기업의 성과에 최고경영자가 상당한 영향을 미치기 때문에 최고경영자의 교체에 대해 많은 연구가 이루어졌다. 그러나, 최고경영자의 교체현상과 이에 따른 기업성과에는 관심이 많았지만 교체에 따른 새로운 리더십이 기업성과에 어떻게 영향을 미치는지에 대해서는 상대적으로 관심이 부족하였다. 이에 본 연구는 최고경영자 교체기업의 신임 최고경영자의 교체유형 및 교체원인에 따라 기업성과에 어떠한 차이가 있는지에 대해 살펴보고자 한다. 이를 위해 먼저 신임 최고경영자 교체유형은 전문경영인과 소유경영인으로 분류하고, 최고경영자의 교체원인은 성과원인과 성과외 원인으로 구분하였다. 최고경영자 교체유형과 교체원인을 결합하여 나타난 4가지 유형에 따라 기업성과(ROA, EVA)에 차이가 있는가를 검증하고자 하였다. 분석결과, 유형Ⅳ(전문경영인/성과외 원인)에서 ROA가 가장 높게 나타났다. 이러한 결과는 성과외원인에 의해 교체가 이루어지고 전문경영인으로 교체된 경우 단기적 성과가 높아질 수 있음을 시사하고 있다.

The objective of this study is to examine organizational types associated with new CEO types(owner CEO/professional CEO) and CEO succession reasons(performance reason/non-performance reason) to determine which type is likely to improve firm performance(ROA, EVA). 299 Korean companies from Korean firms listed on the Korea Stock Exchange had experienced a CEO turnover during the period under investigation, 120 returned questionnaires, and 90 except financial industry were analyzed in the study. The financial data of firm performances for 3 years after succession were gathered from KISLINE which is a database maintained by Korea Investors Service Inc. The results of this study can be summarized as follows; First, ROA of type Ⅳ(professional CEO/non-performance reason) was highest in ROAs of four types of CEO change. Second, EVA of type Ⅳ was marginally different from EVAs of the other types. It is reported that professional CEO might break organizational inertia, which can be effective when existing strategies are not working. In turn, studies on organizational change types in light of professional CEO change should consider whether new successors practically triggered the changes in the context of circumstances. Therefore, this study should be reviewed from more various organizational contexts.

The objective of this study is to examine organizational types associated with new CEO types(owner CEO/professional CEO) and CEO succession reasons(performance reason/non-performance reason) to determine which type is likely to improve firm performance(ROA, EVA). 299 Korean companies from Korean firms listed on the Korea Stock Exchange had experienced a CEO turnover during the period under investigation, 120 returned questionnaires, and 90 except financial industry were analyzed in the study. The financial data of firm performances for 3 years after succession were gathered from KISLINE which is a database maintained by Korea Investors Service Inc. The results of this study can be summarized as follows; First, ROA of type Ⅳ(professional CEO/non-performance reason) was highest in ROAs of four types of CEO change. Second, EVA of type Ⅳ was marginally different from EVAs of the other types. It is reported that professional CEO might break organizational inertia, which can be effective when existing strategies are not working. In turn, studies on organizational change types in light of professional CEO change should consider whether new successors practically triggered the changes in the context of circumstances. Therefore, this study should be reviewed from more various organizational contexts.

CEO succession type, succession reasons, organizational performance, ROA, EVA