제품 전략과 CEO 특성이 벤처기업의 성장에 미치는 차별화된 효과: 조직수명주기 단계의 조절 역할

This study investigates the effects of product strategies and CEOcharacteristics on the growth of venture firms. These factors are related with strategicbehaviors and managerial capabilities of small and dynamic firms. According to empiricalresults of FGLS regression with the data of the Korean venture firms, both productstrategies and CEO characteristics have significant effects on firm growth andadditionally explanatory powers. In general, the growth rates of venture firms tend toincrease with the level of product's diversity and marketing-enhancing strategy, butdecrease with the degree of product's innovation-enhancing strategy. The growth ratesare higher when CEO is non-founder and has sufficient experience related to currentbusiness, and CEO's career development is focused on general management area. Theeffects of product strategies and CEO characteristics are moderated by the firm-internalfactor such as organizational growth stage. The positive effects of some productstrategies (e.g. marketing-enhancing strategy) and CEO characteristics(e.g. careerfocused on general management) become stronger for firms operating in the stage ofstart-up or initial growth, while their effects become negative or insignificant for firmsoperating in the mature or declining stage in which the negative effect ofinnovation-enhancing strategy does not exist.