본문 바로가기
KERD
논문KCI 등재

해외자회사 CEO의 본사파견 여부가 해외자회사의 성과에 미치는 영향: 한국진출 외국인투자 제조기업을 중심으로

Do CEOs from Home Improve Subsidiaries’ Performance? The Case of Foreign Manufacturing Subsidiaries in Korea

김미현|윤우진|한경수
한국국제경영학회 (Korean Academy of International Business)|2019.08|국제경영연구 (International Business Journal)|제30권 제3호|pp. 49-77|DOI http://dx.doi.org/10.14365/ibj.2019.30.3.4

1

조회

0

다운로드

7

인용

0

참고문헌

키워드

knowledge based view지식기반관점해외직접투자FDI외국인투자기업해외주재원foreign subsidiaries최고경영층관점최고경영자국적upper-echelons perspectiveCEO nationalityforeign expatriate
주제분류경영학

초록

본 연구는 국내에 진출해 있는 외국인투자기업 본사의 경영자 파견여부가 해외자회사의 성과에 미치는 영향에 대해 관찰하였다. 이에 더하여 연구개발 활동 수준, 기업 규모, 합작설립 여부와 같은 자회사 수준 변수들의 조절효과를 규명해 보고자 하였다. 다국적 해외진출기업 총람을 통하여 획득한 338개의 외국인투자기업을 표본으로 2011년부터 2015년까지의 5개년도 패널자료를 분석한 본 연구의 실증 결과는 다음과 같다. 첫째, 국내진출 외국인투자기업의 최고경영자가 본사에서 파견한 외국인일 경우 성과에 긍정적인 영향을 미치는 것을 확인하였다. 둘째, 외국인투자기업 해외 자회사의 연구개발 활동이 활발할수록 본사에서 파견된 최고경영자가 해외자회사의 성과에 미치는 영향력이 강화되는 것으로 나타났다.

Abstract

Based on the upper echelons perspective and the knowledge based view, we investigate the impact of CEOs from home on the performance of the foreign manufacturing subsidiaries in Korea. In addition, we also investigate the moderating roles of subsidiary level factors such as R&D expenditure, firm size, and entry mode (i.e. joint venture or not). Using the samples of 338 manufacturing subsidiaries, we conducted panel data analysis for five years from 2011 to 2015. The statistical results suggest that CEOs from home show the positive relationships with the performance of foreign subsidiaries. In addition, R&D expenditure positively moderated the relationships between CEOs from home and the performance of foreign subsidiaries.

참고문헌 (79)

  1. International corporations and cross-border knowledge transfer in the semiconductor industry, "Almeida, P.", Carnegie-Bosch Institute, ~, pp.Working Paper, no. 98-13 (1998)
  2. Almeida, P., "Are firms superior to alliances and markets? An empirical test of cross-border knowledge building", Organization Science, 13(2), pp.147~161 (2002)
  3. Arrow, K. J., "The Limits of Organization" (1974), Norton
  4. Barker III, V. L., "CEO characteristics and firm R&D spending", Management Science, 48(6), pp.782~801 (2002)
  5. Barney, J., "Firm resources and sustained competitive advantage", Journal of Management, 17(1), pp.99~120 (1991)
  6. Barry Hocking, J., "A knowledge transfer perspective of strategic assignment purposes and their path-dependent outcomes", International Journal of Human Resource Management, 15(3), pp.565~586 (2004)
  7. Belderbos, R. A., "The determinants of expatriate staffing by Japanese multinationals in Asia: Control, learning and vertical business groups", Journal of International Business Studies, 36(3), pp.341~354 (2005)
  8. Bender, S., "The transfer of knowledge and the retention of expertise: the continuing need for global assignments", Journal of Knowledge Management, 4(2), pp.125~137 (2000)
  9. Berry, H., "Resource accumulation and overseas expansion by Japanese multinationals", Journal of Economic Behavior & Organization, 65(2), pp.277~302 (2008)
  10. Bognanno, M. F., "The influence of wages and industrial relations environments on the production location decisions of US multinational corporations", Industrial & Labor Relations Review, 58(2), pp.171~200 (2005)
  11. Bouquet, C., "Weight versus voice: How foreign subsidiaries gain attention from corporate headquarters", Academy of Management Journal, 51(3), pp.577~601 (2008)
  12. Boyacigiller, N., "The role of expatriates in the management of interdependence complexity and risk in multinational corporations", Journal of International Business Studies, 21(3), pp.357~381 (1990)
  13. Buckley, P. J., "The Future of the Multinational Enterprise" (2016), Springer
  14. Caves, R. E., "Competition in Global Industries", pp.449~481 (1986), Harvard Business School Press
  15. Certo, S. T., "Top management teams, strategy and financial performance: A meta-analytic examination", Journal of Management Studies, 43(4), pp.813~839 (2006)
  16. 조성표, "硏究開發支出의 多期間 利益效果 分析", 경영학연구, 30(1), pp.289~315 (2001), 한국경영학회
  17. 최순재, "이사회 위원회 구조와 기업성과간의 관계에 관한 연구", 회계와 정책연구, 14(1), pp.1~26 (2009), 한국회계정책학회
  18. Coombs, J. E., "Measuring technological capability and performance", R&D Management, 36(4), pp.421~438 (2006)
  19. Daily, C. M., "The relationship between governance structure and corporate performance in entrepreneurial firms", Journal of Business Venturing, 7(5), pp.375~386 (1992)
  20. D'Amboise, G., "Management theory for small business:attempts and requirements", Academy of Management Review, 13(2), pp.226~240 (1988)
  21. Deeds, D. L., "Dynamic capabilities and new product development in high technology ventures: An empirical analysis of new biotechnology firms", Journal of Business Venturing, 15(3), pp.211~229 (2000)
  22. Doz, Y., "Controlled variety: A challenge for human resource management in the MNC", Human Resource Management, 25(1), pp.55~71 (1986)
  23. Dugal, S. S., "Revisiting corporate R&D spending during a recession", Research-Technology Management, 38(4), pp.23~27 (1995)
  24. Dunning, J. H., "The Eclectic Paradigm", pp.50~84 (2015), Palgrave Macmillan
  25. Dutton, J. E., "Categorizing strategic issues: Links to organizational action", Academy of Management Review, 12(1), pp.76~90 (1987)
  26. Edstrom, A., "Transfer of managers as a coordination and control strategy in multinational organizations", Administrative Science Quarterly, pp.248~263 (1977)
  27. Egelhoff, W. G., "Patterns of control in US, UK and European multinational corporations", Journal of International Business Studies, 15(2), pp.73~83 (1984)
  28. Geringer, J. M., "Human resource management and international joint venture control: A parent company perspective", Management International Review, 30, pp.103~ (1990)
  29. Geringer, J. M., "Control and performance of international joint ventures", Journal of International Business Studies, 20(2), pp.235~254 (1989)
  30. Goll, I., "The relationships between top management demographic characteristics, rational decision making, environmental munificence, and firm performance", Organization Studies, 26(7), pp.999~1023 (2005)
  31. Gomes, L., "An empirical examination of the form of the relationship between multinationality and performance", Journal of International Business Studies, 30(1), pp.173~187 (1999)
  32. Gong, Y., "Subsidiary staffing in multinational enterprises: Agency, resources, and performance", Academy of Management Journal, 46(6), pp.728~739 (2003)
  33. Grant, R. M., "Toward a knowledge-based theory of the firm", Strategic Management Journal, 17(S2), pp.109~122 (1996)
  34. Habib, M. M., "Strategy, structure, and performance of US manufacturing and service MNCs: A comparative analysis", Strategic Management Journal, 12(8), pp.589~606 (1991)
  35. Hambrick, D. C., "Upper echelons: The organization as a reflection of its top managers", Academy of Management Review, 9(2), pp.193~206 (1984)
  36. Harzing, A. W., "Who's in charge? An empirical study of executive staffing practices in foreign subsidiaries", Human Resources Management, 40(2), pp.139~158 (2001)
  37. Hitt, M. A., "International diversification: Effects on innovation and firm performance in product-diversified firms", Academy of Management Journal, 40(4), pp.767~798 (1997)
  38. Huh, Y. D., "Entry Mode Selection and Performance of Foreign Direct Investment Firms", International Business Journal, 9(1), pp.155~181 (1998)
  39. Jalbert, T., "Does school matter? An empirical analysis of CEO education, compensation, and firm performance", International Business and Economics Research Journal, 1(1), pp.83~98 (2002)
  40. Johanson, J., "The internationalization process of the firm —a model of knowledge development and increasing foreign market commitments", Journal of International Business Studies, 8(1), pp.23~32 (1977)
  41. Johanson, J., "The mechanism of internationalization", International Marketing Review, 7(4) (1990)
  42. Kaplan, S. N., "Which CEO characteristics and abilities matter?", The Journal of Finance, 67(3), pp.973~1007 (2012)
  43. 김익수, "본사의 기업문화, 본-자회사간 신뢰 및 커뮤니케이션이 자회사 통제수준에 미치는 영향분석: 중국 진출 한국기업을 중심으로", 전략경영연구, 13(3), pp.35~58 (2010), 한국전략경영학회[DOI]
  44. 김기현, "서비스 기업의 국제화와 기업성과에 대한 실증연구: 기술개발역량, 마케팅역량, 그리고 기업집단 네트워크의 효과 중심으로", 국제경영연구, 25(3), pp.59~95 (2014), 한국국제경영학회[DOI]
  45. 김상훈, "이사회와 최고 경영층의 관계적 요인이 기업성과에 미치는 영향", 전략경영연구, 11(1), pp.43~63 (2008), 한국전략경영학회[DOI]
  46. Kivijarvi, H., "Investment in information systems and the financial performance of the firm", Information & Management, 28(2), pp.143~163 (1995)
  47. Kogut, B., "The effect of national culture on the choice of entry mode", Journal of International Business Studies, 19(3), pp.411~432 (1988)
  48. 이인석, "다국적기업 최고경영자의 윤리적 가치관이 기업성과에 미치는 영향", 국제경영연구, 17(1), pp.69~90 (2006), 한국국제경영학회
  49. Li, J., "Foreign entry and survival: Effects of strategic choices on performance in international markets", Strategic Management Journal, 16(5), pp.333~351 (1995)
  50. Lord, M. D., "Organizational learning about new international markets: Exploring the internal transfer of local market knowledge", Journal of International Business Studies, 31(4), pp.573~589 (2000)
  51. Meyer, K. E., "What is 'strategic asset seeking FDI'?", Multinational Business Review, 23(1), pp.57~66 (2015)
  52. Mintzberg, H., "The manager's job: Fact and folklore", Harvard Business Review, 53(4), pp.49~61 (1975)
  53. Nohria, N., "The Differentiated Network: Organizations Knowledge Flows in Multinational Corporations" (1997), Jossey-Bass
  54. O’Donnell, S. W., "Managing foreign subsidiaries: agents of headquarters, or an interdependent network?", Strategic Management Journal, 21(5), pp.525~548 (2000)
  55. Toward Global Tax Cooperation, "OECD", ~ (2000)
  56. Olson, B. J., "Strategic decision making: The effects of cognitive diversity, conflict, and trust on decision outcomes", Journal of Management, 33(2), pp.196~222 (2007)
  57. 최순규, "해외자회사 CEO 국적과 경영성과 - 현지 경험, 문화적 차이, 기업규모의 영향 -", 경영학연구, 38(4), pp.967~999 (2009), 한국경영학회
  58. Pak, Y. S., "Understanding IJV performance in a learning and conflict mediated context", International Business Review, 18(5), pp.470~480 (2009)
  59. Pearce, R. J., "Toward understanding joint venture performance and survival:A bargaining and influence approach to transaction cost theory", Academy of Management Review, 22(1), pp.203~225 (1997)
  60. Powell, W. W., "Learning from collaboration: Knowledge and networks in the biotechnology and pharmaceutical industries", California Management Review, 40(3), pp.228~240 (1998)
  61. Reinmoeller, P., "The knowledge-based view of the firm and upper echelon theory: exploring the agency of TMT", International Journal of Learning and Intellectual Capital, 1(1), pp.91~104 (2004)
  62. Reus, T. H., "The double-edged sword of cultural distance in international acquisitions", Journal of International Business Studies, 40(8), pp.1298~1316 (2009)
  63. Rugman, A. M., "A new perspective on the regional and global strategies of multinational services firms", Management International Review, 48(4), pp.397~411 (2008)
  64. Sekiguchi, T., "Nationality background of MNC affiliates' top management and affiliate performance in Japan: knowledge-based and upper echelons perspectives", International Journal of Human Resource Management, 22(05), pp.999~1016 (2011)
  65. Simmonds, P. G., "The combined diversification breadth and mode dimensions and the performance of large diversified firms", Strategic Management Journal, 11(5), pp.399~410 (1990)
  66. Slangen, A. H., "National cultural distance and initial foreign acquisition performance: The moderating effect of integration", Journal of World Business, 41(2), pp.161~170 (2006)
  67. Smith, K. G., "Top management team demography and process: The role of social integration and communication", Administrative Science Quarterly, pp.412~438 (1994)
  68. 송재용, "해외 자회사의 현지임원비율 영향요인에 대한 다수준 연구: 본사 역량의 조절효과를 중심으로", 인사조직연구, 15(2), pp.103~141 (2007), 한국인사조직학회
  69. Thomas, D. E., "Top management team international dominant logic: A new linkage in the international diversification-performance link", Problems &Perspectives in Management, 2, pp.54~64 (2005)
  70. Tihanyi, L., "The effect of cultural distance on entry mode choice, international diversification, and MNE performance: A meta-analysis", Journal of International Business Studies, 36(3), pp.270~283 (2005)
  71. Tsang, E. W., "Acquiring knowledge by foreign partners from international joint ventures in a transition economy: learning-by-doing and learning myopia", Strategic Management Journal, 23(9), pp.835~854 (2002)
  72. Tushman, M. L., "Information processing as an integrating concept in organizational design", Academy of Management Review, 3(3), pp.613~624 (1978)
  73. Vaccaro, I. G., "Management innovation and leadership: The moderating role of organizational size", Journal of Management Studies, 49(1), pp.28~51 (2012)
  74. Verbeke, A., "Global, local, or regional? The locus of MNE strategies", Journal of Management Studies, 53(6), pp.1051~1075 (2016)
  75. Walsh, J. P., "The bureaucratization of science", Research Policy, 44(8), pp.1584~1600 (2015)
  76. Wiersema, M. F., "Top management team demography and corporate strategic change", Academy of Management Journal, 35(1), pp.91~121 (1992)
  77. 윤우진, "해외자회사의 현지인 CEO 임명 결정요인에 관한 연구: 미국진출 한국 자회사를 중심으로", 국제경영연구, 24(4), pp.1~22 (2013), 한국국제경영학회[DOI]
  78. Zaheer, S., "Overcoming the liability of foreignness", Academy of Management Journal, 38(2), pp.341~363 (1995)
  79. Zaheer, S., "The dynamics of the liability of foreignness:A global study of survival in financial services", Strategic Management Journal, 18(6), pp.439~463 (1997)

이 간행물의 다른 논문 (4건)

사회적 공감이 친환경 소비행동에 미치는 영향: 중국 소비자를 중심으로이유경pp. 1-26브랜드 글로벌성이 내국 브랜드 평가에 미치는 영향남효진, 한충민pp. 27-48Understanding the Development of a Global Mindset: Nature vs. Nurture수몬이, 박용석pp. 79-110미국시장에서 모바일 간편 결제 서비스의 지각된 혜택이 사용의도에 미치는 영향에 관한 연구박정근, 현효원, 염지환pp. 111-138
원문 보기