신흥시장진출 자회사 CEO의 기업가정신 지향성이 자회사 성과에 미치는 영향: 자회사 조직적 특성의 매개효과를 중심으로
Subsidiary CEOs’ Entrepreneurial Orientation and Performance in Emerging Markets: Mediating Effect of Subsidiary Organizational Characteristics
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
본 연구는 신흥시장에서 활동하는 자회사 CEO의 기업가정신 지향성이 자회사 성과에 미치는 영향에 개방형 혁신과 자회사 자율성이 미치는 매개효과를 검증함으로써, 자회사 성과에 CEO의 특성뿐만 아니라 조직의 특성이 자회사 성과에 어떤 영향을 주는지 살펴보았다. 본 연구는 중동과 중국에 진출한 한국기업 자회사를 상대로 설문조사를 진행한 후, 305개의 유효표본을 PLS-SEM을 통해 검증을 진행하였다. 첫째, 자회사 CEO 기업가정신 지향성은 자회사 성과에 긍정적인 영향을 미쳤다. 둘째, 자회사 자율성은 자회사 CEO 기업가정신 지향성과 자회사 성과의 관계에 매개효과를 주지 못했다. 셋째, 개방형 혁신은 자회사 CEO 기업가정신 지향성과 자회사 성과의 관계에 매개효과를 주는 것으로 나타났다. 본 연구는 CEO의 기업가정신 지향성이라는 특성이 자회사의 조직적 상황 요인에 의한 매개효과를 입증하여 기존 연구를 확장하였다. 추가로, 본 연구는 자회사 CEO의 기업가정신 지향성의 중요성을 밝힘으로써 본사에서 자회사의 CEO를 선정할 때 고려해야 할 주안점을 제시하였고, 신흥시장에 진출한 자회사의 성과를 증진할 수 있는 방안으로 개방형 혁신을 제안하였다.
Abstract
This study examines the mediating effects of open innovation and autonomy on the relationship between the entrepreneurial orientation of subsidiary CEOs and subsidiary performance in an emerging market context. The result suggests that not only CEO characteristics but also organizational characteristics are important factors affecting subsidiary performance. This study is based on a survey conducted on Korean firms exporting to the Middle East and China, and 305 valid samples were analyzed using PLS-SEM. The findings indicate that, first, subsidiary CEO entrepreneurship orientation has a positive impact on subsidiary performance. Second, subsidiary autonomy did not mediate the relationship between subsidiary CEO entrepreneurship orientation and subsidiary performance. Third, open innovation mediated the relationship between subsidiary CEO entrepreneurship orientation and subsidiary performance. This study extends the existing literature by confirming the impact of CEO characteristics in subsidiaries and demonstrating the mediating effect of organizational characteristics. Furthermore, this study reveals the importance of CEO characteristics of subsidiaries and provides guidelines on how headquarters should select subsidiary CEOs, and suggests open innovation as a way to improve subsidiary performance in emerging markets.
참고문헌 (104)
- 손정민, "해외자회사의 네트워크 유형이 전략적 역할과 성과간의 관계에 미치는 조절 효과", 국제경영연구, 22(4), pp.53~80 (2011)
- 한경수, "해외자회사 CEO의 본사파견 여부가 해외자회사의 성과에 미치는 영향 : 한국진출 외국인투자 제조기업을 중심으로", 국제경영연구, 30(3), pp.49~77 (2019)
- Albats, E., "Stakeholder Management in SME Open Innovation : Interdependences and Strategic Actions", Journal of Business Research, 119(1), pp.291~301 (2020)
- Albis, N., "The Impact of External, Internal, and Dual Relational Embeddedness on the Innovation Performance of Foreign Subsidiaries : Evidence from a Developing Country", Journal of International Management, 27(4), pp.100854~ (2021)
- Ambos, T. C., "What are the Consequences of Initiative-Taking in Multinational Subsidiaries?", Journal of International Business Studies, 41(7), pp.1099~1118 (2010)
- Ambos, B., "A Dynamic Perspective on Subsidiary Autonomy", Global Strategy Journal, 1(34), pp.301~316 (2011)
- Andersson, U., "The Strategic Impact of External Networks : Subsidiary Performance and Competence Development in the Multinational Corporation", Strategic Management Journal, 23(11), pp.979~996 (2002)
- Andersson, U., "Balancing Subsidiary Influence in the Federative MNC : A Business Network View", Journal of International Business Studies, 38(5), pp.802~818 (2007)
- Bamel, U. K., "Organizational Process as Antecedent of Managerial Flexibility", Global Journal of Flexible Systems Management, 14, pp.3~15 (2013)
- Barrett, G., "Open Innovation within High-Tech SMEs : A Study of the Entrepreneurial Founder‘s Influence on Open Innovation Practices", Technovation, 103, pp.102232~ (2021)
- Birkinshaw, J., "Entrepreneurship in Multinational Corporations : The Characteristics of Subsidiary Initiatives", Strategic Management Journal, 18(3), pp.207~229 (1997)
- Birkinshaw, J., "The Determinants and Consequences of Subsidiary Initiative in Multinational Corporations", Entrepreneurship Theory and Practice, 24(1), pp.9~36 (1999)
- Birkinshaw, J., "Building Firm-Specific Advantages in Multinational Corporations : The Role of Subsidiary Initiative", Strategic Management Journal, 19(3), pp.221~242 (1998)
- Birkinshaw, J., "Subsidiary Entrepreneurship, Internal and External Competitive Forces, and Subsidiary Performance", International Business Review, 14(2), pp.227~248 (2005)
- Bouquet, C., "Fighting the"Headquarters knows Best"Syndrome", MIT Sloan Management Review, 57(2), pp.58~66 (2015)
- Brunswicker, S., "The Adoption of Open Innovation in Large Firms", Research-Technology Management, 61(1), pp.35~45 (2018)
- Cano-Berlanga, S., "On Chinese Stock Markets : How have they Evolved Over Time?", Annals of Operations Research, 266(1), pp.499~510 (2018)
- Cao, Q., "CEO Social Capital and Entrepreneurial Orientation of the Firm : Bonding and Bridging Effects", Journal of Management, 41(7), pp.1957~1981 (2012)
- Cheng, B. -S., "Organizational Commitment, Supervisory Commitment, and Employee Outcomes in the Chinese Context : Proximal Hypothesis or Global Hypothesis?", Journal of Organizational Behavior, 24(3), pp.313~334 (2003)
- Cheng, C. C. J., "When is Open Innovation Beneficial? The Role of Strategic Orientation", Journal of Product Innovation Management, 31(6), pp.1235~1253 (2014)
- Conroy, K. M., "The Dual Knowledge Role of Open Innovation Intermediaries : Internal Weaving and External Filtering for MNE Subsidiaries", Technovation, 123, pp.102721~ (2023)
- Contractor, F., "Viewing Global Strategy Through a Microfoundations Lens", Global Strategy Journal, 9(1), pp.3~18 (2019)
- Covin, J. G., "Corporate Entrepreneurship and the Pursuit of Competitive Advantage", Entrepreneurship Theory and Practice, 23(3), pp.47~63 (1999)
- Crossland, C., "How National Systems Differ in their Constraints on Corporate Executives : A Study of CEO Effects in Three Countries", Strategic Management Journal, 28(8), pp.767~789 (2007)
- De Beule, F., "Sources of Open Innovation in Foreign Subsidiaries : An Enriched Typology", International Business Review, 28(1), pp.135~147 (2019)
- Deasy D. Pane, "Does Export Experience Improve Firms’ Productivity? Evidence from Indonesia", Journal of Development Studies, 57(12), pp.2156~2176 (2021)
- Dess, G. G., "The Role of Entrepreneurial Orientation in Stimulating Effective Corporate Entrepreneurship", Academy of Management Perspectives, 19(1), pp.147~156 (2005)
- Donbesuur, F., "The Effect of Entrepreneurial Orientation on New Venture Performance : Contingency Roles of Entrepreneurial Actions", Journal of Business Research, 118, pp.150~161 (2020)
- Dörrenbächer, C., "A Micro-Political Perspective on Subsidiary Initiative-Taking : Evidence from German-Owned Subsidiaries in France", European Management Journal, 27(2), pp.100~112 (2009)
- Ebersberger, B., "Inbound Open Innovation and Innovation Performance : A Robustness Study", Research Policy, 50(7), pp.104271~ (2021)
- Engelen, A., "Entrepreneurial Orientation, Firm Performance, and the Moderating Role of Transformational Leadership Behaviors", Journal of Management, 41(4), pp.1069~1097 (2015)
- Fernández-Pérez, V., "Entrepreneurial Decision-Making, External Social Networks and Strategic Flexibility : The Role of CEOs’ Cognition", European Management Journal, 34(3), pp.296~309 (2016)
- Ferraris, A., "Subsidiary Innovation Performance : Balancing External Knowledge Sources and Internal Embeddedness", Journal of International Management, 26(4), pp.100794~ (2020)
- Ferraris, A., "Open Innovation in Multinational Companies' Subsidiaries : The Role of Internal and External Knowledge", European Journal of International Management, 11(4), pp.452~468 (2017)
- Forcadell, F. J., "Individual Entrepreneurial Orientation and Performance : The Mediating Role of International Entrepreneurship", International Entrepreneurship and Management Journal, 18(2), pp.875~900 (2022)
- Fornell, C., "Evaluating Structural Equation Models with Unobservable Variables and Measurement Error", Journal of Marketing Research, 18(1), pp.39~50 (1981)
- Gertner, R. K., "The Implications of Export Performance Measurement for the Significance of the Determinants of Export Performance", Journal of Global Marketing, 20(1), pp.21~38 (2007)
- Grama-Vigouroux, S., "From Closed to Open : A Comparative Stakeholder Approach for Developing Open Innovation Activities in SMEs", Journal of Business Research, 119, pp.230~244 (2020)
- Gupta, V., "Entrepreneurial Leadership : Developing and Measuring a Cross-Cultural Construct", Journal of Business Venturing, 19(2), pp.241~260 (2004)
- Gupta, V., "Entrepreneurial Orientation and Firm Value : Does Managerial Discretion Play a Role?", Review of Managerial Science, 12, pp.1~26 (2018)
- Hair, J. F., "Multivariate Data Analysis" (2009), Pearson
- Hambrick, D. C., "Managerial Discretion : A Bridge between Polar Views of Organizational Outcomes", Research in Organizational Behavior, 9, pp.369~406 (1987)
- Han, D. C., "Multiple Strategic Orientations and Strategic Flexibility in Product Innovation", European Research on Management and Business Economics, 27(1), pp.100136~ (2021)
- Han, X., "Risk Management, Legitimacy, and the Overseas Subsidiary Performance of Emerging Market MNEs", International Business Review, 30(4), pp.101732~ (2021)
- Harman, H. H., "Modern Factor Analysis" (1976), University of Chicago Press
- Chesbrough, H. W., "New Frontiers in Open Innovation" (2014), Oxford University Press
- Henseler, J., "Using PLS Path Modeling in New Technology Research : Updated Guidelines", Industrial Management & Data Systems, 116(1), pp.2~20 (2016)
- Hensellek, S., "Entrepreneurial Leadership, Strategic Flexibility, and Venture Performance : Does Founder‘s Span of Control Matter?", Journal of Business Research, 157, pp.113544~ (2023)
- Inauen, M., "The Impact of Outside-in Open Innovation on Innovation Performance", European Journal of Innovation Management, 14(4), pp.496~520 (2011)
- Kafouros, M., "Institutions and Foreign Subsidiary Growth in Transition Economies : The Role of Intangible Assets and Capabilities", Journal of Management Studies, 53(4), pp.580~607 (2016)
- Kafouros, M. I., "Under What Conditions Do Firms Benefit from the Research Efforts of Other Organizations?", Research Policy, 37(2), pp.225~239 (2008)
- Kantur, D., "Strategic Entrepreneurship : Mediating the Entrepreneurial Orientation-Performance Link", Management Decision, 54(1), pp.24~43 (2016)
- Kawai, N., "Subsidiary Autonomy and Performance in Japanese Multinationals in Europe", International Business Review, 23(3), pp.504~515 (2014)
- Keh, H. T., "The Effects of Entrepreneurial Orientation and Marketing Information on the Performance of SMEs", Journal of Business Venturing, 22(4), pp.592~611 (2007)
- Keil, T., "CEO Entrepreneurial Orientation, Entrenchment, and Firm Value Creation", Entrepreneurship Theory and Practice, 41(4), pp.475~504 (2017)
- Kiss, A. N., "CEO Proactiveness, Innovation, and Firm Performance", Leadership Quarterly, 33(3), pp.101545~ (2022)
- Kock, N., "Common Method Bias in PLS-SEM : A Full Collinearity Assessment Approach", International Journal of e-Collaboration, 11(4), pp.1~10 (2015)
- Lages, L. F., "The STEP Scale : A Measure of Short-Term Export Performance Improvement", Journal of International Marketing, 12(1), pp.36~56 (2004)
- Lazarova, M., "Locals know Best? Subsidiary HR Autonomy and Subsidiary Performance", Journal of World Business, 52(1), pp.83~96 (2017)
- Liu, Y., "Linking CEO Entrepreneurial Orientation to Firm Performance : The Perspective of Middle Managers’ Cognition", Entrepreneurship Theory and Practice, 46(6), pp.1756~1781 (2021)
- Liu, Y., "Chief Executive Officers Entrepreneurial Orientation, Dynamic Capabilities, and Firm Performance : The Moderating Effect of the Manufacturing Industry", Frontiers in Psychology, 12, pp.707971~ (2021)
- Liu, Y., "CEO Entrepreneurial Orientation, Human Resource Management Systems, and Employee Innovative Behavior: An Attentionbased View", Strategic Entrepreneurship Journal (2023)
- López-Gamero, M. D., "The Potential of Environmental Regulation to Change Managerial Perception, Environmental Management, Competitiveness and Financial Performance", Journal of Cleaner Production, 18(10), pp.963~974 (2010)
- Lumpkin, G. T., "Clarifying the Entrepreneurial Orientation Construct and Linking it to Performance", Academy of Management Review, 21(1), pp.135~172 (1996)
- Luo, Y., "Are Joint Venture Partners more Opportunistic in a more Volatile Environment?", Strategic Management Journal, 28(1), pp.39~60 (2007)
- Mamun, A. A., "Validating the Measurement of Entrepreneurial Orientation", Economics & Sociology, 10(4), pp.51~66 (2017)
- Man, D. C., "The Effects of Job Complexity and Autonomy on Cohesiveness in Collectivistic and Individualistic Work Groups : A Cross-Cultural Analysis", Journal of Organizational Behavior, 24(8), pp.979~1001 (2003)
- Marullo, C., "The many Shades of ‘Openness’ : An Application of Item Response Theory to Open Innovation Research", R&D Management, 51(1), pp.127~146 (2021)
- Meyer, K. E., "Multinational Enterprises and Local Contexts : The Opportunities and Challenges of Multiple Embeddedness", Journal of Management Studies, 48(2), pp.235~252 (2011)
- Miao, Q., "CEO Entrepreneurial Leadership and Performance Outcomes of Top Management Teams in Entrepreneurial Ventures : The Mediating Effects of Psychological Safety", Journal of Small Business Management, 57(3), pp.1119~1135 (2019)
- Miller, D., "The Correlates of Entrepreneurship in Three Types of Firms", Management Science, 29(7), pp.770~791 (1983)
- Miller, D., "Miller(1983)Revisited : A Reflection on EO Research and some Suggestions for the Future", Entrepreneurship Theory and Practice, 35(5), pp.873~894 (2011)
- Molleman, E., "Attitudes Toward Flexibility : The Role of Task Characteristics", Group & Organization Management, 34(2), pp.241~268 (2009)
- Mom, T. J. M., "Investigating Managers‘ Exploration and Exploitation Activities : The Influence of Top-Down, Bottom-Up, and Horizontal Knowledge Inflows", Journal of Management Studies, 44(6), pp.910~931 (2007)
- Newburry, W., "Autonomy and Effectiveness of Equity International Joint Ventures(IJVs)in China", International Business Review, 12(4), pp.395~419 (2003)
- Nutt, P. C., "Flexible Decision Styles and the Choices of Top Executives", Journal of Management Studies, 30(5), pp.695~721 (1993)
- O‘Brien, D., "The Microfoundations of Subsidiary Initiatives : How Subsidiary Manager Activities Unlock Entrepreneurship", Global Strategy Journal, 9(1), pp.66~91 (2019)
- Oltra, M. J., "Open Innovation and Firm Performance : The Role of Organizational Mechanisms", Business Process Management Journal, 24(3), pp.814~836 (2018)
- Pearce, R. D., "Decentralised R&D and Strategic Competitiveness : Globalised Approaches to Generation and Use of Technology in Multinational Enterprises(MNEs)", Research Policy, 28(2), pp.157~178 (1999)
- Phene, A., "Innovation in Multinational Subsidiaries : The Role of Knowledge Assimilation and Subsidiary Capabilities", Journal of International Business Studies, 39(5), pp.901~919 (2008)
- Podsakoff, P. M., "Common Method Biases in Behavioral Research : A Critical Review of the Literature and Recommended Remedies", Journal of Applied Psychology, 88(5), pp.879~903 (2003)
- Reiche, B. S., "Contextualizing Leadership : A Typology of Global Leadership Roles", Journal of International Business Studies, 48(5), pp.552~572 (2017)
- Richard, O. C., "The Impact of Entrepreneurial Orientation on Firm Performance : The Role of CEO Position Tenure and Industry Tenure", International Journal of Human Resource Management, 20(5), pp.1078~1095 (2009)
- Rugman, A. M., "Subsidiary-Specific Advantages in Multinational Enterprises", Strategic Management Journal, 22(3), pp.237~250 (2001)
- Sandhu, S., "Shaping and Being Shaped : How Organizational Structure and Managerial Discretion Co-Evolve in New Managerial Roles", Administrative Science Quarterly, 64(3), pp.619~658 (2018)
- Sarabi, A., "Entrepreneurial Leadership and MNE Subsidiary Performance : The Moderating Role of Subsidiary Context", International Business Review, 29(3), pp.101672~ (2020)
- Sarstedt, M., "Handbook of Market Research", pp.587~632 (2022), Springer International Publishing
- Schmid, S., "From Rocking the Boat to Wagging the Dog : A Literature Review of Subsidiary Initiative Research and Integrative Framework", Journal of International Management, 20(2), pp.201~218 (2014)
- Sirén, C., "CEO Burnout, Managerial Discretion, and Firm Performance : The Role of CEO Locus of Control, Structural Power, and Organizational Factors", Long Range Planning, 51(6), pp.953~971 (2018)
- Slangen, A. H. L., "Do Multinationals really prefer to Enter Culturally Distant Countries Through Greenfields rather than through Acquisitions? The Role of Parent Experience and Subsidiary Autonomy", Journal of International Business Studies, 39(3), pp.472~490 (2008)
- Song, S., "Subsidiary divestment : The Role of Multinational Flexibility", Management International Review, 54(1), pp.47~70 (2014)
- Song, S., "Exchange Rate Challenges, Flexible Intra-Firm Adjustments, and Subsidiary Longevity", Journal of World Business, 50(1), pp.36~45 (2015)
- Strutzenberger, A., "Unravelling the Subsidiary Initiative Process : A Multilevel Approach", International Journal of Management Reviews, 16(3), pp.314~339 (2014)
- Taggart, J. H., "Autonomy and Procedural Justice : A Framework for Evaluating Subsidiary Strategy", Journal of International Business Studies, 28, pp.51~76 (1997)
- Tian, X., "What Determines MNC Subsidiary Performance? Evidence from China", Journal of World Business, 49(3), pp.421~430 (2014)
- Venaik, S., "Dual Paths to Performance : The Impact of Global Pressures on MNC Subsidiary Conduct and Performance", Journal of International Business Studies, 36(6), pp.655~675 (2005)
- Vernon, R., "International Economic Policies and their Theoretical Foundations", pp.415~435 (1992), Academic Press
- Wangrow, D. B., "Managerial Discretion : An Empirical Review and Focus on Future Research Directions", Journal of Management, 41(1), pp.99~135 (2014)
- Worren, N., "Modularity, Strategic Flexibility, and Firm Performance : A Study of the Home Appliance Industry", Strategic Management Journal, 23(12), pp.1123~1140 (2002)
- Yamin, M., "Subsidiary Importance in the MNC : What Role Does Internal Embeddedness Play?", International Business Review, 20(2), pp.151~162 (2011)
- Yan, Y., "An Exploration of Managerial Discretion and its Impact on Firm Performance : Task Autonomy, Contractual Control, and Compensation", International Business Review, 19(6), pp.521~530 (2010)
- Zhang, W., "Overcoming the Liability of Newness : Entrepreneurial Action and the Emergence of China‘s Private Solar Photovoltaic Firms", Research Policy, 45(3), pp.604~617 (2016)
- Zhang, Z., "Echoes of CEO Entrepreneurial Orientation : How and When CEO Entrepreneurial Orientation Influences Dual CSR Activities", Journal of Business Ethics, 169(4), pp.609~629 (2021)
- Zheng, F., "The Impact of Knowledge Flows on Asset Specificity from the Perspective of Open Innovation", Journal of Knowledge Management, 26(3), pp.548~573 (2021)
