장수기업의 공통 경영 방식에 관한 연구: 기업의 장기생존 가능성을 높이는 장수루틴은 존재하는가?

What is so special about long-lived companies? Do they share any common managementpractices that significantly increase their long-term corporate viability? I conduct a statisticalinvestigation of the distinctive management practices shared among long-lived companies toexamine their effect on corporate survival. I collected data on the 308 companies listed on theKorean securities market at the end of 1978, and analyzed the impact of their firm-specificcharacteristics and management practices on their long-term viability by using the Coxproportional hazard model. The results indicate that firm-specific factors, such as the age andsize of firms, and management practices, such as intensive investment in human resources orresearch and development, significantly increase long-term corporate viability, even when theperformance level of the firms in the sample is strictly controlled. Hence, common longevityroutines are likely to increase long-term viability of firms, which is an important implicationfor future research on corporate longevity. Further, this paper empirically studies long-termcorporate survival, a topic that has not yet been thoroughly explored with a large sample.