본문 바로가기
KERD
논문KCI 등재

산업구조와 가치사슬이 신흥국 진출 성공에 미치는 영향

The Impact of Industry Architectures and Supply Chains on Successful Expansion in Emerging Markets

박광호|오재호
한국산업경영시스템학회 (KOREAN SOCIETY OF INDUSTRIAL AND SYSTEMS ENGINEERING)|2020.09|한국산업경영시스템학회지 (Journal of Korean Society of Industrial and Systems Engineering)|제43권 제3호|pp. 29-40

1

조회

0

다운로드

0

인용

0

참고문헌

키워드

LocalizationSupply ChainEmerging EconomiesIndustry ArchitectureInternational Expansion
주제분류산업공학

초록

Korean firms have been vigorously searching and exploring overseas market opportunities through export and overseas investment. As of end of 2019, there were more than 80,000 Korean overseas subsidiaries all over the world. With Korean overseas direct investment increasing recently, it became one of the important issues for overseas investors to be successful in the global market. There are a lot of studies on factors influencing the performance of overseas subsidiaries such as ‘firm’ and ‘country’ factors. This study empirically examines subsidiary performance determinants with ‘industry architectures’ by using a sample of 292 overseas Korean firm subsidiaries. Industry architectures are the stable but evolving sets of rules and roles through which labor is divided within a sector. This article considers how industry architectures shape success in international expansion. Industry architectures differ between countries, are not necessarily technologically determined, shape firms’ capabilities and their competitive environment, and constitute a distinct level of analysis. We extract antecedents of related theory and empirically test its impact with a survey of Korean firms expanding in emerging economies. We would say this is the first study which tries to focus on industry architectures with the performance of Korean overseas subsidiaries. We find that separability and similarity of industry architectures across countries and localization of subsidiaries are robust and important predictors of success in international expansion. Our results suggest that industry architectures should be added to firm and country as an intermediate level of analysis that helps explain success in international expansion. While we established a pattern, much more remains to be done. We focus on the success of foreign operations, but we do not consider the broader benefits of going abroad, such as the learning or network effects that accrue at the level of the entire firm. The next obvious question is whether the results would differ in the developed market context. These we leave for future research to consider.

Abstract

Korean firms have been vigorously searching and exploring overseas market opportunities through export and overseas investment. As of end of 2019, there were more than 80,000 Korean overseas subsidiaries all over the world. With Korean overseas direct investment increasing recently, it became one of the important issues for overseas investors to be successful in the global market. There are a lot of studies on factors influencing the performance of overseas subsidiaries such as ‘firm’ and ‘country’ factors. This study empirically examines subsidiary performance determinants with ‘industry architectures’ by using a sample of 292 overseas Korean firm subsidiaries. Industry architectures are the stable but evolving sets of rules and roles through which labor is divided within a sector. This article considers how industry architectures shape success in international expansion. Industry architectures differ between countries, are not necessarily technologically determined, shape firms’ capabilities and their competitive environment, and constitute a distinct level of analysis. We extract antecedents of related theory and empirically test its impact with a survey of Korean firms expanding in emerging economies. We would say this is the first study which tries to focus on industry architectures with the performance of Korean overseas subsidiaries. We find that separability and similarity of industry architectures across countries and localization of subsidiaries are robust and important predictors of success in international expansion. Our results suggest that industry architectures should be added to firm and country as an intermediate level of analysis that helps explain success in international expansion. While we established a pattern, much more remains to be done. We focus on the success of foreign operations, but we do not consider the broader benefits of going abroad, such as the learning or network effects that accrue at the level of the entire firm. The next obvious question is whether the results would differ in the developed market context. These we leave for future research to consider.

참고문헌 (46)

  1. Baldwin, C. Y., "Where do transactions come from?", Industrial and Corporate Change, 17, pp.155~195 (2008)
  2. Covid-19 investment implications series : the world after Covid primer, Thematic Investing, "Bank of America", 1~16 (2020)
  3. Bouquet, C., "Foreign expansion in service industries : separability and human capital intensity", Journal of Business Research, 57(1), pp.35~46 (2004)
  4. Brouthers, L. E., "Is Dunning’s eclectic framework descriptive or normative?", Journal of International Business Studies, 30(4), pp.831~844 (1999)
  5. Brouthers, L. E., "Perceived environmental uncertainty, entry mode choice and satisfaction with EC-MNC performance", British Journal of Management,, 11(3), pp.183~195 (2000)
  6. Chan, C. M., "Which country matters? Institutional development and foreign affiliate performance", Strategic Management Journal, 29(11), pp.1179~1205 (2008)
  7. Dikova, D., "Performance of foreign subsidiaries : Does psychic distance matter?", International Business Review, 18(1), pp.38~49 (2009)
  8. Feenstra, R., "Integration of trade and disintegration of production in the global economy", Journal of Economic Perspectives, 12(4), pp.31~50 (1998)
  9. Ghemawat, P., "Distance still matters : the hard reality of global expansion", Harvard Business Review, 79(8), pp.137~147 (2001)
  10. Ham, J.O., "A study on the determinants of performances of Korean FDI corporations in China", pp.2011
  11. Harzing, A. W., "An empirical analysis and extension of the Bartlett and Ghoshal typology of multinational companies", Journal of International Business Studies, 31(1), pp.101~120 (2000)
  12. Hu, Y. S., "International transferability of the firm’s advantages", California Management Review, 37(4), pp.73~87 (1995)
  13. Jacobides, M. G., "How industry architectures shape firm success when expanding in emerging economies", Global Strategy Journal, 3(2), pp.150~170 (2013)
  14. Jacobides, M. G., "Capabilities : agency, structure and evolution", Organization Science, 23(5), pp.1365~1381 (2012)
  15. Jacobides, M. G., "Industry change through vertical disintegration : How and why markets emerged in mortgage banking", Academy of Management Journal, 48(3), pp.465~498 (2005)
  16. Jacobides, M. G., "Benefiting from innovation : value creation, value appropriation and the role of industry architectures", Research Policy, 35(8), pp.1200~1221 (2006)
  17. Jacobides, M.G., "Playing football in a soccer field : value chain structures, institutional modularity and success in foreign expansion", Managerial and Decision Economics, 29(3), pp.257~276 (2008)
  18. Jarillo, J. C., "Different roles for subsidiaries : the case of multinational corporations in Spain", Strategic Management Journal, 11(7), pp.501~512 (1990)
  19. The impact of Covid-19 on global value chain and counter measure, "KIET", 1~12, pp.I-KIET Industry Economy Issues, Vol. 82 (2020)
  20. 김철민, "가치 창조 및 전유 요소가 기업의 성과에 미치는 영향", 한국산업경영시스템학회지, 40(4), pp.1~9 (2017), 한국산업경영시스템학회
  21. Kotabe, M., "Antecedents and outcomes of modular production in the Brazilian automobile industry : a grounded theory approach", Journal of International Business Studies, 38(1), pp.84~106 (1993)
  22. KOTRA, "Directory of overseas Korean FDI corporations", ~ (2018)
  23. Factual survey on the change of global value chain, "KOTRA", 1~26 (2020)
  24. Kudina, A., "motives and impediments to FDI in the CIS", CASE Network Studies and Analyses, (370), pp.1~31 (2008)
  25. Law, K. S., "The antecedents and consequences of successful localization", Journal of International Business Studies, 40, pp.1359~1373 (2009)
  26. Lee, S.K., "A study on the effects of cultural intelligence and management adaptation on the performance of Korean FDI firms", pp.2018
  27. Levitt, T., "The globalization of markets", Harvard Business Review, 61(3), pp.92~102 (1983)
  28. Lu, Y., "HRM practices in China-Western joint ventures : MNC standardization versus localization", International Journal of Human Resource Management, 8(5), pp.614~628 (1997)
  29. Makino, S., "Does country matter?", Strategic Management Journal, 25(10), pp.1027~1043 (2004)
  30. McGahan, A., "How much does home country matter to corporate profitability?", Journal of International Business Studies, 41(1), pp.142~165 (2010)
  31. Meyer, K., "Multinational enterprises and local contexts : the opportunities and challenges of multiple embeddedness", Journal of Management Studies, 48(2), pp.189~205 (2011)
  32. "Ministry of Trade, Industry and Energy of Korea"[URL]
  33. Mudambi, R., "Knowledge management in multinational firms", Journal of International Management, 8(1), pp.1~9 (2002)
  34. Mudambi, R., "control and innovation in knowledge-intensive industries", Journal of Economic Geography, 8(5), pp.699~725 (2008)
  35. Parente, R., "The effect of supply chain integration, modular production, and cultural distance on new product development : a dynamic capability approach", Journal of International Management, 17(5), pp.524~541 (2011)
  36. Porter, M.E., "The competitive advantage of nations" (1990), Free Press
  37. Puranam, P., "Integrating distributed work : comparing task design, communication, and tacit coordination mechanisms", Strategic Management Journal, 32(8), pp.849~875 (2011)
  38. Rangan, S., "Information technology and transnational integration : theory & evidence on the evolution of modern multinational enterprise", Journal of International Business Studies, 40(9), pp.1496~1514 (2009)
  39. Salomon, R., "Institutional distance and local isomorphism", Journal of International Business Studies, 43, pp.1~25 (2012)
  40. Shin, H.K., "Impact of local business networks and psychic distance on performance of subsidiaries in emerging markets", pp.2012
  41. Taggart, J. H., "An evaluation of the integration-responsiveness framework : MNC manufacturing subsidiaries in the UK", Management International Review, 37(4), pp.295~318 (1997)
  42. Taggart, J. H., "MNC subsidiary performance, risk, and corporate expectations", International Business Review, 8(2), pp.233~255 (1999)
  43. Teece, D. J., "Technology transfer by multinational firms : the resource cost of transferring technological knowhow", Economic Journal, 87(346), pp.242~261 (1977)
  44. "The Export-Import Bank of Korea"[URL]
  45. Vrontis, D., "International marketing adaptation versus standardization of multinational companies", International Marketing Review, 26(4, pp.5) (2009), 477~500
  46. Zaheer, S., "Overcoming the liability of foreignness", Academy of Management Journal, 38(2), pp.341~362 (1995)

관련 논문AI추천

한국 진출 미국 다국적기업 자회사의 역량이 현지화와 그 성과에 미치는 영향에 관한 실증연구: 본사 국제화 역량과 자회사 업종의 조절효과를 중심으로김대섭, 나원찬한국국제경영학회 · 국제경영연구2021 · 제32권 제4호Tapping a Foreign Subsidiary’s Competence: An Empirical Test of Subsidiaries of Multinational Corporations in South Korea송재용, 최순규, Yuzhe Miao경영연구소 · Seoul Journal of Business2008 · 제14권 제2호The Effects of Korean Firm-Specific Advantages on Foreign Subsidiary Performance: Moderating Effects of Host-location and Korean Chaebols강효정, 박영렬, 송윤아한국국제경영학회 · 국제경영연구2010 · 제21권 제4호Internationalization and Organizational Performance: The Case of Emerging Market Group Affiliated Firms오금식, 전용복한국국제경영학회 · 국제경영연구2017 · 제28권 제2호제도적 환경차이 하에서 지식거리가 해외법인소유구조에 미치는 영향김경애, 이정열한국국제경영학회 · 국제경영연구2019 · 제30권 제2호A COMPARATIVE ANALYSIS OF MARKET ENTRY MODE OF SOUTH KOREAN FIRMS IN CHINA AND VIETNAMGil-Sung Kim, Hoon Park사람과세계경영학회 · Global Business and Finance Review2007 · 제12권 제1호

이 간행물의 다른 논문 (23건)

미국 금리 스프레드를 이용한 한국 금리 스프레드 예측 모델에 관한 연구 : SVR-앙상블(RNN, LSTM, GRU) 모델 기반정순호, 송명진, 정윤재, 고성석, 김영후pp. 1-9색도 및 색순에 따른 그라비아 인쇄 공정의 작업 순서 결정 규칙배재호pp. 10-20후속시장이 가격결정에 미치는 영향 분석이민호, 조형래pp. 21-28수치실험을 통한 스트레스 감소 예방보수모형의 고찰박종훈pp. 41-52자료포락분석을 이용한 전기차 충전소 운영효율성 평가강영수, 손동훈, 김화중pp. 53-60
원문 보기