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기업간 관련성과 인수 후 통합수준의 상호작용이 국제 M&A 성과에 미치는 영향

The effect of the interaction between inter-firm relatedness and level of integration on cross-border acquisition performance

최순규|박영렬|박정민
한국국제경영학회 (Korean Academy of International Business)|2009.09|국제경영연구 (International Business Journal)|제20권 제3호|pp. 63-89

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키워드

외적 관련성내적 관련성인수 후 통합수준국제 M&A 성과external relatednessinternal relatednesslevel of integrationcross-border acquisition performance
주제분류경영학

초록

본 연구는 1986년부터 2008년까지 한국 기업들이 추진한 183개의 국제 인수합병을 연구 대상으로 설문 조사를 실시하여, 인수-피인수기업간 외적 관련성, 내적 관련성과 인수 후 통합수준의 상호작용이 국제 인수합병(M&A) 성과에 미치는 영향을 실증적으로 분석하였다. 본 연구의 분석 결과, 인수-피인수기업간 외적 관련성이 국제 M&A 성과에 직접적인 영향을 미치지 못하는 반면, 인수-피인수기업간 내적 관련성은 국제 M&A 성과에 직접적으로 긍정적인 영향을 준다는 것을 보여주었다. 그리고 인수-피인수기업간 외적 관련성과 인수 후 통합수준의 상호작용은 국제 M&A 성과에 영향을 미치는 것을 보여주었다. 이는 인수-피인수기업간 외적 관련성이 낮거나 높을 경우 인수 후 통합수준이 높을수록 국제 M&A 성과에 긍정적인 영향을 준다는 것을 나타낸다. 그리고 인수-피인수기업간 내적 관련성의 경우 내적 관련성이 높을 때 인수 후 통합수준이 높을수록 국제 M&A 성과에 더욱 긍정적인 영향을 준다는 것도 보여주었다. 본 연구는 이론적으로 M&A 연구의 ‘선택 관점’과 ‘과정 관점’이 독립적이지 않고 서로 밀접하게 관련되어있음을 보여주었다.

Abstract

This study examined the effect of the interaction between inter-firm relatedness and level of integration on cross-border acquisition performance. This study analyzed a sample of 183 cross-border acquisitions from 1986 to 2008 by Korean firms. This study showed that internal relatedness had a positive effect on cross-border acquisition performance, whereas external relatedness had no significant impact on it. This study found that the level of integration moderated the relationship between the inter- firm relatedness and cross-border acquisition performance. It also showed that the interaction between external relatedness and level of integration had U-shaped relationship on cross-border acquisition performance. Moreover, it found support for notion that the interaction between internal relatedness and level of integration had a positive effect on cross-border acquisition performance. This study tried to prove that the choice perspective and the process perspective of previous M&A studies were not independent, but closely connected.

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