코스닥 상장 벤처기업의 최고경영자교체에 관한 연구: 창업CEO와 전문CEO 간의 비교를 중심으로
- Authors
- 정대용; 김상경
- Issue Date
- 2009
- Publisher
- 한국창업학회
- Keywords
- CEO turnover; Owner-CEO; Turnover factor; Venture firm
- Citation
- 한국창업학회지, v.4, no.3, pp.72 - 97
- Journal Title
- 한국창업학회지
- Volume
- 4
- Number
- 3
- Start Page
- 72
- End Page
- 97
- URI
- http://scholarworks.bwise.kr/ssu/handle/2018.sw.ssu/16110
- ISSN
- 2092-8068
- Abstract
- The CEO manages the firm, glorying in its successes and taking the blame for its
failures. The centrality of the CEO is reflected in the empirical literature on CEO
turnover, which contributes the CEO turnover to poor firm performance. Less is known,
however, about the sensitivity of CEO turnover between the owner-CEO and
manager-CEO. In particular, this study investigates what financial factors, including
performance, free cash flows, the efficiency of investing asset management, growth
potential measured by R&D, and the monitoring variable proxied by the debt-equity
ratio, influence the CEO turnovers and how the turnover sensitivity differs between
manager-CEO and owner-CEOs.
This research examined the relationship between the firm performance and the CEO
turnover with total 736 sample observation about 151 venture firms, using the sample of
KOSDAQ firms between 2000 and 2005. Results of the research show that 50 firms
changed their CEOs during the sample period and there were 89 CEO turnovers. The
tenure of the CEO turnover is average 2.94 years after the initial public offering. The
performance, measured by EBITDA and net income, of firms with CEO turnover became
worse prior to the CEO change than that of firms without CEO turnover and their
difference is significant at conventional significance levels. The phenomenon is more
evident for manager-CEO as opposed to owner-CEO.
The research also finds that the probability of CEO turnover is lower for firms with
owner-CEO than firms with manager-CEO, but firms with foreign investors' ownership
show high CEO turnover possibility. The study finds that the deterioration of the free
cash flow also increase CEO turnover possibility, but such possibility is not evident
between firms with owner-CEO and firms with manager-CEO.
The results show that there was a significant increase in CEO turnover possibility
when the efficiency of investment asset management and growth potential of venture
firms deteriorate. The CEO turnover possibility becomes lower for firms with high
debt-equity ratio than firms with low debt-equity ratio. This result supports the
monitoring hypothesis.
This research is noteworthy in investigating factors influencing the CEO turnover and
in identifying differences between the owner-CEO turnover and the manager-CEO
turnover. Findings of this study suggests that poor performance measured by EBITDA
ratio, low free cash flows, low debt-equity ratio, poor efficiency of investing asset
management and growth potential measured by R&D increase the possibility of CEO
turnover. In particular, their influence on the turnover possibility is more evident to the
manager-CEO firms than to the owner-CEO firms.
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