회계기준 및 시장기준 성과피드백이 기술탐색에 미치는 영향

This paper examines how multiple performance feedbacks influence firm’s technological search, using two types of indicators：accounting-based performance and market-based performance. Also we investigate how CEO’s attention shift depends on firm specific factors such as firm size and outsider ownership. For empirical analysis, we utilized financial data on 675 manufacturing firms in Korea during the period between 1998 and 2009. The results show that technological search based on accounting-based performance feedback is moderated by focal firm’s size. However, as outsider ownership increases, technological search increases in response to market-based performance feedback.