기업의 환경 불확실성이 이사회 구성에 미치는 영향 (Influence of Firm’s Environmental Uncertainties on Board Compositions)

서지정보

· 발행기관 : 한국경영학회
· 수록지 정보 : 경영학연구 / 36권 / 7호 / 1679 ~ 1705페이지
· 저자명 : 이인석, 정무관

초록

이사회의 기능에는 통제 역할, 서비스 역할, 그리고 자원제공 역할이 있다. 하지만 이사회에 관한 많은 연구들은 이사회를 대리인 문제 해결을 위한 통제 역할에 초점을 맞추어 왔기 때문에, 자원제공 역할로써 이사회의 중요성에 관한 실증연구는 부족하였다. 본 연구에서는 자원의존 관점에서 과업환경의 불확실성, 일반환경의 불확실성, 그리고 자원보유수준이 이사회 구성에 미치는 영향을 살펴보고자 하였다. 이사회 구성은 제공할 수 있는 자원을 기준으로 사외이사를 분류한Hillman, Cannellar, & Paetzold(2000)의 방법을 사용하였으며, 과업환경 및 일반환경의 불확실성과 자원보유수준은설문지를 통하여 측정하였다. 기존 연구에서 이사회 구성에 영향을 미치는 것으로 보고된 기업규모, 기업년수, 산업, 이사회 크기, 최대주주 영향력, 기관투자자 지분, 상장시장, 상장규정 등을 통제하였다. 실증 조사에서는 118개사의 이사회구성원을 대상으로, 84부의 설문지를 회수하여 그 중 78부를 통해 45개 기업을 분석에 사용하였다. 가설검증 결과, 과업환경의 불확실성은 비즈니스 전문가 비율과 정(+)의 유의한 관계가 있으며, 일반환경의 불확실성은 공동체 영향자 비율과 유의한 정(+)의 관계가 있는 것으로 나타났다. 하지만 자원보유수준은 이사회 구성에 유의한 영향을 미치지 못하는것으로 나타났으며, 지원 전문가 비율도 독립변수들과 유의한 관계를 나타내지 못하였다.

영어초록

Board of directors has been doing jobs as a controller, a service provider and a resource provider. However, most of the studies on a board of directors have been focused on the role as a controller to handle agency problem, so it has not been enough understanding about overall function of board of directors and even it has not been concluded constantly whether a board of directors can handle the agency problem or not.
Therefore, in order to solve the inadequacy, resource dependence theory can be adopted to explain the functions of a board of directors. The resource dependence theory recognized the role of board of directors as a mechanism for changing environment. In other words, the members of board provide needed resources to their organization or help the organization acquire needed resources by using their personal link or networking according to the theory.
This study attempts to find out how task environmental uncertainty, general environmental uncertainty and resource retention level affect the compositions of a board of directors in the resource dependence theory. In regression analyses for this study, some factors are considered and controlled as the determinants for the composition of board of directors, such as firm size, firm age, powers of a block holder, board size, stock market, and stock market regulation. For the analysis, 82 questionnaires are collected from the members of boars of directors in 118 Korea companies, and among them, 78 questionnaires from 45 companies are used as sample data due to the analysis suitability.
According to the result of the hypothesis test, that perceived task environmental uncertainty has a positive effect on business expert proportions, and the general environmental uncertainty also has a positive effect on the community influentials. however, the resource retention level has no meaningful influence on the composition of a board of directors and the support specialist has no relation with independent variables.
This study shows that firms change their composition of boards of directors in compliance with firms' environmental changes by looking over the environmental uncertainties and the level of resource retention. It is consistent with the idea of Zahra and Pearce(1989).
Especially, this study measures environmental uncertainty perceived by members of boards of directors and divides environmental uncertainty into task environmental and general environmental ones, and to avoid common method bias, the independent variables are measured differently with dependant variables.
However, there are still some insufficiencies of this study. Above all more sample are needed to make more reliable results, and it needs the way to overcome the limitation of crossfunctional research. And also for more understanding this subject, It needs an additional study about business experts and recognition dimensions, such as complexity, dynamism and munificence, as a new norm to divide environmental uncertainty and to measure environmental uncertainty newly

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