최고경영자의 혁신지향 및 저해 메시지가 혁신 및 기업성과에 미치는 영향: 내용분석기법을 활용하여

The previous research on the CEO's message analyzed its impact on corporate social responsibility activity and firm image. However, the understanding of the relationship between the CEO's message and innovative performance has been underdeveloped. This study in vestigated the effects of the CEO's innovation-oriented and hindrance messages on in novation and corporate performance to fill the gap of previous research. We also examined the mediation effect of R&D expenses because the CEO's message affected the investment and operation process of firm. In addition, the CEO's innovation-oriented and hindrance messages delivered through various channels were classified and analyzed by using con tent analysis. Financial variables were collected through TS-2000 database, and CEO's message was collected from various communication media such as interviews and new year's speeches. The results of empirical analysis have shown that the CEO's in novation-oriented and hindrance messages had a significant positive and negative effect on R&D expenses and innovation performance. We have also found that R&D expenses medi ated the relationship between CEO's message and innovation performance. While the CEO's innovation-oriented message had a significant positive effect on corporate performance, the CEO's innovation-hindrance message had no significant effect on corporate performance. The findings of this paper extend existing research by conducting a content analysis of the CEO's messages and it effect on innovation performance. Understanding the CEO's message affecting innovation can provide useful implications to firms that want to increase innovation and financial performance. Finally, this paper suggest several directions for future study with research limitations.