기업 초기 최고경영진 및 최고경영자의 특성이 ICT 벤처기업의 장기생존에 미치는 영향

초록

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 demographic 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 characteristics 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.

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