기업수명주기에 따른 기업회생전략의 차별적 선택과 효율성

[Purpose] The purposes of this study are (1) to investigate whether the financially distressed firms’ restructuring choice is influenced by the corporate life－cycle and (2) to test whether the efficacy of restructuring strategy is affected by the corporate life－cycle. [Methodology] To achieve our research purposes, I use KOSPI listed firms during the period from 2008 to 2018. This study empirically tested hypotheses by measuring financial distress and identifying corporate life－cycle as well as their restructuring choices following methods that suggested by the prior literature. [Findings] Empirical evidence suggest that financially distressed Korean firms tend to choose the reduction of cost of goods sold and redundancy strategies among operational strategies, and life－ cycle affects the choices. Asset reduction strategy is less likely chosen by the growth firms. Among financial restructuring strategies, firms prefer debt and equity issuing strategies, and the choices are affected by the corporate life－cycle. Managerial strategy is not preferred by distressed firms. In terms of efficacy, the cost reduction strategy is positively associated with the successful recovery of growth and maturity firms, while the redundancy strategy adversely affects the growth firms’ successful recovery. [Implications] This study provides the practical implication that it is important to consider the corporate life－cycle in the restructuring strategy－related decision－making process. This study also contributes to the financial distress and restructuring literature by providing evidence from Korea.