Does a Background of State-Owned Enterprise’s CEO Affect the Level of Policy Contribution and Work Efficiency?: Evidence from the Points of the Government Policy and Work Efficiency for State-owned Enterprises in Korea

본 연구는 공기업 CEO의 출신배경이 공기업의 정책기여도와 업무효율성에 어떠한 영향을 미치는 지를 실증 분석하였다. 본 연구의 조사 대상은 공기업으로 지정된 27개 기관이며 총 표본 수는 108개였다. 분석 대상 연도 범위는 2011년부터 2014년까지 4개 연도였다. 그 결과 내부승진 출신 CEO에 비하여 정치인 및 민간 출신 CEO들의 정부권장정책 점수가 더 낮았으며, 그 가운데 정치인 출신 CEO의 점수가 가장 낮았다. 특히 정치인 출신 CEO는 임기가 지날수록 정부권장정책 점수가 감소하는 경향이 나타났다. 또한 내부승진 출신 CEO에 비하여 정치인, 관료 출신 CEO가 소속된 공기업의 업무효율 점수가 더 낮았고, 정부권장정책 점수 경우와 마찬가지로 정치인 출신 CEO가 가장 낮은 점수를 보였다. 이를 통하여 내부승진 출신 CEO가 타 출신 CEO에 비하여 높은 정책기여도와 업무효율성을 달성한 반면, 정치인 출신 CEO는 타 출신에 비해 정책기여도와 업무효율성 모두 가장 낮은 성과를 보였음을 확인하였다. 이 같은 연구 결과는 공기업 CEO 인선 시 정밀한 자질 검증이 필요함을 시사한다.

This article analyzes the impact of a career background of the CEO of state-owned companies on the level of policy contribution and work efficiency. The background of the CEOs is classified into an insider, a politician, a public administrative officer, and a private worker according to their career. The level of policy contribution is measured by the score of ‘Policy enforced by the government’ in the management performance assessment of the state-owned companies for 2011 – 2014. The level of work efficiency is measured by the score of ‘Work Efficiency’ in the in the management performance assessment of the state-owned companies for 2011 – 2014. This article takes CEO’s term, history of the state-owned company, debt-to-asset ratio, the number of employees, the amount of the asset into consideration for control variables. Year and companies are also considered for the fixed effect. The research subjects of this article are 27 state-owned companies in Korea for 4 years(the total number of observation is 108). The conclusion of the analysis is as following. The score of ‘Policy enforced by the government’ from the CEOs having political or private work experience is inferior to that of it from the CEOs who are promoted in the inside. The CEOs from the politic background have the lowest performances on policy contribution. Especially, the score of ‘Policy enforced by the government’ from the CEOs who have political background is getting worse as the CEOs’ term increases. Similarly, The score of ‘Work Efficiency’ from the CEOs who were politicians or public administrative officers work experience is inferior to that of it from the CEOs who are promoted in the inside. The CEOs from the politic background also have the lowest performances on work efficiency.