Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 54, No. 1, pp.133-161
ISSN: 1226-1874 (Print)
Print publication date 28 Feb 2025
Received 17 Jul 2024 Revised 21 Oct 2024 Accepted 16 Nov 2024
DOI: https://doi.org/10.17287/kmr.2025.54.1.133

경영자 유형에 따른 연구개발 투자효율성

김현정 ; 김용미
(주저자)경성대학교 회계학과
(교신저자)고려대학교 경영대학
Co-CEOs and R&D Investment Efficiency
Hyeonjung Kim ; Yong Mi Kim
(First Author)Kyungsung University hyeonj7im@ks.ac.kr
(Corresponding Author)Korea University Business School ykim137@korea.ac.kr


Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 공동경영자 구조에 따라 연구개발의 투자효율성이 달라지는지 실증분석한다. 공동경영자 구조를 가진 기업은 대표이사가 2인 이상이기 때문에 의사결정 권한이 집중되지 않고 복수의 경영자에게 분배된다. 공동경영자 구조가 상호 간의 감시를 통하여 지배구조를 보완한다는 주장과 오히려 의견조율에 따른 갈등과 충돌로 인하여 합리적인 의사결정이 어려울 수 있다는 상반된 선행연구의 논의를 바탕으로 본 연구에서는 공동경영자 구조가 기업의 장기적인 성과 달성과 성장에 영향을 주는 연구개발에 관한 투자효율성에 미치는 영향을 검증하였다. 2013년부터 2019년까지 유가증권시장 상장기업을 대상으로 분석한 결과, 공동경영자 구조를 지닌 기업들의 경우 연구개발 투자효율성이 증가하였다. 또한, 공동경영자 구조에서 경영자 중 한 명 이상이 소유경영자일 경우 과잉투자를 억제하는 현상이 두드러지는 것으로 나타났다. 본 연구는 공동경영자 구조가 기업의 지배구조를 대체 또는 보완할 수 있다는 이론과 일치하는 결과를 제시한다는 점에 있어 그 의의가 있다.

Abstract

This study examines the effect of the CEO structure on R&D investment efficiency. The co-CEO structure distributes decision-making authority among several CEOs. Shared leadership of the structure can reduce an individual CEO’s hegemonic power and prevent agency problems. Therefore, the co-CEO structure can act as a different governance mechanism. Using a sample of publicly traded companies from 2013 to 2019, we find that firms appointing multiple CEOs engage in less over-investment. Next, firms with a co-CEO structure engage in less over-investment when they have at least one owner-manager. Our results contribute to the literature by providing evidence that the co-CEO structure can serve as a means of mutual monitoring.

Keywords:

co-CEOs, shared leadership, mutual monitoring, investment efficiency

키워드:

공동경영자, 기업지배구조, 상호견제, 투자효율성

References

  • 곽영민, 김현진(2017), “최고경영자에 대한 경영권 집중화 수준과 기업가치,” 회계학연구, 제42권 5호, pp. 187-226.
    Kwak, Y. M., H. J. Kim(2017), “Managerial centrality and firm value,” Korean Accounting Review, 42(5), pp.187-226. [ https://doi.org/10.24056/KAR.2016.12.005 ]
  • 김경묵(2003), “기업 지배구조와 혁신: 소유구조가 연구개발(R&D) 투자에 미치는 영향,” 경영학연구, 제32권 6호, pp.1799-1832.
    Kim, G. M.(2003), “Corporate governance structure and innovation: The influence of ownership structure on R&D investment,” Korean Management Review, 32(6), pp.1799-1832
  • 김병기(2009), “연구개발투자 증가기업의 장기성과에 관한 연구,” 기업경영연구, 제16권 2호, pp.109-130.
    Kim, P-K(2009), “An empirical analysis on the long-term performance of firms increasing R&D expenditures,” Korean Corporation Management Review, 16(2), pp.109-130
  • 김아리, 조명현(2011), “소유경영기업의 최고경영자 교체에 관한 실증연구: 소유경영자와 전문경영인의 비교,” 전략경영연구, 제14권 2호, pp.57-75.
    Kim, A. and M-H Cho(2011), “CEO turnover in owner-managed firms: The choice between owner-manager and professional CEO,” Journal of Strategic Management, 14(2), pp.57-75 [ https://doi.org/10.17786/jsm.2011.14.2.003 ]
  • 김유진, 안정인(2019), “가족 및 비가족 공동경영자 구조와 기업가치: 경영전략에 다른 공동경영자 구조의 역할 검토,” 회계학연구, 제44권 3호, pp.113-144.
    Kim, Y. J. and J. I. An(2019), “Firm value of family co-CEOs versus non-family co-CEOs: The role of co-CEOs by business strategy,” Korean Accounting Review, 44(3), pp.113-144 [ https://doi.org/10.24056/KAR.2019.05.002 ]
  • 김현섭, 송재용(2011), “기업 소유구조가 연구개발(R&D)투자에 미치는 영향,” 전략경영연구, 제14권 2호, pp.93-112.
    Kim, H. and J. Song(2011), “The impact of corporate ownership structure on R&D investment in Korea,” Journal of Strategic Management, 14(2), pp.93-112 [ https://doi.org/10.17786/jsm.2011.14.2.005 ]
  • 박애영, 이경태, 이상철(2006), “경영자 스톡옵션 보상과 주식소유가 연구개발투자에 미치는 영향,” 회계학연구, 제31권 2호, pp.89-126.
    Park, A. Y., K. T. Lee, and S. C. Lee(2006), “The effect of executive stock options compesation and ownership structure on R&D investment,” Korean Accounting Review, 31(2), pp.89-126
  • 박종훈, 노은정(2008), “기업의 소유구조가 대리인비용에 미치는 영향: 외국인 지분율과 경영자 지분율 효과를 중심으로,” 관리회계연구, 제8권 1호, pp.143-164.
    Park, J-H and E. J. Noh(2008), “Effects of a firm’s ownership structure on agency costs: Focusing on the effects of foreign ownership and top management ownership,” Korean Journal of Management Accounting Research, 8(1), pp.143-164
  • 박진하, 권대현(2012), “외국인주주의 지분율이 기업의 투자효율성에 미치는 영향,” 회계학연구, 제37권 3호, pp.277-307.
    Park, J. H. and D-H Kwon(2012), “The impact of foreign ownership on the investment efficiency,” Korean Accounting Review, 37(3), pp.277-307
  • 박진하, 현지원(2018), “공동경영자 구조와 투자효율성,” 대한경영학회지, 제31권 3호, pp.557-575.
    Park, J. and J. Hyeon(2018), “Co-CEOs and investment efficiency,” Korean Journal of Business Administration, 31(3), pp.557-575 [ https://doi.org/10.18032/kaaba.2018.31.3.557 ]
  • 양대천, 기도훈(2014), “전문경영자 기업의 소유 및 이사회 구조가 보수주의에 미치는 영향,” 경영교육연구, 제29권 2호, pp.368-393.
    Yang, D. and D. Ki(2014), “The effect of ownership and board structure of employed manager's firms on conservatism,” Korean Business Education Review, 29(2), pp.368-393
  • 오현민, 조현우(2022), “공동경영자와 노동투자효율성,” 상업교육연구, 제36권 6호, pp.55-78.
    Oh, H. M. and H. W. Cho(2022), “Co-CEOs and labor investment efficiency,” The Journal of Business Education, 36(6), pp.55-78
  • 이동기, 조영곤(2001), “이사회 구조가 연구개발투자에 미치는 영향,” 경영학연구, 제30권 4호, pp.1251-1263.
    Rhee, D-K. and Y-K Cho(2001), “A study of the effect of board composition on R&D investment of firms,” Korean Management Review, 30(4), pp.1251-1263
  • 이미주, 유해양, 황인태(2020), “임원보수와 기업성과,” 경영학연구, 제49권 3호, pp.523-557.
    Lee, M. J., H. Yu., and I. T. Hwang(2020), “Executive compensation and corporate performance,” Korean Management Review, 49(3), pp.523-557 [ https://doi.org/10.17287/kmr.2020.49.3.523 ]
  • 이창수, 김완희(2003), “기업의 소유구조와 연구개발 투자,” 회계정보연구, 제19권, pp.67-81.
    Lee, C-S and W-H Kim(2003), “The impacts of ownership structure on the research and development investment,” Accounting Information Review, 19, pp.67-81
  • 임상균, 이문영, 황인이(2014), “대규모기업집단 소속기업의 투자효율성,” 회계학연구, 제39권 3호, pp.91-134.
    Yim, S. G., M. Y. Lee, and I. Y. Hwang(2014), “The investment efficiency of firms belonging to large business conglomerates,” Korean Accounting Review, 39(3), pp.91-134
  • 장진호, 신현한(2005), “최고경영자 교체에 영향을 미치는 요인분석: 경영성과, 전문경영자, 대규모기업집단,” 경영학연구, 제34권 1호, pp.289-311.
    Chang, J. H. and H. H. Shin(2005), “An analysis of the determinants of CEO turnover: Firm performance, professional CEO, and business Group,” Korean Management Review 34(1) pp.289-311
  • 최승욱, 이우재(2015), “재무분석가 수와 기업의 투자효율성,” 산업경제연구, 제28권 1호, pp.317-336.
    Choi, S. U. and W. J. Lee(2015), “Analyst coverage and corporate investment efficiency,” Journal of Industrial Economics and Business, 28 (1), pp.317-336
  • 홍준용, 유승원. (2022), “최고경영자 유형에 따른 토너먼트 이론의 효과성 검증,” 회계학연구, 제47권 제5호, pp. 141-174.
    Hong, Jun Yeung and Seung Weon Yoo. (2022), “A Study on the Effectiveness of Tournament Theory in Accordance with the Type of CEO,” Korean Accounting Review, 47(5), pp.141-174.
  • 홍지연, 김수인(2021), “공동경영자의 영향력 차이와 조세회피,” 회계저널, 제30권 3호, pp.105-141.
    Hong, J. and S-I Kim(2021), “Power gap of co-CEOs and tax-avoidance,” Korean Accounting Journal, 30(3), pp.105-141 [ https://doi.org/10.24056/KAJ.2021.04.002 ]
  • Arena, M. P., S. P. Ferris, and E. Unlu(2011), “It takes two: The incidence and effectiveness of co-CEOs,” The Financial Review, 46, pp. 385-412. [https://doi.org/10.1111/j.1540-6288.2011.00305.x]
  • Baysinger, B. D., R. D. Kosnik, and T. A. Turk(1991), “Effects of board and ownershp structure on corporate R&D stragegy,” Academy of Management Journal, 34(1), pp.205-214. [https://doi.org/10.2307/256308]
  • Bebchuk, L., M. Cremers, and U. Peyer(2011), “The CEO pay slice,” Journal of Financial Economics, 102, pp.199-221. [https://doi.org/10.1016/j.jfineco.2011.05.006]
  • Bethel, J. and J. Liebeskind(1993), “The effects of ownership structure on corporate restructuring,” Strategic Management Journal, 14(S1), pp. 15-31. [https://doi.org/10.1002/smj.4250140904]
  • Biddle, G. C., G. Hilary, and R. S. Verdi(2009), “How does financial reporting quality relate to investment efficiency?,” Journal of Accounting and Economics, 48(2-3), pp.112-131. [https://doi.org/10.1016/j.jacceco.2009.09.001]
  • Carson, J. B., P. E. Tesluk, and J. A. Marrone (2007), “Shared leadership in teams: An investigation of antecedent conditions and performance,” Academy of Management Journal, 50(5), pp.1217-1234. [https://doi.org/10.5465/amj.2007.20159921]
  • Choi, Y-S, J. Hyeon, T. Jung, and W-J Lee(2018), “Audit pricing of shared leadership,” Emerging Markets Finance & Trade, 54, pp.336-358. [https://doi.org/10.1080/1540496X.2017.1348292]
  • Dennis, S. A., D. Ramsey, and C. Turner(2009), “Dual or duel: Co-CEOs and firm performance,” Journal of Business and Economic Studies, 15(1), pp.1-25.
  • Dittmar, A. and J. Mahrt-Smith(2007), “Corporate governance and the value of cash holdings,” Journal of Financial Economics, 83(3), pp. 599-634. [https://doi.org/10.1016/j.jfineco.2005.12.006]
  • Eisenmann, T.(2022), “The effects of CEO equity ownership and firm diversification on risk taking,” Strategic Management Journal, 23 (6), pp.513-534. [https://doi.org/10.1002/smj.236]
  • Fama, E. F. and M. C. Jensen(1983), “Separation for ownership and control,” The Journal of Law and Economics, 26(2), pp.301-325. [https://doi.org/10.1086/467037]
  • Froot, K. A., A. F. Perold, and J. C. stein(1992), “Shareholder trading practices and corporate investment horizons,” Journal of Applied Corporate Finance, 5(summer), pp. 42-58. [https://doi.org/10.1111/j.1745-6622.1992.tb00489.x]
  • Hackman, J. R.(2002), “Groups that work (and those that don’t): Creating conditions for effective teamwork,” San Francisco, CA: Jossey-Bass.
  • Harford, J.(1999), “Corporate cash reserves and acquisitions,” Journal of Finance, 54(6), pp.1969-1997. [https://doi.org/10.1111/0022-1082.00179]
  • Jensen, M. C. and W. Meckling(1976), “Theory of firm: Managerial behavior, agency costs, and capital structure,” Journal of Financial Economics, 3, pp.305-360. [https://doi.org/10.1016/0304-405X(76)90026-X]
  • Jensen, M. C. (1986), “Agency costs of free Cash flow, corporate finance, and takeovers,” The American Economic Review, 76(2), pp.323-329.
  • Lee, P. M. and H. M. O'Neill(2003), “Ownership structures and R&D investments of U.S. and Japanese firms: Agency and stewardship perspectives,” Academy of Management Journal, 46(2), pp.212-225. [https://doi.org/10.2307/30040615]
  • Lippman, S. A. and R. P. Rumelt(1982), “Uncertain imitability: An analysis of inter-firm differences in efficiency under competition,” Bell Journal of Economics, 13, pp. 418-438. [https://doi.org/10.2307/3003464]
  • Myers, S.(1984), “The capital structure puzzle,” Journal of Finance, 39, pp.575-592. [https://doi.org/10.2307/2327916]
  • Oswald, S. L. and J. S. Jahera, Jr.(1991), “The influence of ownership on performance: An empirical study,” Strategic Management Journal, 12(4), pp.321-326. [https://doi.org/10.1002/smj.4250120407]
  • Myers, S. C.(1977). “Determinants of Corporate Borrowing,” Journal of Financial Economics, 5(2), pp.147-175 [https://doi.org/10.1016/0304-405X(77)90015-0]
  • Nini, G., D. C. Smith, and A. Sufi(2009), “Creditor control rights and firm investment Policy,” Journal of Financial Economics, 92(3), pp. 400-420 [https://doi.org/10.1016/j.jfineco.2008.04.008]
  • Oswald, S. L. and J. S. Jahera(1991), “The influence of ownership on performance: An empirical study,” Strategic Management Journal, 12 (4), pp.321-326. [https://doi.org/10.1002/smj.4250120407]
  • Pearce, C. L. and J. A. Conger(2003), “Shared leadership: Reframing the how’s and why’s of leadership,” Thousand Oaks, CA: Sage Publications Inc. [https://doi.org/10.4135/9781452229539]
  • Stein, J.(1988), “Takeover threats and managerial myopia,” Journal of Political Economy, 96, pp.61-80. [https://doi.org/10.1086/261524]
  • Stein, J.(1989), “Efficient capital markets, inefficient firms: A model of myopic corporate behavior,” Quarterly Journal of Economics, 104, pp. 655-669. [https://doi.org/10.2307/2937861]
  • Sundramurthy, C. and M. Lewis(2003), “Control and collaboration: Paradoxes of governance,” The Academy of Management Review, 28(3), pp.397-415. [https://doi.org/10.2307/30040729]

∙저자 김현정은 현재 경성대학교 상경대학 회계학과 교수로 재직 중이다. 주요 연구분야는 회계감사, 경영자 인센티브, 재무보고 품질 등이다.

∙저자 김용미는 고려대학교 경영대학 강사로 재직 중이다. 주요 연구분야는 회계선택, 회계감사 등이다.