국내 상장 공기업 CEO의 출신별 기업 성과에 관한 실증 연구

초록

This study examines whether CEO’s with different backgrounds generate significantly different stock returns for a sample of listed SOE’s (State-Owned Enterprises) in Korea. We find no significant differences in stock returns between internally promoted CEOs and externally recruited CEOs. However, when former bureaucrats are externally recruited as CEOs of an affiliated firm or a subsidiary of the main SOE, market-adjusted cumulative abnormal return is 1 to 2% points lower per month than other types of CEO’s during their tenure. We do not find a significant difference in accounting-based performance measure across different CEO types. This study contributes to the literature by evaluating former bureaucrats’performance as a CEO of an SOE from the market’s perspective.

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