Journal of Technology Innovation (기술혁신연구)

Korea Society for Innovation Managemetn & Economics (기술경영경제학회)
권호 표지
DOI QR코드

DOI QR Code

A Study on Firm Survival Factors : Focusing on Korean Software Firms

기업의 생존요인 연구 : 국내 소프트웨어 기업을 중심으로

  • Published : 2018.11.30
Download PDF
⟨ Previous Next ⟩

Abstract

This article analyzes the survival of Korean software firms from 1995 to 2015 by Cox regression model and product-limit method. The results show that survival rates are different for each sector: IT service, package software, game software and internet service. In addition, firm growth and investment in research and development positively affect software firm's survival, while slack resources negatively affect the software firm's survival. The implication of this study is that characteristics of the software industry and technologies should be taken into consideration in survival strategy of software firms and government policy. Previous research on survival analysis has been mainly conducted in the manufacturing industry or at the special circumstance such as the foreign exchange crisis of Korea in the late 1990s. The contribution of this study is that expanding the survival analysis to software firms in Korea which are becoming more important recently.

본 연구는 콕스회귀분석과 누적한계추정법으로 1995년부터 2015년까지 1,084개의 국내 소프트웨어 기업을 분석하고, 생존율과 생존의 결정요인을 밝히는 것이다. 분석 결과 생존율의 경우, IT서비스, 패키지 소프트웨어, 게임 소프트웨어, 인터넷 서비스 각 분야별로 다른 형태를 보였다. 또한 연구개발 투자와 기업의 매출액 및 자산증가율로 나타나는 성장성은 생존에 긍정적이었으며, 여유자원은 부정적인 영향을 미쳤으며, 나이와 규모는 그 영향을 찾을 수 없었다. 이러한 결과는 소프트웨어 기업의 생존 전략과 정부의 지원 정책에 있어서 산업과 기술의 특성을 고려해야 한다는 점을 시사한다. 본 연구는 90년대 말 외환위기라는 특수 상황이나 제조업 중심으로 진행된 국내 생존분석의 영역을 최근 중요성이 커지는 소프트웨어 산업으로 확장했다는 의미가 있다.

Keywords

References

  1. 김상지.한경수.윤우진 (2017), "각인효과와 신생기업의 생존: 창업초기 최고경영진의 특성이 벤처기업의 생존에 미치는 영향", 조직과 인사관리연구, 제41권, pp. 1-19.
  2. 김진수 (2009), "기술혁신활동이 부도위험에 미치는 영향: 한국 유가증권시장 및 코스닥시장 상장 기업을 중심으로", 기술혁신연구, 제17권 제2호, pp.55-80.
  3. 나상균.이준수 (2007), "신생기업의 생존요인 분석", 대한경영학회지, 제20권 제3호, pp. 1325-1340.
  4. 남재우.이회경.김동석 (2000), "기업 도산 예측을 위한 생존분석 기법의 응용", 금융학회지, 제5권 제3호, pp. 29-61.
  5. 박세정.이선아 (2008), "생존분석기법을 이용한 상호저축은행 부실예측", 금융안정연구, 제9권 제1호, pp. 31-62.
  6. 송치승.노용환 (2011), "우리나라 벤처기업의 미시적 특성과 생존요인 분석", 기업가정신과 벤처연구, 제14권 제3호, pp. 1-24.
  7. 안세연 (2014), "장수기업의 공통 경영 방식에 관한 연구", 경영학연구, 제43권 제3호, pp. 889-917.
  8. 이병기.신광철 (2005), "해저드모형에 의한 신생기업의 생존요인 분석", 국제경제연구, 제11권 제1호, pp. 131-154.
  9. 이상호 (1998), "중소 전자 기업의 생존요인 분석", 국제경제연구, 제4권 제2호, pp. 93-112.
  10. 장세진 (1998), "경영자원론과 기업진화론을 중심으로 한 전략경영이론의 최근 동향", 전략경영연구, 제1권 제1호, pp. 49-73.
  11. 전용석.박복례.박찬식 (2002), "건설기업의 생존예측모형", 대한건축학회 논문집-구조계, 제18권 제12호, pp. 165-172.
  12. 차명수.임성준 (2017), "기업 초기 최고경영진 및 최고경영자의 특성이 ICT 벤처기업의 장기생존에 미치는 영향", 인사조직연구, 제25호, pp. 195-234.
  13. Alchian, A. A. (1950), "Uncertainty, evolution, and economic theory", Journal of Political Economy, Vol. 58, No. 3, pp. 211-221. https://doi.org/10.1086/256940
  14. Audretsch, D. B. and Mahmood, T. (1995), "New firm survival: new results using a hazard function", The Review of Economics and Statistics, Vol. 77, No. 1, pp. 97-103. https://doi.org/10.2307/2109995
  15. Audretsch, D. B., Houweling, P. and Thurik, A. R. (1997), New firm survival: Industry versus firm effects, Tinbergen Institute Discussion Papers 97-063/3, Tinberg Institute.
  16. Barnett, W. P. (1990), "The organizational ecology of a technological system", Administrative Science Quarterly, Vol 35, No. 1, pp. 31-60. https://doi.org/10.2307/2393550
  17. Baum, J. A. and Singh, J. V. (1994), "Organizational niches and the dynamics of organizational mortality", American Journal of Sociology, Vol. 100, No. 2, pp. 346-380. https://doi.org/10.1086/230540
  18. Bercovitz, J. and Mitchell, W. (2007), "When is more better? The impact of business scale and scope on long-term business survival, while controlling for profitability", Strategic Management Journal, Vol. 28, No. 1, pp. 61-79. https://doi.org/10.1002/smj.568
  19. Bourgeois III, L. J. (1981), "On the measurement of organizational slack", Academy of Management Review, Vol. 6 No. 1, pp. 29-39. https://doi.org/10.5465/amr.1981.4287985
  20. Bruderl, J. and Mahmood, T. (1996), Small business mortality in Germany: a comparison between regions and sectors (No. FS IV 96-20), WZB Discussion Paper.
  21. Bruderl, J. and Schussler, R. (1990), "Organizational mortality: The liabilities of newness and adolescence", Administrative Science Quarterly, Vol. 35, No. 3, pp. 530-547. https://doi.org/10.2307/2393316
  22. Carroll, G. R. and Delacroix, J. (1982), "Organizational mortality in the newspaper industries of Argentina and Ireland: An ecological approach", Administrative Science Quarterly, Vol. 27, No. 2, pp. 169-198. https://doi.org/10.2307/2392299
  23. Cefis, E. and Marsili, O. (2005), "A matter of life and death: innovation and firm survival", Industrial and Corporate Change, Vol. 14, No. 6, pp. 1167-1192. https://doi.org/10.1093/icc/dth081
  24. Chen, M. Y. (2002), "Survival duration of plants: Evidence from the US petroleum refining industry", International Journal of Industrial Organization, Vol. 20, No. 4, pp. 517-555. https://doi.org/10.1016/S0167-7187(00)00106-5
  25. Cheng, J. L. and Kesner, I. F. (1997), "Organizational slack and response to environmental shifts: The impact of resource allocation patterns", Journal of Management, Vol. 23, No. 1, pp. 1-18.
  26. Das, S. and Srinivasan, K. (1997), "Duration of firms in an infant industry: the case of Indian computer hardware", Journal of Development Economics, Vol. 53, No. 1, pp. 157-167. https://doi.org/10.1016/S0304-3878(97)00007-2
  27. De Geus, A. (1997), The living company: habits for survival in a turbulent environment, London: Nicholas Brealey.
  28. Dierickx, I. and Cool, K. (1989), "Asset stock accumulation and sustainability of competitive advantage", Management Science, Vol. 35, No. 12, pp. 1504-1511. https://doi.org/10.1287/mnsc.35.12.1504
  29. Fichman, M. and Levinthal, D. A. (1991), "Honeymoons and the liability of adolescence: A new perspective on duration dependence in social and organizational relationships", Academy of Management Review, Vol. 16, No. 2, pp. 442-468. https://doi.org/10.5465/amr.1991.4278962
  30. Giarratana, M. S. and Fosfuri, A. (2007), "Product strategies and survival in Schumpeterian environments: Evidence from the US security software industry", Organization Studies, Vol. 28, No. 6, pp. 909-929. https://doi.org/10.1177/0170840607075267
  31. Hannan, M. T. and Freeman, J. (1977), "The population ecology of organizations", American Journal of Sociology, Vol. 82, No. 5, pp. 929-964. https://doi.org/10.1086/226424
  32. Jensen, M. C. and Meckling, W. H. (1976), "Theory of the firm: Managerial behavior, agency costs and ownership structure", Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  33. Kaplan, E. L. and Meier, P. (1958), "Nonparametric estimation from incomplete observations", Journal of the American Statistical Association, Vol. 53, No. 282, pp. 457-481. https://doi.org/10.1080/01621459.1958.10501452
  34. Katz, M. and C. Shapiro (1999), "Antitrust in software markets", in J. Eisenach and T. Lenard (Eds.), Competition, Innovation and the Microsoft monopoly: Antitrust in the digital marketplace, The Progress and Freedom Foundation, Kluwer Academic Publishers, Boston.
  35. Martinez, R. J. and Artz, K. (2006), "An examination of firm slack and risk-taking in regulated and deregulated airlines". Journal of Managerial Issues, Vol. 18, No. 1, pp. 11-31.
  36. Mata, J., Portugal, P. and Guimaraes, P. (1995), "The survival of new plants: Start-up conditions and post-entry evolution", International Journal of Industrial Organization, Vol. 13, No. 4, pp. 459-481. https://doi.org/10.1016/0167-7187(95)00500-5
  37. McCloughan, P. and Stone, I. (1998), "Life duration of foreign multinational subsidiaries: Evidence from UK northern manufacturing industry 1970-93", International Journal of Industrial Organization, Vol. 16, No. 6, pp. 719-747. https://doi.org/10.1016/S0167-7187(97)00070-2
  38. Mishina, Y., Pollock, T. G. and Porac, J. F. (2004), "Are more resources always better for growth? Resource stickiness in market and product expansion", Strategic Management Journal, Vol. 25, No. 12, pp. 1179-1197. https://doi.org/10.1002/smj.424
  39. Moses, O. D. (1992), "Organizational slack and risk-taking behaviour: tests of product pricing strategy", Journal of Organizational Change Management, Vol 5, No. 3, pp. 38-54. https://doi.org/10.1108/09534819210018045
  40. Opler, T., Pinkowitz, L., Stulz, R. and Williamson, R. (1999), "The determinants and implications of corporate cash holdings", Journal of Financial Economics, Vol. 52, No. 1, pp. 3-46. https://doi.org/10.1016/S0304-405X(99)00003-3
  41. Santarelli, E. (2000), "The duration of new firms in banking: an application of Cox regression analysis", Empirical Economics, Vol. 25, No. 2, pp. 315-325. https://doi.org/10.1007/s001810000019
  42. Silverman, B. S., Nickerson, J. A. and Freeman, J. (1997), "Profitability, transactional alignment, and organizational mortality in the US trucking industry", Strategic Management Journal, Vol. 18, pp. 31-52. https://doi.org/10.1002/(SICI)1097-0266(199707)18:1+<31::AID-SMJ920>3.3.CO;2-J
  43. Stuart, T. E. and Podolny, J. M. (1996), "Local search and the evolution of technological capabilities", Strategic Management Journal, Vol. 17, No. S1, pp. 21-38.
  44. Tan, J. and Peng, M. W. (2003), "Organizational slack and firm performance during economic transitions: Two studies from an emerging economy", Strategic Management Journal, Vol. 24, No. 13, pp. 1249-1263. https://doi.org/10.1002/smj.351
  45. Teece, D. J. (2007), "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance", Strategic Management Journal, Vol. 28, No. 13, pp. 1319-1350. https://doi.org/10.1002/smj.640
  46. Voss, G. B., Sirdeshmukh, D. and Voss, Z. G. (2008), "The effects of slack resources and environmental threat on product exploration and exploitation", Academy of Management Journal, Vol. 51, No. 1, pp. 147-164. https://doi.org/10.5465/amj.2008.30767373
  47. Winter, S. G. (1964), Economic natural selection and the theory of the firm, Yale University.
  48. Wiseman, R. M., & Bromiley, P. (1996), "Toward a model of risk in declining organizations: An empirical examination of risk, performance and decline", Organization Science, Vol. 7, No. 5, pp. 524-543. https://doi.org/10.1287/orsc.7.5.524