제도적 거리가 한국 다국적기업 해외자회사의 소유지분 결정에 미치는 영향: 전문경영인의 관점에서
The Effect of Institutional Distance on the Ownership Strategies of Korean MNEs: From the Perspective of CEO
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“거리”의 영향력은 국제경영 전략의 국가 간 차이를 설명하려는 학자들의 주요한 연구 주제 중 하나로 간주되어 왔으며, 이러한 문제를 해결하기 위해 국제경영 분야의 과거 연구들은 홉스테드의 연구을 바탕으로 심리적 거리와 문화적 거리에 초점을 맞추어왔다. 본 연구는 본국과 현지국 간의 제도적 차이가 한국 다국적기업 해외자회사의 소유지분 결정에 미치는 영향력을 살펴보기 위해 제도적 관점을 채택하였다. 본 연구에서는 제도적 거리를 규범적 거리와 규정적 거리로 구분하여 규범적 거리와 규정적 거리가 해외자회사의 소유지분 결정에 미치는 영향력을 살펴보았는데, 본국과 현지국 간의 규범적 거리와 규정적 거리가 증가함에 따라 단독투자 보다는 합작투자를 선호할 것으로 가정하였다. 35개국에서 경영활동을 수행하고 있는 254개의 해외자회사들을 대상으로 이항 로지스틱 회귀분석을 통해 이상의 주장을 실증적으로 검증하였다.
Abstract
The effects of ”distance” have been widely used by international business scholars to explain variations in international business strategies. The international business literature has traditionally focused on the concept of psychic and cultural distance based on Hofstede's work on national culture to address some of these issues. In this paper, we adopt an institutional perspective to advance understanding of how the institutional distance between the home country of the parent and the host country of the subsidiary influences the ownership strategies of Korean MNEs. We proposed two measures of institutional differences, regulative and normative distance, and examined their effect on MNE ownership strategies. We suggest that MNEs are more likely to choose a joint venture rather than a wholly-owned subsidiary the larger the normative distance between the home and the host countries is. And we also propose that MNEs will choose a joint venture where the regulative distance is larger. These propositions are tested by binary logistic regression analysis of 254 subsidiaries in 35 countries.
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