신흥국 기업의 연구개발 활동과 기업성과 간 관계: 비용우위와 차별화 전략의 의미
The Impact of Research and Development Activities on the Firm Performance in the Emerging Market MNEs: Cost Leadership and Differentiation Strategies
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본 연구는 신흥국 기업들을 대상으로 연구개발 투자 활동이 갖는 기업성과에 대한 함의를고찰하였다. 신흥국 가운데 총 53개국으로 구성된 국가군을 선별하였으며, 이들 국가출신 기업 중 4,006개 신흥국 기업을 연구대상으로 선택하였다. 이들 기업을 대상으로1985~2014년까지의 경험적 자료를 활용하여 단기 활용형 연구개발과 중장기 탐색형 연구개발 투자 활동이 기업성과(수익성, 성장성)에 미치는 영향을 살펴보았다. Thomson Reuters Datastream과 OSIRIS가 제공하는 신흥국 기업 자료를 활용하여 패널모형으로실증 분석한 결과, 단기 지향형 연구개발 투자 활동은 기업성과에 통계적으로 유의한음(-)의 영향을 미치고, 중장기 지향형 연구개발 투자 활동은 기업성과에 유의한 양(+)의영향을 미치는 것으로 나타났다. 또한 이 글은 신흥국 기업의 비용우위 및 차별화 전략에관한 근원적 전략적 선택이 연구개발 투자 전략과 갖는 관계도 고찰하였다. 분석 결과를통해 우리는 다음과 같은 주요 사실을 발견할 수 있었다: (1)일반 기업과 동일하게 신흥국기업의 경우에도 연구개발 투자 활동은 미래 실효성을 나타낸다. (2)일반 기업과 달리신흥국 기업은 보다 중장기적인 탐색형 혁신 활동을 지향하는 성향이 강하다. 또한 (3)탐색적 혁신 활동을 강조하는 속성을 보이는 가운데 신흥국 기업은 근원적인 전략적 선택에서 비용우위와 차별화 전략을 균형적으로 모색하는 조직으로서의 면모를 보여주었다.
Abstract
This paper examines the relationship between R&D activities and firm performance in the emerging market MNEs using 4,006 EM MNEs from 53 emerging economies during the years of 1985~2014. We collected the empirical data from Thomson Reuters Datastream and OSIRIS. R&D activities are classified into two concepts such as short-term-oriented “exploitative” type and long-term-oriented “exploratory” type, while the firm performance is measured by profitability and growth. This paper also explores the relationship between the fundamental strategic choice on cost leadership and differentiation and R&D strategy in the EM MNEs by employing the panel analysis. The main findings are as follows: (1)R&D activities of the EM MNEs have the same future effectiveness as the advanced market MNEs do, (2)The EM MNEs provide the contrasting attributes in a sense that they prefer the exploratory R&D, and (3)the EM MNEs seek for the balanced cost leadership and differentiation strategies showing a disposition towards long-term-oriented R&D activity.
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