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korean management review - Vol. 47 , No. 5

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[ Article ]
korean management review - Vol. 47, No. 5, pp. 1175-1200
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 31 Oct 2018
Received 11 Jul 2018 Accepted 28 Aug 2018
DOI: https://doi.org/10.17287/kmr.2018.47.5.1175
Family Ownership and SME Performance: A Moderated Mediation Model of Internationalization and Institutional Ownership
Jaeyoung Cho^* ; Jangwoo Lee^**
*(First Author) Kyungpook National University (kylu2080@knu.ac.kr)

**(Corresponding Author) Kyungpook National University (antonio@knu.ac.kr)

가족 소유 지분율과 중소기업 성과: 국제화와 기관투자가 소유 지분율의 조절된 매개모형
조재영^* ; 이장우^**

*경북대학교 경영학부, 주저자

**경북대학교 경영학부, 교신저자

Abstract

This study draws on stewardship and agency theories to examine the impact of family ownership on the performance of family small- and medium-sized enterprises (SMEs), the mediating impact of internationalization, and the moderating impact of institutional ownership. Additionally, by integrating the mediating and moderating impacts, we propose a moderated mediation model for the performance of family SMEs. This study argues and finds in a study of listed Korean family SMEs that family ownership promotes performance. In addition, SMEs with high family ownership have the high performance at low levels of internationalization, low performance at medium levels of internationalization, and high performance again at high levels of internationalization. Institutional ownership also acts as a positive moderator in the family ownership-internationalization relationship and through both low and high levels of internationalization, and the positive indirect impact of family ownership on performance is stronger when institutional ownership is high.

초록

가족 소유 지분율이 가족 중소기업의 재무적 성과에 중요한 영향을 미친다는 이론적인 논쟁에도 불구하고, 선행연구에서는 왜 그리고 언제 가족 소유 지분율이 성과를 이끌어내는지에 대한 고찰은 상대적으로 부족하였다. 본 연구에서는 청지기 이론과 대리인 이론을 기반으로 가족 소유 지분율이 가족 중소기업의 재무적 성과에 미치는 효과를 검증하고, 국제화가 이 두 변수와의 관계를 매개함을 검증하였다. 또한 가족 소유 지분율과 국제화 간의 관계에 있어서 기관투자가 소유 지분율의 조절효과를 검증하였다. 끝으로 기관투자가 소유 지분율의 정도가 가족 소유 지분율이 국제화에 의해 매개되어 재무적 성과에 영향을 미치는 간접효과의 강도를 조절하는 조절된 매개효과 모형을 검증하였다. 이를 위해 본 연구는 2003년부터 2013년까지 한국증권거래소에 상장되었던 232개의 가족 중소기업을 대상으로 실증분석을 실시하였다. 연구결과 가족 소유 지분율은 가족 중소기업의 재무적 성과를 향상 시키며, 이때 국제화가 가족 소유 지분율과 재무적 성과 간의 관계를 부분매개 함이 밝혀졌다. 또한 기관투자가 소유 지분율은 가족 소유 지분율과 국제화 간의 관계를 조절하는 것으로 밝혀졌으며, 조절효과와 매개효과의 통합적인 검증을 통해서 기관투자가 소유 지분율의 정도가 가족 소유 지분율, 국제화, 재무적 성과 간의 관계를 조절함을 입증하였다. 연구의 결과를 바탕으로 학문적, 실무적 기여와 한계 및 향후 연구 과제를 제시하였다.


Keywords: Family Ownership, Internationalization, Institutional Ownership, Family SMEs, A Moderated Mediation Approach 키워드: 가족 소유 지분율, 국제화, 기관투자가 소유 지분율, 가족 중소기업, 조절된 매개모형

Acknowledgments

The authors sincerely appreciate helpful comments and suggestions from the editor and two anonymous reviewers, as well as that from participants at a number of seminars and conferences. The earlier version of this paper received the Best Paper Award from the Strategic Management Division, Korean Academic Society of Business Administration Annual Conference in 2016. All errors remain ours.

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• 저자 조재영은 현재 경북대학교 경영학부 전략 및 조직관리 전공 박사과정으로 재학 중이다. 경영전략 분야를 주로 연구하며, 구체적인 연구 대상은 가족기업, 중소기업, IT관련 산업 등이다.

• 저자 이장우는 현재 경북대학교 경영학부 전략 및 조직관리 전공 정교수로 재직 중이다. 서울대학교 경영학과를 졸업하였으며, 한국과학기술원(KAIST)에서 산업공학 석사 및 경영과학 박사를 취득하였다. 미국 퍼듀 대학과 스탠포드 대학에서 방문학자로 연구하였다. 주요연구분야는 기업가정신과 벤처창업, 경영전략, 강소기업 경쟁력 등이다.