기업수명주기별 위험추구행태 및 기업성과：경영자능력의 조절효과를 중심으로

[Purpose]This study expands the previous research that verified the U－shaped risk－taking behavior according to the stage of the corporate life cycle, investigates the additional effect of managerial ability on this relationship. [Methodology]Management ability was measured using the methodology of Demerjian et al.(2012). The corporate life cycle was measured by combining the cash flow patterns proposed by Dickinson(2011). [Findings]1) we find an inverted U－shaped risk－taking behavior according to change in the corporate life cycle. This shows the incremental effect of managerial ability on risk－taking changes in the introduction and decline firms. In particular, in the decline－stage, managerial ability and R&D expenditure have a negative relationship, and managerial capability and stock return volatility have a positive relationship. It shows that managers of decline－stage firms avoid long－term risks from R&D investments as their abilities are high, but reinforce short－term risks explained by stock return volatility due to high investment incentives for corporate survival. On the other hand, it is assumed that the risk－taking behavior in the growth and maturity stage firms is related to the firm’s intrinsic ability rather than the manager’s intrinsic ability. Second, in the stock market, where the level of monitoring of managers is strengthened, manager’s ability is positively related to future performance in the decline－stage firms. [Implication]It suggests that the intrinsic capabilities of managers can be demonstrate better in the introduction and decline stage when the level of uncertainty and risk is high. It suggests that a firm’s intrinsic capabilities may outweigh its managers’ ability during growth and mature stages.