본 연구의 목적은 최고경영자가 교체된 기업에서 변화의 강도와 방식 등이 다르게 나타나는 상황적 요인을 고려하여 조직변화 범위와 강도에 따라 조직성과가 어떻게 달라지는가를 탐색적으로 검증하는데 있다. 이를 위해, 첫째 최고경영자의 교체유형(외부출신/내부출신)이 조직변화와 어떠한 연관이 있으며, 둘째 교체된 최고경영자에 의해 기존의 운영방식을 수정 보완하는 방식의 점진적인 변화가 이루어졌는지 아니면 근본적 변화를 유도하는 급진적 변화가 이루어졌는지에 따라 점진적 변화와 급진적 변화로 변화유형을 구분하고 각각의 경우 조직성과와의 관계를 검증하였다. 본 연구의 실증분석을 위해 2001년부터 2005년도까지 최고경영자가 교체된 기업을 대상으로 130개의 설문자료를 수집하였으며, 교체후 2년 동안 재무성과 자료는 한국신용평가의 데이터(KISLINE)를 분석하여 다음과 같은 결과를 얻었다. 첫째, 최고경영자 교체유형과 변화강도와의 관계에서 외부출신 최고경영자가 교체된 경우, 급진적 변화가 촉진되는 것을 발견하였으며, 둘째 급진적 조직변화는 ROA, ROE에 유의한 부(-)의 관계를 가지는 것으로 나타났다. 마지막으로, 점진적 조직변화는 조직성과(ROA, ROE, EVA)와 유의한 관계를 확인하지 못하였다.

The objectives of this study are to examine the organizational changes associated with CEO succession and to determine the relationship of organizational factors that explain firm performance. For the purpose, this paper raises a question of how CEO succession is related to the degree of change and which conditions after CEO replacement are most likely to lead to innovative or incremental change. To test empirically hypotheses, this paper administered surveys to representatives of firms which are listed on the Korea Stock Exchange and experienced CEO replacement from 2001 to 2005, with 130 surveys returned. The financial data of firm performance of 2 years average after CEO succession were gathered. For financial statements of firms, KISLINE, a database maintained by Korea Investors Service Inc. was used. The results of this study can be summarized as follows; First, the appointment of an outside CEO rather than inside CEO accompanies greater extent of organizational shifts. Second, the case of innovative organizational change, the likelihood of innovative change is higher than when the replacement is . Second, the relationship between incremental change and firm performance(ROA, ROE, EVA)is not significant. Third, innovative change following CEO replacement is negatively associated to the performance to industry adjusted ROA and ROE change in the firms. These findings suggest that innovative change after CEO replacement will have short-term detrimental effect on firm financial performance.

The objectives of this study are to examine the organizational changes associated with CEO succession and to determine the relationship of organizational factors that explain firm performance. For the purpose, this paper raises a question of how CEO succession is related to the degree of change and which conditions after CEO replacement are most likely to lead to innovative or incremental change. To test empirically hypotheses, this paper administered surveys to representatives of firms which are listed on the Korea Stock Exchange and experienced CEO replacement from 2001 to 2005, with 130 surveys returned. The financial data of firm performance of 2 years average after CEO succession were gathered. For financial statements of firms, KISLINE, a database maintained by Korea Investors Service Inc. was used. The results of this study can be summarized as follows; First, the appointment of an outside CEO rather than inside CEO accompanies greater extent of organizational shifts. Second, the case of innovative organizational change, the likelihood of innovative change is higher than when the replacement is . Second, the relationship between incremental change and firm performance(ROA, ROE, EVA)is not significant. Third, innovative change following CEO replacement is negatively associated to the performance to industry adjusted ROA and ROE change in the firms. These findings suggest that innovative change after CEO replacement will have short-term detrimental effect on firm financial performance.

CEO Succession, Incremental change, Innovative change, Firm performance, ROA, ROE, EVA.