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제도적 환경차이 하에서 지식거리가 해외법인소유구조에 미치는 영향

The Impact of Knowledge Distance on Foreign Subsidiary Ownership Structure under the Different Institutional Environments

이정열|김경애
한국국제경영학회 (Korean Academy of International Business)|2019.05|국제경영연구 (International Business Journal)|제30권 제2호|pp. 121-144|DOI http://dx.doi.org/10.14365/ibj.2019.30.2.5

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참고문헌

키워드

소유구조ownership structure해외법인foreign subsidiary지식거리기술선진국기술후진국한국 다국적기업knowledge distancetechnologically advanced countriestechnologically developing countriesKorean multinational corporation (MNC)
주제분류경영학

초록

본 연구에 사용된 표본은 1989-2013년간의 67개 피투자국에서 운영되는 1,979개의 한국 다국적기업의 2,913개의 해외법인들로 구성되어 있다. 제도적 환경차이 하에서 지식거리가 해외법인 소유구조에 어떤 영향을 미치는지 알아보고자 실증분석하였다. 한국 다국적 해외자회사의 소유지분 형태를 종속변수로, 지식거리를 ‘기술지식 선진국 직접투자시 지식거리의 역할’와 ‘기술지식 후진국 직접투자시 지식거리의 역할’ 두 개의 세부차원을 독립변수로 설정하여 패널분석을 시행하였다. 분석결과 투자기업의 본국보다 기술지식면에서 우월한 국가에 직접투자시, 본국과 피투자국 간에 지식거리가 멀수록 진입전략으로써 균등소유지분(50:50)이나 소수지분형태로 투자하는 것으로 나타났다. 그러나 투자기업의 본국보다 기술지식면에서 열등한 국가에 직접투자시, 본국과 피투자국 간에 지식거리가 멀수록 진입전략으로써 다수지분형태로 진출하는 것으로 나타났다. 통제변수로 본 모회사 규모와 자회사 규모 및 연령, 피투자국의 시장규모, 시장성장률 및 정치적 안정성의 계수들에서는 모두 양의 유의한 결과가 나타났다. 이 결과는 모회사와 자회사의 규모가 크고, 진출한 피투자국의 시장규모와 시장잠재성장률이 높고, 안정된 사업 환경을 가질수록 다수지분의 형태를 취하는 것으로 판명되었다. 한편 기타 변수들, 즉 모기업 연구개발집중도, 광고집중도, 국제경험 등은 유의한 결과가 나타나지 않았다.

Abstract

In our study, we use the data of 2,913 foreign manufacturing subsidiaries of 1,979 Korean multinational corporations (MNCs) in 67 host countries during the period from 1989 to 2013. The effect of knowledge distance under the different institutional environments on the ownership structure of foreign subsidiaries is analyzed. In our empirical model, we use a panel data analysis of binary logistic regression. A dependent variable is the ownership structure of foreign subsidiaries of Korean MNC’s parent company. Independent variables are the roles of knowledge distance in direct investment in technologically advanced countries, and in technologically less developed countries, respectively. When investors undertake direct investments in technologically advanced countries, they undertake investments by 50:50 or minority ownership as the knowledge distance between the home and host countries is farther. However, when investors undertake technologically less developed countries, they enter these countries by majority ownership as the knowledge distance between the home and host countries is farther. Estimated coefficients of control variables, such as the parent and subsidiary size, host country market size, market growth rate, and political stability turn out to be positive and significant. These results mean that majority ownership is more preferred as the sizes of parent company and subsidiary are bigger, market size and market potential growth rates are higher, and business environment is more stable. However, other coefficients such as the parent company’s R&D intensity, advertisement intensity, and international experience are found to be insignificant.

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