DOI QR코드

DOI QR Code

변화무쌍한 환경에서의 지속성장성 결정요인분석 : 세계 금융위기 시 미국 기업을 중심으로

Analysis of Sustaining Growth Factors in a Turbulent Business Environment : Case of US Companies Facing the Global Financial Crisis

  • 투고 : 2015.10.19
  • 심사 : 2015.11.17
  • 발행 : 2016.02.29

초록

In response to drastic environmental changes, companies have been continuously rebalancing their resources and capabilities to sustain their competitive status or to survive difficult times. The aim of this study is to analyze the effect of sudden environmental changes on the competitive status of a firm and to identify the internal factors that differentiate sustainer and non-sustainer groups. To achieve this goal, we selected 85 representative IT and non-IT companies from the S&P 500 companies and investigated them with respect to the change in their five-year competitive status since the 2008 global financial crisis. As a concrete performance measure, the concept of perceived competitive status (PCS) was introduced, and four distinct PCS categories were identified by using the stock price changes during the selected period. The four distinct PCS categories are "sustaining," "drifting," "deep sunken," and "bouncing back." Discriminant analysis was performed on these four distinct PCS categories. The empirical study conducted showed that revenue and cost efficiency are the most discriminating factors, especially in the economic recovery period. In particular, stronger financial liquidity was observed in high-performing "bouncing back" companies than in the other category companies.

키워드

참고문헌

  1. 김영훈, 편제범, 김대수, "오퍼레이션스 성과와 재무성과 간의 인과관계에 대한 실증분석", 한국경영과학회지, 제40권, 제1호(2015), pp.57-73. https://doi.org/10.7737/JKORMS.2015.40.1.057
  2. 민재형, 김범석, "기업의 동반성장 노력이 재무성과에 미치는 영향", 경영과학, 제30권, 제2호(2013), pp.79-95. https://doi.org/10.7737/KMSR.2013.30.2.079
  3. 박강희, 신현정, "포트폴리오 최적화와 주가예측을 이용한 투자 모형", 대한산업공학회지, 제39권, 제6호(2014), pp.535-545. https://doi.org/10.7232/JKIIE.2013.39.6.535
  4. 박경민, 문희진, 박선주, 정승화, 최정혜, "인터넷 포탈에 대한 자원 의존성이 온라인 쇼핑몰기업의 성장에 미치는 영향", 한국경영과학회지, 제39권, 제2호(2014), pp.141-154. https://doi.org/10.7737/JKORMS.2014.39.2.141
  5. 박성민, "연속적 이항 로지스틱 회귀모형을 이용한 R&D 투입 및 성과 관계에 대한 실증분석", 대한산업공학회지, 제40권, 제3호(2014), pp.342-357. https://doi.org/10.7232/JKIIE.2014.40.3.342
  6. 이성주, 조남영, 김병선, 조찬우, "산업생태계 분석을 통한 중소기업형 유망 IT 품목 발굴 : 수요기반 접근법", 대한산업공학회지, 제39권, 제1호(2013), pp.61-72. https://doi.org/10.7232/JKIIE.2013.39.1.061
  7. 이윤숙, 박수훈, "합병한 국내 제조기업들의 특징에 관한 실증적 연구", 경영과학, 제32권, 제2호(2015). pp.91-109. https://doi.org/10.7737/KMSR.2015.32.2.091
  8. 이장우, 대니, 밀러, 우성진, 손종환, "전략-환경 적합과 기업성과", 경영학연구, 제23권, 제1호(2013), pp.149-172.
  9. 이홍, "환경결정론과 전략적선택론에 대한 논의 재점화", 인사.조직연구, 제21권, 제4호(2013), pp.219-244.
  10. 장세진, 글로벌 경쟁 시대의 경영전략, 3판, 박영사, 2002.
  11. 장영순, 육헌영, 서종현, "1인 창조기업 특성과 경영성과와의 관계 연구", 대한산업공학회지, 제40권, 제2호(2014), pp.250-256. https://doi.org/10.7232/JKIIE.2014.40.2.250
  12. 조찬우, 이성주, "융합기술 개발을 위한 중소기업간 협업모형 제안", 대한산업공학회지, 제39권, 제3호(2013), pp.198-203. https://doi.org/10.7232/JKIIE.2013.39.3.198
  13. Andrews, K.R., The Concept of Corporate Strategy, Dow Jones-Irwin Homewood, 1971.
  14. Barney, J., "Firm resources and sustained competitive advantage," Journal of Management, Vol.17, No.1(1991), pp.99-120. https://doi.org/10.1177/014920639101700108
  15. Bibeault, D., Corporate Turnaround, McGrawHill, New York, 1982.
  16. Bogner, W.C. and P.S. Barr, "Making sense in hypercompetitive environments : A cognitive explanation for the persistence of high velocity competition," Organization Science, Vol.11, No.2(2000), pp.212-226. https://doi.org/10.1287/orsc.11.2.212.12511
  17. Cao, M. and Q. Zhang, "Supply chain collaboration : Impact on collaborative advantage and firm performance," Journal of Operations Management, Vol.29, No.3(2011), pp.163-180. https://doi.org/10.1016/j.jom.2010.12.008
  18. Casey, C.J., V.E. Mcgee, and C.P. Stickney, "Discriminating between reorganized and liquidated firms in bankruptcy," Accounting Review, Vol.61, No.2(1986), pp.249-262.
  19. Chandler, A.D., Strategy and structure : Chapters in the history of the American enterprise, Massachusetts Institute of Technology Cambridge, Cambridge, 1962.
  20. Child, J., "Organizational structure, environment and performance : The role of strategic choice," Sociology, Vol.6, No.1(1972), pp.1-22. https://doi.org/10.1177/003803857200600101
  21. Chowdhury, S.D. and J.R. Lang, "Turnaround in small firms : An assessment of efficiency strategies," Journal of Business Research, Vol.36, No.2(1996), pp.169-178. https://doi.org/10.1016/0148-2963(95)00119-0
  22. Day, G.S., "The capabilities of market-driven organizations," The Journal of Marketing, Vol.58, No.4(1994), pp.37-52. https://doi.org/10.2307/1251915
  23. Dechow, P.M., "Accounting earnings and cash flows as measures of firm performance : The role of accounting accruals," Journal of Accounting and Economics, Vol.18, No.1(1994), pp.3-42. https://doi.org/10.1016/0165-4101(94)90016-7
  24. Dess, G.G. and D.W. Beard, "Dimensions of organizational task environments," Administrative Science Quarterly, Vol.29, No.1(1984), pp.52-73. https://doi.org/10.2307/2393080
  25. Dollinger, M.J., Entrepreneurship : Strategies and Resources (3rd Edition), Prentice-Hall, Inc., Saddle River, 2002.
  26. Egelhoff, W.G. and C.S. Haklisch, "Strategy, size of firm, and the use of technical alliances : An explanatory study," Journal of Engineering and Technology Management, Vol.11, No.2(1994), pp.117-148. https://doi.org/10.1016/0923-4748(94)90002-7
  27. Eisenhardt, K.M. and J.A. Martin, "Dynamic Capabilities : What are They?," Strategic Management Journal, Vol.21, No.10-11(2000), pp.1105-1121. https://doi.org/10.1002/1097-0266(200010/11)21:10/11<1105::AID-SMJ133>3.0.CO;2-E
  28. Fama, E.F., "Efficient capital markets : A review of theory and empirical work," The Journal of Finance, Vol.25, No.2(1970), pp.383-417. https://doi.org/10.1111/j.1540-6261.1970.tb00518.x
  29. Fiegenbaum, A., D. Sudharshan, and H. Thomas, "Strategic time periods and strategic groups research : Concepts and an empirical example," Journal of Management Studies, Vol.27, No.2(1990), pp.133-148. https://doi.org/10.1111/j.1467-6486.1990.tb00757.x
  30. Grant, R.M., "The resource-based theory of competitive advantage : implications for strategy formulation," Knowledge and Strategy, Vol.33, No.3(1991), pp.3-23.
  31. Gu, F. and B. Lev, Intangible assets : Measurement, drivers, Usefulness (Working paper), New York University, New York, 2001.
  32. Hakansson, H. and I. Snehota, "No business is an island : the network concept of business strategy," Scandinavian Journal of Management, Vol.5, No.3(1989), pp.187-200. https://doi.org/10.1016/0956-5221(89)90026-2
  33. Hambrick, D.C. and R.A. D'Aveni, "Large corporate failures as downward spirals," Administrative Science Quarterly, Vol.33, No.1(1988), pp.1-23. https://doi.org/10.2307/2392853
  34. Hambrick, D.C., "Turnaround strategies," Handbook of Business Strategy, Vol.10, No.1(1985), pp.1-10.
  35. Hamermesh, D.S., "Economic aspects of job satisfaction," In Ashenfelter, O.C. and W.E. Oates(Eds.), Essays in Labor Market Analysis(pp.53-72) Wiley, New York, 1977.
  36. Hannan, M.T. and G. Carroll, Dynamics of organizational populations : Density, legitimation, and competition, Oxford University Press, Oxford, 1992.
  37. Haveman, H.A., "Between a rock and a hard place : Organizational change and performance under conditions of fundamental environmental transformation," Administrative Science Quarterly, Vol.37, No.1(1992), pp.48-75. https://doi.org/10.2307/2393533
  38. Hitt, M.A., R.D. Ireland, S.M. Camp, and D.L. Sexton, "Strategic entrepreneurship : Entrepreneurial strategies for wealth creation," Strategic Management Journal, Vol.22, No.67(2001), pp.479-491. https://doi.org/10.1002/smj.196
  39. Hoffman, R.C., "Strategies for corporate turnarounds : What do we know about them," Journal of General Management, Vol.14, No.3(1989), pp.46-66. https://doi.org/10.1177/030630708901400304
  40. Kettinger, W.J., V. Grover, S. Guha, and A.H. Segars, "Strategic information systems revisited : a study in sustainability and performance," MIS Quarterly, Vol.18, No.1(1994), pp.31-58. https://doi.org/10.2307/249609
  41. Kimberly, J.R. and M.J. Evanisko, "Organizational innovation : The influence of individual, organizational, and contextual factors on hospital adoption of technological and administrative innovations," Academy of Management Journal, Vol.24, No.4(1981), pp.689-713. https://doi.org/10.2307/256170
  42. Lawrence, P.R. and J.W. Lorsch, "Differentiation and integration in complex organizations," Administrative Science Quarterly, Vol.12, No.1(1967), pp.1-47. https://doi.org/10.2307/2391211
  43. Miles, R.E., C.C. Snow, A.D. Meyer, and H.J. Coleman, "Organizational strategy, structure, and process," Academy of Management Review, Vol.3, No.3(1978), pp.546-562. https://doi.org/10.5465/amr.1978.4305755
  44. Miller, D. and P.H. Friesen, "Strategy-making and environment : the third link," Strategic Management Journal, Vol.4, No.3(1983), pp.221-235. https://doi.org/10.1002/smj.4250040304
  45. Moore, G.A., Living on the fault line, Harper Business, New York, 2000.
  46. Ohlson, J.A., "Financial ratios and the probabilistic prediction of bankruptcy," Journal of Accounting Research, Vol.18, No.1(1980), pp.109-131. https://doi.org/10.2307/2490395
  47. Pant, L.W., "An investigation of industry and firm structural characteristics in corporate turnarounds," Journal of Management Studies, Vol.28, No.6(1991), pp.623-643. https://doi.org/10.1111/j.1467-6486.1991.tb00983.x
  48. Porter, M.E., Competitive advantage : Creating and sustaining superior performance, Simon and Schuster, New York, 2008.
  49. Rumelt, R.P., "Towards a strategic theory of the firm," In Lamb, R. (ed.), Competitive Strategic Management(pp.556-570), Prentice Hall, Englewood Cliffs, 1984.
  50. Schendel, D.E. and G.R. Patton, "Corporate stagnation and turnaround," Journal of Economics and Business, Vol.28, No.3(1976), 236-241.
  51. Schendel, D., G.R. Patton, and J. Riggs, "Corporate Turnaround Strategies-Study of Profit Decline and Recovery," Journal of General Management, Vol.3, No.3(1976), p.1.
  52. Sveiby, K.E., The new organizational wealth : Managing & measuring knowledge-based assets, Berrett-Koehler Publishers, Inc., San Francisco, 1997.
  53. Teece, D.J., G. Pisano, and A. Shuen, "Dynamic capabilities and strategic management," Strategic Management Journal, Vol.18, No.7(1997), pp.509-533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
  54. Venkatraman, N. and J.E. Prescott, "Environment-strategy coalignment : an empirical test of its performance implications," Strategic Management Journal, Vol.11, No.1(1990), pp.1-23. https://doi.org/10.1002/smj.4250110102
  55. Wheeler, B.C., "NEBIC : A dynamic capabilities theory for assessing net-enablement," Information Systems Research, Vol.13, No.2(2002), pp.125-146. https://doi.org/10.1287/isre.13.2.125.89
  56. White, M.J., Economics of bankruptcy : liquidation and reorganization. Salomon Bros, Center for the Study of Financial Institutions, Graduate School of Business Administration, New York University. New York, 1981.
  57. Yam, C., M. Richard, C.G. Jian, F.P. Kit, and P.Y. Tang, "An Audit of Technological Innovation Capability in Chinese Firms : Some Empirical Finding in Beijing, China," Research Policy, Vol.33, No.8(2004), pp.1123-1140. https://doi.org/10.1016/j.respol.2004.05.004
  58. Zollo, M. and S.G. Winter, "Deliberate learning and the evolution of dynamic capabilities," Organization Science, Vol.13, No.3(2002), pp.339-351. https://doi.org/10.1287/orsc.13.3.339.2780