한국기업의 지배구조 특성이 조직성과에 미치는 영향

Governance Characteristics of Korean Firms and Organization Performance: Ambidexterity from an Organizational Learning Perspective

It is argued in past literature that the balance between exploration and exploitation relates to organization performance. This study examines the relationship of the board of directors(BOD) and top management team(TMT) s exploration and exploitation orientation and firm performance in corporate governance. Using the top 100 Korean companies as a sample, sales growth rates was used as the dependent variable, and TMT turnover, BOD turnover were used as the independent variables. For control variables, we used firm size, firm age, TMT size, BOD size and industry dummy. Panel analysis was used for research method. This study shows that balancing with exploratory TMT and exploitatory BOD relates to positive firm performance. Moreover, both exploitatory TMT and BOD show a negative relationship to firm performance. This study suggests that the relationship of the ambidexerity and organization performance has been also applied in corporate governance. In addition, this study shows that performance of the TMT may depend on the attributes of the board of directors.