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가족소유 기업집단 자회사의 국제화와 특수관계인의 역할: 한국 중소기업을 중심으로

The Role of the Related Party in the Internationalization of Family Business Group Affiliations: Evidence from the SMEs in Korea

권재현|신준호
한국국제경영학회 (Korean Academy of International Business)|2021.05|국제경영연구 (International Business Journal)|제32권 제2호|pp. 27-55|DOI http://dx.doi.org/10.14365/ibj.2021.32.2.2

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참고문헌

키워드

소유집중특수관계자국제화중소기업small and medium-sized enterprisesrelated party가족기업ownership concentrationfamily groupdegree of internationalization
주제분류경영학

초록

기존 연구에서는 가족기업의 지배구조에서 구성원 간 이질성이 간과되었고 최대주주와 특수관계인이 동일 목표와 관심을 공유하는 동질적 의사결정체로 간주되었다. 본 논문에서는 가족소유 그룹의 특수관계인 역할에 대하여 상이한 시사점을 주는 이해상충가설(conflict-of-interest)과 효율적거래가설(efficient transaction views)을 도출하여 특수관계자 지분이 증가함에 따라 가족소유 기업집단 자회사의 국제화 및 기업성과가 어떻게 달라지는지 살펴본다. 본 연구에서는 2016~2019년 국내 527개 가족소유 중소기업을 대상으로 독립기업과 기업집단 자회사 간 국제화를 비교․분석하여 특수관계인 역할을 추정한다. 연구 결과 가족소유지분이 국제화 및 성과에 미치는 영향은 특수관계인 지분율에 따라 유의한 차이가 발생한다는 점을 확인할 수 있다. 특히, 최대주주와 특수관계인의 국제화 성향이 상이할수록 기업집단 자회사의 성과가 악화되는데, 이러한 부(-)의 상관관계는 국제화 정도가 높을수록 더욱 증폭된다. 이러한 실증분석 결과는 특수관계인 지분이 증가할수록 가족소유 기업지배구조 측면에서 구성원들의 이질성에 기인한 이해상충 가능성이 커지며, 결국 기업성과에도 파급효과가 발생한다는 가설에 보다 부합한다.

Abstract

The family ownership mostly composed of the largest shareholder and the related party has been considered as a homogeneous entity sharing the same goal and interest; neglecting the important of heterogeneity within family ownership. In this paper, drawing on two different views on the related party transactions―the conflict- of-interest view and the efficient-transaction view, we examine the role of the related party with respect to internationalization and performance. Probing 527 family SMEs in Korea for FY 2016-2019, we examine the impact of the related party between the standalone and the family business groups affiliated. By investigating the internationalization of different organizational types in family SMEs, we determine and identify the effect of the related party. Our results suggest the effect of family ownership on internationalization and performance is different for various levels of the related party’s ownership both in affiliated and independent SMEs. In the group affiliated, we find that the firm performance becomes worse as the degree of internationalization increases presumably due to the discrepancy of internationalization propensity between the largest shareholder and the related party. In this paper, we provide empirical evidences that heterogeneity of family ownership results in the conflicts of interests, which, in turn, affects the firm performance of family firms.

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관련 논문AI추천

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