상장 시장에 따른 직원 경험 차이: 코넥스·코스닥·코스피 상장기업 직원 리뷰의 자연어 처리 분석 결과를 바탕으로

초록

This study empirically examines how the organizational advantages and disadvantages experienced by employees differ across listing markets in the Korean capital market. Using three listing stages—KONEX (an early-stage SME market), KOSDAQ (a technology-intensive mid-cap market), and KOSPI (a large-cap market)—as proxies for organizational maturity, we applied the BERTopic algorithm to approximately 465,000 employee reviews of 1,863 companies. The analysis extracted 38 topics (19 for disadvantages and 19 for advantages), revealing systematic differences in topic distributions and their effects on employee satisfaction across listing stages. KONEX firms exhibited higher levels of general dissatisfaction and lack of organizational structure, yet demonstrated strengths in flexible leave usage and employee tolerance for organizational immaturity. KOSPI firms showed advantages in work-life balance, stability, and large-firm welfare benefits, while suffering from military-style culture, excessive reporting requirements, and complex employment structures. KOSDAQ firms displayed a high-volatility pattern where both advantages and disadvantages strongly affected satisfaction, reflecting transitional tensions between growth and institutionalization. These findings challenge the simplistic narrative that "growth equals better organization," suggesting that each growth stage of venture firms forms a unique portfolio of organizational experiences. This study validates organizational life cycle theory and institutionalization theory in the venture firm context and highlights the need for differentiated human resource management strategies across growth stages.

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