한국 기업의 최고경영자(CEO) 교체유형에 따른 기업 성과와 외부 출신 CEO 교체 시 성과 조절 요인 분석

Research on the impact of external CEO appointments on corporate performance in South Korea is limited, and few studies have comprehensively analyzed the various contextual factors that influence the performance differences between external and internal CEOs. To fill this research gap, this study empirically analyzes the effects of CEO succession types on firm performance, focusing on publicly traded companies in South Korea from 2013 to 2021. The research posits that externally appointed CEOs may negatively affect firm performance compared to internally promoted CEOs. It also examines the moderating effects of three variables influencing the performance differences between internal and external CEOs. An analysis of 1,409 CEO succession events revealed that succession to an external CEO had a more negative impact on firm performance compared to internal succession. However, the negative effects of external CEO succession were mitigated when the incoming CEO had a more diverse career background(individual factor) and when the company's performance prior to the succession was strong(organizational factor). Furthermore, stronger pre-succession performance showed a moderating effect that nearly offset the negative impact of external succession, and career diversity not only mitigated the negative relationship between external succession and performance but also led to a positive change in outcomes. Conversely, the hypothesis that the negative impact of external CEO succession would be lessened in more dynamic industry environments (environmental factor) was not supported. This research not only analyzes the performance outcomes of internal and external CEO successions in Korean companies but also aims to develop a theoretical construct that integrates individual, organizational, and environmental factors to better understand how external CEO performance varies depending on contextual factors.