초록 열기/닫기 버튼
Understanding how the institutional transformation process unfolds and the role of strategic choice is a fundamental challenge to organizational research. Under periods of institutional change the adoption of a deviation strategy may be beneficial due to the opportunities afforded by the changing environment and institutional pressures. These arguments suggest that the role of strategic choice may be most influential and important during times of institutional change. We study the role of strategic deviation under uncertainty. By examining the U.S. banking industry during the 1980s, we explore the association between strategic deviation and firm performance when firms undergo radical environmental changes. In addition, we examine how the size of a firm moderates the relationship between strategic deviation and firm performance. The goal of this study was to examine if a strategy that deviates from industry norms has any effect on firm performance under the unusual uncertainty facing firms during an institutional transformation period after deregulation. Previous studies have examined how external environmental jolts such as deregulation can lead to heightened environmental uncertainty, but the consequences of strategic choice during regulatory change have received scant attention. We tested the hypotheses developed from strategic deviation literature and we posited that smaller firms would be able to dissociate themselves with institutional norms and have more success with deviation strategies. To test our hypotheses, we examined the U.S. banking industry during the period 1983-1990, a well-noted period of deregulation. The results of this study provide support for our hypotheses on the strategic deviation. Our findings show that firms that pursued strategies that deviated fromindustry norms outperformed those who followed standard industry behavior during a period of institutional transformation following the passing of deregulatory legislation. In addition, we found that firm size moderates the relationship between strategic deviation and firm performance; smaller firms had greater success at dissociating themselves from institutional pressure to conform. In summary, strategic deviation is positively associated with higher firm performance and this positive relationship is negatively moderated by the firm size. We discuss the roles of strategic choice under conditions of changing norms in industry and conclude with its implications.
본 연구는 불확실한 환경 하에서의 기업의 전략적 일탈과 이에 따른 기업의 성과에의 함의에 대해 고찰하였다. 금융 산업의 탈규제화가 본격적으로 이루어졌던 1980년대, 미국의 은행의 전략적 선택과 그에 따른 기업의 성과간의 관계를 규명하고, 조절변수로서의 기업의 규모가 이들 관계에 미치는 영향에 대해 추가적인 가설을 세우고 실증 연구를 통해 검증하였다. 1983년부터 8년간의 패널 데이터에 고유 효과 모델을 추정한 결과, 제도적 환경의 불확실성이 높은 산업적 상황에서 은행 지주 회사들의 경영 성과가 기업의 전략적 일탈과 양의 상관관계가 있는 것으로 나타났다. 또한, 기업의 규모에 의해서 전략적 일탈이 기업 성과에 미치는 영향이 변화하는 결과를 보였다. 실증 연구 결과를 토대로, 불확실한 환경 하에서의 기업의 전략적 선택의 함의에 대해 논의하고 미래 연구에 대한 시사점을 제시하였다.
키워드열기/닫기 버튼
전략적 일탈, 기업의 성과, 환경적 불확실성, 실증연구
