 2003

22 Jehn, K. A., "Why differences make a difference:A field study of diversity, conflict, and performance in workgroups" 44 (44): 741-763, 1999

23 Parry, M., "When to lead or follow? It depends" 1 (1): 187-198, 1990

24 Botman, M., "What determines the survival of internet IPOs?" UvA-Econometrics Discussion 2004

25 Hambrick, D. C., "Upper echelons: The organization as a reflection of its top managers" 9 (9): 193-206, 1984

26 Finkelstein, S., "Topmanagement-team tenure and organizational outcomes: The moderating role of managerial discretion" 35 (35): 484-503, 1990

27 Hambrick, D. C., "Top team deterioration as part of the downward spiral of large corporate bankruptcies" 38 (38): 1445-1466, 1992

28 Virany, B., "Top management teams and corporate success in an emerging industry" 1 (1): 261-274, 1986

29 Pitcher, P., "Top management team heterogeneity: Personality, power, and proxies" 12 (12): 1-18, 2001

30 Priem, R. L., "Top management team group factors, consensus, and firm performance" 11 (11): 469-478, 1990

31 Cannella, A. A., "Top management team functional background diversity and firm performance:Examining the roles of team member collocation and environmental uncertainty" 51 (51): 768-784, 2008

32 Nielsen, S., "Top management team diversity:A review of theories and methodologies" 12 (12): 301-316, 2010

33 Knight, D., "Top management team diversity, group process, and strategic consensus" 20 (20): 445-465, 1999

34 Wiersema, M. F., "Top management team demography and corporate strategic change" 35 (35): 91-121, 1992

35 Goll, I., "Top management team composition, corporate ideology and firm performance" 41 (41): 109-129, 2001

36 Bantel, K., "Top management and innovations in banking: Does the composition of the top team make a difference?" 10 (10): 107-124, 1989

37 Barsade, S. G., "To your heart’s content: A model of affective diversity in top management teams" 45 (45): 802-836, 2000

38 Gort, M., "Time paths in the diffusion of product innovations" 92 (92): 630-653, 1982

39 Woo, C. Y., "Theory building in the presence of ‘Randomness’: The case of venture creation and performance" 31 (31): 507-524, 1994

40 Norburn, D., "The top management team and corporate performance" 9 (9): 225-237, 1988

41 Hensler, D. A., "The survival of initial public offerings in the aftermarket" 20 (20): 93-110, 1997

42 Schein, E. H., "The role of the founder in creating organizational Culture" 12 (12): 13-28, 1983

43 Hobman, E. V., "The role of team identification in the dissimilarity conflict relationship" 9 (9): 483-507, 2006

44 Baron, J. N., "The road taken: Origins and evolution of employment systems in emerging companies" 5 (5): 239-275, 1996

45 Hillman, A. J., "The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change" 37 (37): 235-255, 2000

46 Hannan, M. T., "The population ecology of organizations" 82 (82): 929-964, 1977

47 Nelson, T., "The persistence of founder influence: Management, ownership, and performance effects at initial public offering" 24 (24): 707-724, 2003

48 Hall, B. H., "The patent paradox revisited: An empirical study of patenting in the U.S. semiconductor industry, 1979-1995" 32 (32): 101-128, 2001

49 Ritter, J. R., "The long-run performance of initial public offerings" 46 (46): 3-27, 1991

50 Freeman, J., "The liability of newness: Age dependence in organizational death rates" 48 (48): 692-710, 1983

51 Hambrick, D. C., "The influence of top management team heterogeneity on firms’ competitive moves" 41 (41): 659-684, 1996

52 Mickey, B. M., "The impact of confounder selection criteria on effect estimation" 129 (129): 125-137, 1989

53 Pfeffer, J., "The external control of organizations: A resource dependence perspective" Harper & Row 1978

54 Murnighan, J. K., "The dynamics of intense work groups: A study of British string quartets" 36 (36): 165-186, 1991

55 Carroll, G. R., "The demography of corporations and industries" Princeton University Press 2000

56 Buzzell, R. D., "The PIMS principles: Linking strategy to performance" The Free Press 1987

57 Birley, S., "The Blackwell Handbook of Entrepreneurship" Blackwell Publishing Ltd 287-307, 2000

58 Jackson, S. E., "Team Effectiveness and Decision Making in Organizations" Jossey-Bass Publishers 204-261, 1995

59 Lorenz, K. Z., "Studies in animal and human behavior, vol. I" Harvard University Press 1970

60 Finkelstein, S., "Strategic leadership: Top executives and their effects on organizations" West Publishing Company 1996

61 Boeker, W., "Strategic change: The effects of founding and history" 32 (32): 489-515, 1989

62 Boeker, W., "Strategic Change: The Influence of Managerial Characteristics and Organizational Growth" 40 (40): 152-170, 1997

63 Judge, T. A., "Social context of performance evaluation decisions" 36 (36): 80-106, 1993

64 Cochran, A. B., "Small business mortality rates: A review of the literature" 19 (19): 50-59, 1981

65 Pfeffer, J., "Size and composition of corporate boards of directors: The organization and its environment" 17 (17): 218-228, 1972

66 Milliken, F. J., "Searching forcommon threads: Understanding the multiple effects of diversity of in organizational groups" 21 (21): 402-433, 1996

67 송경일, "SPSS 15를 이용한 생존자료의 분석" 한나래 2008

68 Hannan, M. T., "Rethinking age dependence in organizational mortality: Logical formalizations" 104 (104): 126-164, 1998

69 Alutto, J. A., "Research on commitment to employing organizations:Preliminary findings on a study of managers graduating from Engineering and MBA programs" 1975

70 Williams, K. Y., "Research in Organizational Behavior, vol. 20" JAI 77-140, 1998

71 Hambrick, D. C., "Research in Organizational Behavior" JAI Press 171-213, 1994

72 Pfeffer, J., "Research in Organizational Behavior" JAI 299-357, 1983

73 Vroom, V., "Relationship between age and risk-taking among managers" 55 (55): 399-405, 1971

74 Jackson, S. E., "Recent research on team and organizational diversity: SWOT analysis and implications" 29 (29): 801-830, 2003

75 Hedeker, D., "Random-effects regression analysis of correlated grouped-time survival data" 9 (9): 161-179, 2000

76 Timmerman, T., "Racial diversity, age diversity, interdependence, and team performance" 31 (31): 592-606, 2000

77 Parasuraman, A., "R&D’s relationship with profits and sales" 26 (26): 25-28, 1983

78 조성표, "R&D Scoreboard에 의한 연구개발투자와 성과의 연관성 분석" 기술경영경제학회 10 (10): 98-123, 2002

79 Pakes, A., "R&D Patents & Productivity" University of Chicago Press 55-72, 1984

80 Wilbon, A. D., "Predicting survival of high-technology initial public offering firms" 13 (13): 127-141, 2002

81 Gartner, W. A., "Predicting new venture survival: An analysis of 'anatomy of a start-up' cases from Inc. Magazine" 14 (14): 215-232, 1998

82 Boeri, T., "Post-entry behaviour and the cycle: Evidence from Germany" 13 (13): 483-500, 1995

83 Golder, P. N., "Pioneer advantage, marketing logic or marketing legend" 30 (30): 158-170, 1993

84 Dunne, T., "Patterns of firm entry and exit in US manufacturing industries" 19 (19): 495-515, 1988

85 Bamford, C., "Outcomes of social care for disabled people and their carers"

86 Child, J., "Organizational structure, environment and performance: The role of strategic choice" 6 (6): 2-21, 1972

87 Singh, J. V., "Organizational legitimacy and the liability of newness" 31 (31): 171-193, 1986

88 Eisenhardt, K. M., "Organizational growth: Linking founding team, strategy, environment, and growth among U.S. semiconductor ventures" 35 (35): 504-529, 1990

89 Hannan, M. T., "Organizational ecology" Harvard University Press 1989

90 Zenger, T. R., "Organizational demography: The differential effects of age and tenure distributions on technical communications" 32 (32): 353-376, 1989

91 Wiersema, M. F., "Organizational demography in Japanese firms:Group heterogeneity, individual dissimilarity, and top management team turnover" 36 (36): 996-1025, 1993

92 Wagner, W., "Organizational demography and turnover in top management groups" 29 (29): 74-92, 1984

93 Schein, E. H., "Organizational culture and leadership" Jossey-Bass Publishers 1991

94 Glick W. H., "Organizational change and re-design: Ideas and insights for improving performance" Oxford University Press 176-214, 1993

95 Jarillo, J. C., "On strategic networks" 9 (9): 34-41, 1998

96 Shepherd, D. A., "New Venture Strategy and Profitability" 15 (15): 449-467, 2000

97 Boeker, W., "New Venture Evolution and Managerial Capabilities" 16 (16): 123-133, 2005

98 Dalton, D. R., "Multilevel issues in strategy and methods" Elsevier Ltd 249-261, 2005

99 Van der Werf, P. A., "Meta-analysis of the impact of research methods on findings of first-mover advantage" 43 (43): 1510-1519, 1997

100 Burke, D. M., "Memory and aging: The role of retrieval processes" 90 (90): 513-546, 1981

101 Pegels, C. C., "Management heterogeneity, competitive interaction groups, and firm performance" 21 (21): 911-923, 2000

102 Simons, T., "Making use of difference: Diversity, debate, and decision comprehensiveness in top management teams" 42 (42): 662-673, 1999

103 Baum, J. A. C., "Localized competition and organizational failure:The Manhattan hotel industry 1898-1990" 37 (37): 580-604, 1992

104 Hsu, D. H., "Knowledge brokering and organizational innovation:Founder imprinting effects" 25 (25): 1134-1153, 2014

105 Jaccard, J., "Interaction effects in multiple regression" Sage Publications 1990

106 Buddelmeyer, H., "Innovation and the determinants of company survival" 62 (62): 261-285, 2010

107 Geroski, P., "Innovation and competitive advantage" OECD Publishing 1995

108 Aspelund, A., "Initial resources’ influence on new venture survival: A longitudinal study of technology-based firms" 25 (25): 1337-1347, 2005

109 Caves, R. E., "Industrial organization and new findings on the turnover and mobility of firms" 36 (36): 1947-1982, 1998

110 Sandberg, W. R., "Improving new venture performance: The role of strategy, industry structure, and the entrepreneur" 2 (2): 5-28, 1987

111 Webber, S. S., "Impact of highly and less job-related diversity on work group cohesion and performance:A meta-analysis" 27 (27): 141-162, 2001

112 Schroder, H. M., "Human information processing" Holt, Rinehart & Winston 1967

113 Venkataraman, S., "Hostile environmental jolts transaction set and new business" 13 (13): 231-255, 1998

114 Botwinick, J., "Handbook of the psychology of aging" Van Nostrand Reinhold 580-605, 1977

115 Stinchcombe, A., "Handbook of Organizations" Rand McNally 142-193, 1965

116 Randel, A. E., "Gender social and personal identity, sex dissimilarity, relationship conflict and asymmetrical effects" 39 (39): 468-491, 2008

117 Kerin, R. A., "First-mover advantages: A synthesis conceptual framework and research propositions" 56 (56): 33-52, 1992

118 Michael, S. C., "First mover advantage through franchising" 18 (18): 61-80, 2003

119 Polat, B., "Failure of new ventures: A survival analysis of the telecommunications industry" 2007

120 McDougall, P. P., "Explaining the formation of international new ventures: The limits of theories from international business research" 9 (9): 469-487, 1994

121 Dollinger, M., "Environmental boundary spanning and information processing effects on organizational performance" 27 (27): 351-368, 1984

122 Low, M. B., "Entrepreneurship:Past research and future challenges" 14 (14): 139-161, 1988

123 Kamm, J. B., "Entrepreneurial teams in new venture creation: A research agenda" 14 (14): 7-17, 1990

124 Hannan, M. T., "Dynamics of organizational populations:Density, legitimation, and competition" Oxford University Press 1992

125 Baum, J. A., "Don’t go it alone: Alliance network composition, startups’ performance in Canadian biotechnology" 21 (21): 267-294, 2000

126 Lorenz, K. Z., "Der kumpan in der umwelt des vogels" 83 (83): 137-413, 1935

127 Ancona, D. G., "Demography and Design: Predictors of new product team performance" 3 (3): 321-341, 1992

128 Pelled, L. H., "Demographic diversity, conflict, and work group outcomes: An intervening process theory" 7 (7): 615-631, 1996

129 Williamson, O. E., "Corporate governance" 93 : 1197-1230, 1984

130 Carpenter, G. S., "Consumer preference formation and pioneering advantage" 26 (26): 285-298, 1989

131 Porter, M. E., "Competitive advantage of nations" 1 (1): 1-14, 1990

132 Daellenbach, U. S., "Commitment to innovation: The impact of top management team characteristics" 29 (29): 199-208, 1999

133 Cooper, A. C., "Challenges in predicting new firm performance" 8 (8): 241-253, 1993

134 Ulmer, K. J., "Business turnover and causes of failure" 27 (27): 10-16, 1947

135 Harrison, D. A., "Beyond relational demography:Time and the effects of surface- and deeplevel diversity on work group cohesion" 41 (41): 96-107, 1998

136 Stevens, J. M., "Assessing personal, role, and organizational predictors of managerial commitment" 21 (21): 380-396, 1978

137 Gales, L. M., "An analysis of board of director size & composition in bankrupt organizations" 30 (30): 271-282, 1994

138 Durand, R., "Age, order of entry, strategic orientation, and organizational performance" 16 (16): 471-494, 2001

139 Carlsson, G., "Age, cohorts and the generation of generations" 35 (35): 710-718, 1970

140 Chown, S. M., "A factor analysis of the Wesley Rigidity Inventory: Its relationship to age and nonverbal intelligence" 61 (61): 491-494, 1960

141 Fredland, J. E., "A crosssection analysis of small business failure" 1 (1): 7-18, 1976

142 허명회, "(SAS와 NCSS를 이용한)생존분석" 自由아카데미 1991

143 Milanov, H., "'One is known by the company one keeps':The imprinting effects of a firm's network entry on its status" 28 (28): 2008