벤처기업의 여유자원이 국제화 수준에 미치는 영향: 국내산업 특성의 조절효과
The Relationship between Slack Resources of Venture Firms and Internationalization: Moderating Effects of Domestic Industry Characteristics
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본 연구의 목적은 국내 벤처기업의 여유자원 수준이 기업의 국제화 수준에 미치는 직접적인 영향과 이러한 영향이 벤처기업이 속한 국내산업 환경의 특성에 따라 어떻게 달라지는지를 살펴보는 것이다. 벤처기업이 보유한 여유자원은 해외 시장에서 기업이 마주할 수 있는 제도적, 문화적 장벽으로 인한 어려움을 극복하게 해주고, 기업의 위험추구행동을 가능하게 해주며, 경영진 및 이해관계자의 심리적 여유를 갖게 해줌으로써 기업 국제화를 증가시킬 수 있는 선행요인이 될 수 있다. 한편, 국제화에 대한 여유자원의 효과는 경쟁의 바탕이 되는 국내산업 환경의 특성에 따라 달라질 것으로 예측됨에 따라, 본 연구에서는 국내산업 환경의 성장성이 낮고, 집중도가 높으며, 역동성이 높을수록 여유자원을 활용한 국제화가 가속화 될 것으로 예측하고, 이를 가설화하여 논의를 전개하였다. 실증분석을 위해 2001년부터 2014년의 기간 동안 한국증권선물거래소 코스닥 시장에 상장된 제조업 기업 507개를 대상으로 분석을 진행한 결과, 유동비율로 측정된 벤처기업의 고재량 여유자원은 총매출 대비 해외매출 비율로 측정된 국제화 수준에 정(+)의 영향을 미치는 것으로 나타났다. 국내산업 환경의 조절효과를 검증한 결과, 성장성이 낮고 역동성이 높을수록 여유자원이 국제화에 미치는 효과는 강화되는 것으로 나타났다. 이러한 결과는 선행연구에서 일관된 연구결과를 보여주지 못했던 기업 여유자원과 국제화의 관계에 대한 이론적 시사점을 제공하는 한편, 우리나라 벤처기업의 국제화를 높일 수 있는 조직적․환경적 변수를 고찰하였다는 측면에서 기여점을 가진다.
Abstract
The purpose of this paper is to examine the relationship between firm-level slack resources and firm internationalization and how this relationship is moderated by domestic industry characteristics. We argue that when venture companies pursue internationalization, slack resources not only mitigate institutional and cultural barriers, but also relieve the psychological discomfort experienced by stakeholders and management. As a result, slack resources increase the likelihood of venture companies’ engagement in risk-taking behaviors such as internationalization. Based on this logic, we hypothesize that slack resources have a positive effect on firm internationalization. We further maintain that slack resources positively accelerate firm internationalization when the domestic industry is characterized by low growth, high concentration, and high dynamism. Using data collected from 2001 to 2014 from 507 small- and medium- sized Korean manufacturing venture companies, we found that firm slack resources increase firm internationalization especially when the domestic industry displayed characteristics of low growth and high dynamism. Based on these results, theoretical and practical implications are discussed.
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