후발기업 전략 실행에 있어 이사회가 미치는 영향: 자원의존이론 관점에서의 실증적 연구

초록

This paper examines the effects of boards of directors on strategy implementation of late movers. The findings in an hierarchial regression analysis of 17-years sample of late movers in the computer hardware industry indicate that independent, outsider directors are beneficial to implement resource substitution strategy of late movers whereas separating the positions of board chair and chief executive officer does not influence to the strategy implementation of them. These findings imply that researchers in corporate governance should reconsider the relative weight placed on directors' monitoring and resource provision role. Rather than focusing predominantly on directors' willingness or ability to control executives, in future research scholars should yield more productive results by focusing on the assistance directors provide in bringing valued resources to the firm and in serving as a source of advice and counsel especially for strategy implementation. In addition, they should pay more attention on identifying intervening processes between board and firm performance in order to provide optimal governance mechanisms and configurations to practitioners.

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