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국가간거리와 해외자회사 퇴출에 대한 기업집단 변수의 조절효과: 전문경영인에 대한 시사점

The Moderating Effect of Business Group Variable on Cross-national Distance and Foreign Subsidiary Exit: Implications for Professional Managers

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한국전문경영인학회|2012.04|전문경영인연구 (Journal of CEO and Management Studies)|제15권 제1호|pp. 139-160|DOI http://dx.doi.org/

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참고문헌

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재벌다국적기업manager마할라노비스국가간거리해외자회사퇴출경영인Mahalanobiscross-national distanceforeign subsidiary exitmultinational firm

초록

본 연구는 우리나라에 본사를 두고 있는 1,798개 다국적기업과 그 기업들의 2,583개 해외자회사를 대상으로 마할라노비스 국가간거리(Mahalanobis cross-national distance)가 해외자회사 퇴출에 미치는 영향을 분석하였다. 이런 맥락에서 마할라노비스 국가간거리의 9개의 차원들이 재벌더미의 조절효과에 의해 어떻게 차이가 나게 해외자회사퇴출에 영향을 미치는가도 분석하였다. 본 연구의 결과에 따르면, 지리적거리(geographic distance)를 제외한 다른 8개의 국가간거리 차원들에 있어 국가간거리가 퇴출의 가능성(exit likelihood)에 양의 유의한 영향을 미치는 경향이 있었다. 그러나 재벌 변수가 거리와 자회사퇴출간의 조절변수로 역할을 할 경우 정치, 문화적거리를 제외한 다른 7개의 거리차원에 있어 음의 유의한 관계를 갖는 경향이 있음이 밝혀졌다. 이러한 결과들은 종합적으로 지리적거리를 제외한 다른 모든 국가간거리는 해외자회사퇴출을 종용하는 영향력을 미치나, 재벌기업은 이런 국가간거리의 장벽을 넘어설 수 있는 핵심역량을 소유하며 계열사 간 유형무형의 자원을 공유를 통해 정치, 문화적거리를 제외한 모든 국가간거리를 극복할 수 있음을 시사한다. 이는 또한 재벌기업의 경영인들이 해외자회사의 퇴출을 결정함에 있어서 9개의 국가간거리 차원의 중요도를 선별적으로 판단해야함을 시사한다. 특히 경영인들이 정치거리와 문화거리는 재벌의 핵심역량으로도 쉽게 극복할 수 없는 국가간거리 차원임을 숙지하고 해당 기업의 해외자회사 생존 및 퇴출을 판단해야함을 시사한다.

Abstract

Using as dataset of 1,798 multinational parent firms and their 2,583 foreign subsidiaries, the present study empirically explored the impact of Mahalanobis cross-national distance on foreign subsidiary exit. In this vein, I investigated how the chaebol dummy moderates nine dimensions of Mahalanobis cross-national distance, too. I found that, except for geographic distance, other eight dimensions of cross-national distance have positive and significant effects on the likelihood of subsidiary exit. Yet, when the chaebol dummy has a role of moderating variable on distance and subsidiary exit, except for political and cultural distances, the chaebol factor weakens the positive relationship between other seven dimensions of distance and the likelihood of subsidiary exit. Overall, these findings suggest that, except for geographic distance, all the other dimensions of cross-national distance positively influence the probability of foreign subsidiary exit; whereas, chaebol firms can overcome various dimensions of cross-national distance except for political and cultural distance, because they possess core competencies and share tangible and intangible resources among their group-affiliated firms to hinder the liability of cross-national distance. These findings also suggest that chaebol firms' management should separately judge the significance of nine dimensions of cross-national distance when they decide foreign subsidiary exit. In particular, they suggest that the management should acknowledge that political and cultural distances are the dimensions, which are difficult to be overcome.

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