본문 바로가기
KERD
논문KCI 등재

인수기업에 의해 행사되는 통제 메커니즘이 피인수기업 성과에 미치는 영향

Control Mechanisms Exercised by Foreign Firms and Impacts on Performance in International Acquisitions

박병일
한국전문경영인학회|2010.04|전문경영인연구 (Journal of CEO and Management Studies)|제13권 제1호|pp. 189-211

0

조회

0

다운로드

2

인용

0

참고문헌

키워드

firm performance통제 메커니즘국제인수피인수기업 성과International acquisitionscontrol mechanisms

초록

다국적기업에 의해 가장 각광받는 해외 시장진입 방법의 하나로 널리 인식되고 있음에도, 국제인수 (international acquisitions)는 국제경영 분야의 기존 선행연구로부터 상대적으로 많은 주목을 받지 못하였다. 이로 인해, 외국인 인수기업이 행사하는 통제 메커니즘 (control mechanism)의 피인수기업 성과에 미치는 영향이 지대할 것으로 예견됨에도 불구하고 그간 폭넓은 논의가 이루어지지 않았던 것이 사실이다. 따라서 본 연구는 회귀분석 모델을 사용하여 인수기업의 통제 메커니즘과 피인수기업 성과와의 관계에 대한 실증적 분석을 시도해 보았으며, 이를 통해 두 가지 중요한 결과를 발견하였다. 첫째, 신뢰와 협력을 바탕으로 하고 있는 50:50의 공동 소유구조가 특정 기업에 의한 지배적인 (dominant) 소유구조보다 상대적으로 높은 성과를 실현하였다. 둘째, 외국인 모기업이 직접적이고 강제적으로 피인수기업에 대한 통제를 행사하는 경우보다, 간접적인 통제를 바탕으로 참여와 지원을 확대할 때 피인수기업의 성과가 향상되었다.

Abstract

Although international acquisitions are often referred as one of popular entry modes for foreign market expansions, they have received scant attention from previous empirical studies in international business area. Due to this, discussions on control mechanisms exercised by foreign firms and impacts on performance in international acquisitions are very rare. Based on the research gap, this study attempts to identify key control mechanisms significantly affecting firm performance in international acquisitions, and reports two crucial findings by using regression analyses. Firstly, 50:50 shared ownership promoting trust and harmonization between firms achieve better performance than one-party dominant ownership structure. Secondly, indirect control mechanisms based on participation and collaborative support contributes more than direct control to firm performance.

참고문헌 (47)

  1. 김동순, "국제 인수합병의 공시에 따른 주주 부의 변화: 선진국간 대 선진국, 개도국간 인수비교", 국제경영연구, 16(1), pp.1~34 (2005), 한국국제경영학회
  2. 김동순, "국내기업의 지배구조가 외국인투자 및 기업가치에 미치는 영향", 국제경영리뷰, 12(4), pp.155~172 (2008), 한국국제경영관리학회
  3. 박병일, "외국인 모기업의 통제 메커니즘이 합작기업 성과에 미치는 영향", 상경연구, 24(1), pp.1~23 (2008), 산업개발연구소
  4. 설원식, "외국인투자자의 경영참가 공시가 주주의 부에 미치는 영향", 국제경영리뷰, 11(4), pp.105~132 (2007), 한국국제경영관리학회
  5. 안종석, "국제인수합병 이후 국내 근로자의 직무스트레스와 조직몰입에 관한 연구", 국제경영연구, 15(3), pp.1~29 (2004), 한국국제경영학회
  6. 외국인 투자기업 현황, "지식경제부", 지식경제부, ~ (2008)
  7. Andersson, U., "Organic acquisitions in the internationalization process of the business firm", Management International Review, 37(2), pp.67~84 (1997)
  8. Bessler, W., "The stock market reaction to cross-border acquisitions of financial services firms: An analysis of Canadian banks", Journal of International Financial Markets, Institutions & Money, 12, pp.419~440 (2002)
  9. Cakici, N., "Foreign acquisitions in the United Sates: Effect on shareholder wealth of foreign acquiring firms", Journal of Banking & Finance, 20, pp.307~329 (1996)
  10. Chalos, P., "Determinants of the use of various control mechanisms in US-Chinese joint ventures", Accounting, organizations and society, 29, pp.591~608 (2004)
  11. Choi, C-B., "Split management control and international joint venture performance", Journal of International Business Studies, 35, pp.201~215 (2004)
  12. Corhay, A., "International acquisitions and Shareholder wealth: Evidence from the Netherlands", International Review of Financial Analysis, 9(2), pp.163~174 (2000)
  13. Datta, D. K., "Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. acquiring firms", Management International Review, 35(4), pp.337~359 (1995)
  14. Demirbag, M., "Factors affecting international joint venture success: An empirical analysis of foreign-local partner relations and performance in joint venture in Turkey", International Business Review, 9, pp.1~35 (2000)
  15. Dhanaraj, C., "Effect of equity ownership on the survival of international joint ventures", Strategic Management Journal, 25, pp.295~305 (2004)
  16. Doukas, J., "The effect of corporate multinationalism on shareholders’ wealth: Evidence from international acquisitions", The Journal of Finance, 43(5), pp.1161~1175 (1988)
  17. Finkelstein, S., "Understanding acquisition performance: The role of transfer effects", Organization Science, 13(1), pp.36~47 (2002)
  18. Geringer, J. M., "Control and performance of international joint ventures", Journal of International Business Studies, 10(2), pp.235~254 (1989)
  19. Geringer, J. M., "Measuring performance of international joint ventures", Journal of International Business Studies, 22(2), pp.249~263 (1991)
  20. Glaister, K. W., "Dimensions of control in UK international joint ventures", British Journal of Management, 6, pp.77~96 (1995)
  21. Harrison, J. S., "Synergies and post-acquisition performance: Differences versus similarities in resource allocations", Journal of Management, 17, pp.3~190 (1991)
  22. Hayward, M. L. A., "When do firms learn from their acquisition experience? Evidence from 1990-1995", Strategic Management Journal, 23, pp.21~39 (2002)
  23. Ivarsson, I., "Technology integration through international acquisitions: The case of foreign manufacturing TNCs in Sweden", Scandinavian Journal of Management, 18, pp.1~27 (2002)
  24. Krug, J. A., "Top management departures in cross-border acquisitions: Governance issues in an international context", Journal of International Management, 4, pp.267~287 (1998)
  25. Kumar, S., "The design of coordination and control mechanisms for managing joint venture - Parent relationships", Strategic Management Journal, 19(6), pp.579~599 (1998)
  26. Lane, P. J., "Absorptive capacity, learning, and performance in inernational joint ventures", Strategic Management Journal, 22, pp.1139~1161 (2001)
  27. Lee, J-R., "Bargaining power and the trade-off between the ownership and control of international joint venture in China", Journal of International Management, 4, pp.353~385 (1998)
  28. Lin, X., "Local partner acquisition of managerial knowledge in international joint ventures: Focusing on foreign management control", Management International Review, 45(2), pp.219~237 (2005)
  29. Luo, Y., "A dual parent perspective on control and performance in international joint ventures: Lessons from a developing economy", Journal of International Business Studies, 32, pp.41~58 (2001)
  30. Makhija, M. V., "The relationship between control and partner learning in learning-related joint ventures", Organization Science, 8(5), pp.508~527 (1997)
  31. Mjoen, H., "Control and performance in international joint venture", Organization Science, 8(3), pp.257~274 (1997)
  32. Morosini, P., "Post-cross-border acquisitions: Implementing ‘national culture-compatible’ strategies to improve performance", European Management Journal, 12(4), pp.390~400 (1994)
  33. Nonaka, I., "A dynamic theory of organizational knowledge creation", Organization Science, 5, pp.14~37 (1994)
  34. Nowinski, W., "An assessment and forecast highlighting the importance of restructuring and integration in cross-border acquisitions in Poland: An analysis of M&A experts’opinions", Journal of East European Management Studies, 11(1), pp.30~47 (2006)
  35. Pak, Y. S., "A framework of knowledge transfer in cross-border joint ventures: An empirical test of the Korean context", Management International Review, 44(4), pp.417~434 (2004)
  36. Paik, Y., "Risk management of strategic alliances and acquisitions between Western MNCs and companies in Central Europe", Thunderbird International Business Review, 47(4), pp.489~511 (2005)
  37. Park, B. I., "Knowledge acquisition and performance: The role of foreign parents in Korean IJVs", Asian Business & Management, 7(1), pp.11~32 (2008)
  38. Parkhe, A., "Partner nationality and the structure-performance relationships in strategic alliances", Organization Science, 4, pp.301~314 (1993)
  39. Powell, W. W., "Learning from collaboration: Knowledge and networks in the biotechnology and pharmaceutical industries", California Management Review, 0(3), pp.228~240 (1998)
  40. Ramaswamy, K., "The performance correlates of ownership control: A study of U.S. and European MNE joint ventures in India", International Business Review, 7, pp.423~441 (1998)
  41. Slangen, A. H. L., "National cultural distance and initial foreign acquisition performance: The modeling effect of integration", Journal of World Business, 41, pp.161~170 (2006)
  42. Steensma, H. K., "Explaining IJV survival in a transitional economy through social exchange and knowledge-based perspectives", Strategic Management Journal, 21, pp.831~851 (2000)
  43. Tatoglue, E., "Performance of international joint ventures in Turkey: Perspective of Western firms and Turkish firms", International Business Review, 7, pp.635~656 (1998)
  44. United Nations, "World investment report 2007: Transnational corporations, extractive industries and development" (2007), United Nations
  45. Wang, P., "Control mechanisms, key personnel appointment, control and performance of Sino-Singaporean joint ventures", International Business Review, 7, pp.351~375 (1998)
  46. Williamson, O. E., "The economies of organization: The transaction cost approach", American Journal of Sociology, 87(3), pp.548~577 (1981)
  47. Yan, A., "Bargaining power, management control, and performance in United States-China joint ventures: A comparative case study", Academy of Management Journal, 37, pp.1478~1517 (1994)

관련 논문AI추천

국제합작투자의 통제구조와 경영성과에 관한 연구: 파트너간 신뢰와 기회주의의 조절효과를 중심으로이응석, 이재유한국국제경영학회 · 국제경영연구2004 · 제15권 제2호한국기업의 소유구조 특성이 국제인수합병 성과에 미치는영향김필수한국상업경영학회 · 상업경영연구2015 · 제29권 제5호기업간 관련성과 인수 후 통합수준의 상호작용이 국제 M&A 성과에 미치는 영향박영렬, 박정민, 최순규한국국제경영학회 · 국제경영연구2009 · 제20권 제3호Control Mechanisms and Knowledge Acquisition in International Joint Ventures박병일한국국제경영학회 · 국제경영연구2009 · 제20권 제3호한국기업의 개도국 투자에 있어 지분(ownership)-통제(control)-성과(performance)간의 관계에 대한 연구김택권, 송상철한국국제경영학회 · 국제경영연구2004 · 제15권 제3호제도적 환경차이 하에서 지식거리가 해외법인소유구조에 미치는 영향김경애, 이정열한국국제경영학회 · 국제경영연구2019 · 제30권 제2호

이 간행물의 다른 논문 (10건)

The Ritz-Carlton Case: “We are Ladies and Gentlemen Serving Ladies and Gentlemen.“오준석pp. 1-19현대자동차의 중국 자동차 시장 진출: 북경현대기차를 중심으로박재찬, 조동성pp. 21-42연기금의 일본 주식투자 위험관리를 위한 NIKKEI 225와 KOSPI 200 주가지수선물간 교차헤지에 관한 연구임병진pp. 43-56우리나라 중소벤처기업의 국내경험이 해외지식습득과 해외진출성과에 미치는 영향이건희, 김정포pp. 57-74제3자 배정 유상증자 개선에 관한 연구김대호, 문성주pp. 75-91
원문 보기