분할신설기업의 지배구조와 성과 관계: 자원의존이론을 중심으로

Prior researches on corporate spin-offs mainly focused on the determinants of the spin-off strategy and post spin-off implications from the parent company's performance. To date, however, only a few studies have addressed performance of spun-off firms. Accordingly, this paper examines the relationship between chief executive officer (CEO) and performance of spun-off firms. Furthermore, it studies how diversity among outside directors moderates the relationship between CEO and the performance of spun-off firms. By utilizing a three-year sample of 72 randomly drawn Korean firms, which disclosed spin-offs over the time period from 1998 to 2015, this paper confirms conjectures that CEO connected to the parent company is positively related to the spun-off firm's performance and diversity among outside directors is what significantly affects these two variables. As a result of the empirical analysis conducted, it was indicated that CEO associated with the parent company positively affects the performance of spun-off firms and that lower levels in diversity among outside directors strengthen the positive relationship between CEO and performance of spun-off firms. The result of this study suggests that despite a negative social norm towards “parachute appointment” controversy, there can be positive effects from the practice of “parachute appointment” depending on the circumstances. It was also concluded that diversity can negatively affect the spun-off firm's performance unlike the consensus that diversity produces positive performance outcome, broadening the study to assess the effects of outside director diversity on performance. Therefore, it is expected that our findings will provide valuable implications to the firms considering the spin-off strategy as an option.