경영승계가 조직성과에 미치는 영향

As corporations grow and develop, managerial succession is inevitable to follow. This process is often achieved successfully, allowing the next generation to engender further corporate development. However, managerial succession is not always certain to be successful, and often causes severe social problems. Though corporate managerial successions do not occur often within an individual corporation, on a national scale they are quite frequent. Moreover, when considering the ability of a managerial succession to either stimulate or detrimentally impact corporate growth, managerial succession is a critical issue both nationally and individually. For most big business groups in South Korea, the first generation established and developed business groups throughout the initial stages of industrial development. Recently, this first generation has been succeeded by the second generation and the third generation. Given that managerial succession now occurs in corporations on an individual basis, the issue of managerial succession now poses major implications in the field of business management. Thus, most studies sought to address this issue, focusing on corporate performance. Based on the many resulting theoretical discussions on managerial succession, this study proposes a research model to answer the following research question: What is the correlation between CEO succession and organizational performance in the context of South Korea? In this study, independent variables were divided into organizational factors and succession factors. Specifically, organizational factors included prior organizational performance and organizational size. Succession factors were the origin of each successor, frequency of succession, and changes in top management teams. The dependent variable in this study was organizational performance following succession. To examine relationships between variables, the following hypotheses were derived. H 1: The rate of change in organizational performance (= performance following succession/ prior organizational performance) will be higher. H2: There will be no statistically significant affect on organizational performance by frequency of succession. H3-1: There will generally be no statistically significant difference between the changes in top management team and organizational performance. H3-2: There will be statistically significant relationships between changes in the top management team and organizational performance where outside succession occurs H4: The rate of change of organizational performance will be higher in larger organizations compared to smaller organizations. H5: The explanation power of organizational factors(organizational performance before succession, organizational size) for organizational performance following succession will be stronger than that of succession factors origin of successor, frequency of succession, the rate of changes in top management team). The principal findings of this study are as follows: There were no significant differences in organizational performance dependent on frequency of succession. There were no significant differences in organizational performance whether succession was inside or outside. This can be explained by the unique contextual character of South Korean corporations where there is no clear separation between management and ownership. Thus, in situations where someone wielding actual power operates both ownership and management, organizational performance may not hinge uponthe origins of nominal successor: insider or outsider. Regarding organizational size, larger organizations exhibited a higher rate of organizational performance changes compared to smaller organizations. In other words, large organizations handle new situations following succession more effectively than small organizations. This result supports Grusky’s administrative succession theory and Pfeffer and Salancik ’s complexity theory that as an organization grows, efficiency improves due to the organization’s more orderly arrangement of internal systems. In sum, the following succession factors were considered: the number of managerial successions (frequency of succession), whether the successor was an insider or outsider (origin of successor), and the frequency of changes in the top management team indicating nominal CEO’s managerial succession (rate of change in the top management team). Based upon the proposed model, succession factors cannot explain the operational performances sufficiently. Rather, the results of the study show that organizational factors including organizational performance prior to succession and organizational size may better explain organizational performance following succession. This study is intended to offer important implications for organizations and scholars to manage succession more effectively. Using samples of listed Korean firms, systematic empirical studies on managerial succession yielded dissimilar results from general results of executive succession studies conducted in the West. Furthermore, limitations of thisstudy and directions for future research also are suggested.