earticle

영어

In the landscape of Korean corporate governance, family-owned businesses have long played a central role, typically characterized by concentrated ownership and long-term orientation. However, recent trends reveal a surge in private equity fund (PEF) participation, introducing a contrasting model of ownership and strategic management focused on short-term returns and aggressive restructuring. Despite their growing prevalence, empirical comparisons between family-owned firms and PEF-invested firms remain scarce, particularly in terms of their short- and long-term performance outcomes. Addressing this research gap, this study systematically compares the corporate performance of family-owned and PEF-invested firms listed on the Korea Exchange (KRX) over the period from 2013 to 2023. This study employs a multi-method empirical strategy. First, we apply propensity score matching (PSM) to minimize selection bias and establish a comparable sample of 28 family-owned and 28 PEF-invested firms. Second, independent sample t-tests are conducted to assess differences in short-term financial performance indicators, including operating profit, return on equity (ROE), and return on assets (ROA). Third, we examine changes in employment levels before and after PEF investment through paired t-tests to evaluate potential social costs such as job reductions. Finally, long-term performance trajectories are assessed using latent growth modeling (LGM), which enables estimation of both initial values and growth rates for key financial metrics such as operating profit, ROE, ROA, and sales revenue. The results reveal that short-term financial performance did not differ significantly between the two groups. Specifically, operating profit, ROE, and ROA showed no statistically significant differences, challenging the notion that PEFs yield immediate performance gains post-acquisition. Employment size also remained statistically unchanged before and after PEF acquisition, contrary to prevailing concerns about large-scale job cuts. These findings suggest that PEFs may not deliver swift financial or operational improvements in the short term, possibly due to transitional costs, restructuring delays, or external market factors. In contrast, long-term performance trends demonstrated noteworthy differences. Family-owned firms exhibited significantly higher initial performance levels and growth trajectories for ROA and sales revenue, suggesting their advantage in achieving sustained financial stability. These results indicate that family ownership—often associated with managerial continuity, stakeholder trust, and conservative financial strategies—may provide a more robust foundation for long-term growth. Conversely, PEF-invested firms, despite their capital strength and strategic expertise, appear to face limitations in sustaining long-term value creation. This study contributes to the literature by integrating short- and long-term perspectives on corporate performance across ownership types. Practically, the findings offer nuanced implications for corporate governance policy and strategic investment. Policymakers are encouraged to support family firms through incentives for innovation and governance transparency while urging PEFs to balance short-term returns with long-term employment and value stability. Managers in family firms may consider strategic alliances with external investors to overcome structural rigidities, while PEFs should adopt hybrid strategies that incorporate sustainable growth objectives. For investors, understanding the divergent risk-return profiles of the two ownership structures can inform balanced portfolio strategies. In conclusion, ownership structure significantly affects corporate outcomes, but its effects manifest differently across time horizons. While PEFs may drive operational efficiency, family firms demonstrate superior resilience and sustainability. Aligning governance mechanisms with both efficiency and continuity considerations is crucial to fostering the long-term competitiveness of Korean corporations.

한국어

본 연구는 한국거래소 상장기업을 대상으로 가족기업과 사모펀드(PEF) 투자기업 간의 소유구조에 따른 단기 및 장기 경영성과 차이를 실증 적으로 분석하였다. 성향점수매칭(PSM)을 통해 양 집단 간 비교가능한 표본을 구성한 뒤, 단기 재무성과(영업이익, ROE, ROA), 고용규모 변 화, 장기 성과 추세(잠재성장모형 활용)를 비교하였다. 분석 결과, 단기 재무성과 및 고용규모에 있어 두 집단 간 유의미한 차이는 나타나지 않 았다. 반면, 장기 성과 분석에서는 ROA와 매출액 지표에서 가족기업이 사모펀드 기업에 비해 유의하게 높은 초기값과 성장률을 보였다. 이는 가족기업의 장기지향적 전략이 지속가능한 성과 향상에 기여함을 시사하며, 사모펀드의 단기 성과 중심 전략은 장기적 가치 창출에 한계가 있 음을 보여준다. 본 연구는 소유구조 유형이 기업성과에 미치는 영향을 시간적 관점에서 통합적으로 비교하였다는 점에서 학문적·실무적 기여 를 갖는다. 정책적으로는 가족기업의 장기성과를 지원하고, 사모펀드의 지속가능한 경영을 유도하는 방안이 필요하며, 투자자와 경영자 모두 에게 소유구조 설계에 대한 실증적 근거를 제공할 수 있다.