한국과 미국 기업의 임시 CEO 임명이 성과와 기업 가치에 미치는 영향에 관한 연구

The Impact of Interim CEO Appointment on Firm Performance and Firm Value in Korea and the United States

This study focused on interim CEOs which had not been studied among types of CEO succession, and the correlations between interim CEO appointment and firm performance in Korea and the United States. Prior research studies indicated that the most important variables to interim CEOs are board-related factors(average tenure of directors, board influence). Thus, in this study, board influence was measured as the number of directors on the board prior to the succession decision(Cannella and Shen, 2001). The study results are as follows. First, after the new interim CEO appointment, average ROA(firm performance) decreased in both Korean and American companies. Second, interim CEO heir position (holding of more than one board office including the interim CEO position or the concurrent office of the interim CEO) played a moderating role for performance variation in the correlation between interim CEO appointment and financial performance but only in U.S.-based companies. Similarly, after the interim CEO succession, average EVA(firm value) decreased in both Korean and U.S.-based companies.