기업 지배구조에서의 탐험성향이 성과에 미치는 영향: 조직 학습 관점의 적용

On the assumption that exploratory learning is difficult to be applied at corporate governance, this study investigates how the exploration on corporate governance relates the firm performance. Previous studies suggest CEO　succession and other transformation of corporate governance as a way to overcome organization inertia and purse exploration of March (1991). This study investigates the performance of the 100 large Korean firms from 1997 to 2007 by capturing CEO, board and TMT succession. In addition, this study investigates the interaction effects of performance by associating complementary board succession and supplementary TMT succession with CEO　succession. Our empirical result shows that CEO　and board succession relate to positive firm performance, but TMT succession does not relate to firm performance. And only the interaction effect of CEO and board succession relates positively to firm performance. By approaching organization learning on corporate governance, this study could suggest the guideline for pursuing exploration learning in corporate governance.