최고경영자 유형에 따른 경영성과가 최고경영자 교체에 미치는 영향

초록

This study carried out an empirical test on a total of 7,170 companies listed on KoreaStock Exchange between 1999 and 2012 to demonstrate the correlation between businessperformance and CEO turnover by CEO type. The types of CEO turnover were dividedinto 4: i) replacement from non-ownership controlling professional CEO to professionalCEO, ii) replacement between ownership controlling CEOs, iii) replacement fromownership controlling CEO to professional CEO and iv) replacement from professionalCEO to ownership controlling CEO. And the present study examined the impact offinancial performance on the turnover by CEO type. The findings of this study are as follows. The turnover frequency of professional CEO wasmuch higher than any other 3 types of CEOs. And professional CEO turned out to be moreaffected by financial performance than ownership controlling CEO before replacement. Theanalysis was conducted to know the impact of business performance on CEO replacementby type of replacement. The result showed that the company of which CEO has ownershipof it before turnover replaced the CEO with professional CEO when financial performanceis low while the company of which CEO does not have ownership before turnover replacedthe CEO with a dominant stockholder when financial performance is sound and companyresources are efficiently operated even though business performance is low.

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