개발도상국 내 기업의 기업-정부 관계와 기업성과 간의 관계:국가별 제도화 수준의 조절효과
The Relationship between Business-Government Relations and Firm Performance in Emerging Economies: Moderating Effect of Countries’ Institutional Development Levels
0
조회
0
다운로드
9
인용
0
참고문헌
키워드
초록
본 연구는 개발도상국 내 기업들의 정부와의 관계가 기업성과에 미치는 영향과 둘 간의 관계에 있어 국가의 제도화 수준의 조절효과를 살펴보았다. 개발도상국의 제도 수준은 선진국의 제도 수준에 비교해보았을 때 덜 체계화 되어 있으며 미흡한 특징을 가진다. 따라서 기업은 제도적 상황에 맞는 독특한 자원의 보유를 필요로 하는데 본 연구에서는 그것을 기업-정부 관계에서 비롯하는 정치적 자원이라 주장한다. 본 연구는 제도주의 이론과 자원기반관점을 결합하여 이와 같은 논의를 진행하였다. 본 연구에서 고려한 기업-정부 관계는 구체적으로 실질적 관계와 관계를 위한 노력이라는 두 가지로 구분되는데, 전자에는 기업이 정부와 계약을 체결하였는지 여부와 정부로부터 재정적 지원을 받았는지 여부가 포함되고, 후자를 대표하는 변수로는 최고경영진이 정부 규제로부터 부과된 요구조건들을 다루는 시간의 비중이 고려되었다. 본 연구는 개발도상국 내 24개 국가, 10,629개 기업을 대상으로 가설을 검증하였다. 연구결과 정부와의 실질적 관계인 계약체결과 재정적 지원은 성과에 긍정적인 영향을 준 반면, 최고경영진이 정부규제에 할애하는 시간은 기업성과와 역U자형 관계를 나타내었다. 또한 국가의 제도화 수준이 낮은 경우, 정부와의 계약체결여부와 최고경영진이 정부규제에 쏟는 시간할애가 기업성과에 미치는 긍정적인 효과가 강화되었다. 이 결과는 기업-정부관계라는 정치적 자원이 제도화 수준이 미약한 국가에서 더 큰 가치를 가진다는 점을 시사한다.
Abstract
Firms in emerging economies are mostly facing institutional voids. We argue that firms in that markets have to possess valuable resources in order to overcome this institutional weaknesses. In this situation, we believe firm-specific political resources stemming from business-government relations have a positive effect on firm performance. By combining institutional theory and resource-based view, this study examines the relationship between business-government relations and firmperformance and moderating effect of countries’ institutional development levels. We specifically consider two different types of business-government relations. One is substantive relations with government like conclusion of a contract and subsidies from the government and the other is senior managers’ time spending on regulations imposed by the government. We test hypotheses with the sample of 10,629 firms from 24 emerging market countries. As a result, we find that substantive relations with government have a positive impact on firm performance, while senior managers’ attention on government regulations has an inverted U-shaped relationship with firm performance. Furthermore, we show the moderating effect of institutional development levels, such that strong institutional environment weakens positive relationship between contract with government and firm performance. Higher level of institutional development also attenuates the positive effect of senior managers’ time spending on firm performance. It implies that political resources resulting from business-government interfaces are more valuable for firms in emerging economies with weak institutional environment.
참고문헌 (113)
- 권남훈, "기업 R&D 투자에 대한 정부 직접 보조금의 효과", 국제경제연구, 10(2), pp.157~181 (2004), 한국국제경제학회
- 김광두, "혁신활동이 기업의 경영성과에 미치는 영향", 기술혁신학회지, 14(2), pp.373~404 (2011), 한국기술혁신학회
- 김기현, "서비스 기업의 국제화와 기업성과에 대한 실증연구: 기술개발역량, 마케팅역량, 그리고 기업집단 네트워크의 효과 중심으로", 국제경영연구, 25(3), pp.59~95 (2014), 한국국제경영학회[DOI]
- 나원찬, "Location Differences between Privatized State-Associated Enterprises (PSEs) and Privately Owned Enterprises (POEs) from China in Outward Foreign Direct Investment (OFDI)", 국제경영연구, 25(1), pp.143~177 (2014), 한국국제경영학회[DOI]
- 남유현, "한국기업의 수출성과 결정요인 통합모형 개발 - 산업조직이론, 자원기반이론, 관계적 관점의 결합을 중심으로 -", 국제경영연구, 24(1), pp.78~118 (2013), 한국국제경영학회
- 박종훈, "최고경영자(CEO)의 경험과 기업의 국제화: CEO 영향력의 조절효과", 국제경영연구, 25(1), pp.29~58 (2014), 한국국제경영학회[DOI]
- 백유진, "The More, The Better? Effects of Entrepreneurial Firms’ Social Relations on Their IPO Performance", 기업가정신과 벤처연구, 16(2), pp.15~36 (2013), 한국중소기업학회
- 윤기창, "한국 벤처기업의 글로벌화 정도와 성과에 관한 연구", 국제경영연구, 20(2), pp.29~63 (2009), 한국국제경영학회
- 이병헌, "벤처기업의 성장단계별 기술혁신 전략과 정부의 R&D 지원 효과", 기업가정신과 벤처연구, 8(2), pp.127~152 (2005), 한국중소기업학회
- 이병희, "다국적기업 본국의 제도적 환경이 기업 경쟁력과 기업의 사회적 책임에 미치는 영향에 관한 연구", 연세경영연구, 51(1), pp.131~154 (2014), 경영연구소
- Aggegle, J-L, "Do regions matter? an integrated institutional and semiglobalization perspective on the internationalization of MNEs", Strategic Management Journal, 34, pp.910~934 (2013)
- Amsden, A. H, "Asia’s next giants : South Korea and late industrialization" (1989), Oxford University Press
- Andrews, K. R, "The concept of corporate strategy" (1971), Dow-Jones
- Austen-Smith, D, "Theory and evidence for counteractive lobbying", American Journal of Political Science, 40, pp.543~564 (1996)
- Back, Y, "Innovation in emerging markets : the role of management consulting firms", Journal of International Management, 20(4), pp.390~405 (2014)
- Bae, J, "Organizational and HRM strategies in Korea : impact on firm performance in an emerging economy", Academy of Management Journal, 43(3), pp.502~517 (2000)
- Bailey, W, "Exchange rate fluctuations, political risk, and stock returns : some evidence from an emerging market", Journal of Financial and Quantitative Analysis, 30(4), pp.541~561 (1995)
- Barney, J. B, "Gaining and sustaining a competitive advantage" (1997), Addison Wesley
- Barney, J. B, "Gaining and sustaining a competitive advantage" (2002), Prentice Hall
- Baron, D. P, "The nonmarket strategy system", Sloan Management Review, 37(1), pp.73~86 (1995)
- Baron, D. P, "Integrated strategy in international trade disputes. The Kodak –Fujifilm case", Journal of Economics and Management Strategy, 6, pp.291~346 (1997)
- Baysinger, B, "Domain maintenance as an objective of business political activity: an expanded typology", Academy of Management Review, 9, pp.248~258 (1984)
- Belorgey, N, "Determinants of productivity per employee : an empirical estimation using panel data", Economics Letters, 91(2), pp.153~157 (2006)
- Bengoa, M, "Foreign direct investment, economic freedom and growth: new evidence from Latin America", European Journal of Political Economy, 19(3), pp.529~545 (2003)
- Politically connected CEOs and corporate outcomes: evidence from France, "Bertrand, M", NBER, ~, pp.Working Paper, (3921) (2004)
- Boddewyn, J, "Political aspects of MNE theory", Journal of International Business Studies, 19(3), pp.341~363 (1988)
- Boddewyn, J, "International business political behavior : new theoretical directions", Academy of Management Review, 19, pp.119~144 (1994)
- Boubakri, N, "Political connections of newly privatized firms", Journal of Corporate Finance, 14, pp.654~673 (2008)
- Carroll, A, "Strategic management processes for corporate social policy", pp.218~242 (1987), Reinhold
- Ceccagnoli M, "Appropriability, preemption, and firm performance", Strategic Management Journal, 30(1), pp.81~98 (2009)
- Chan, C. M, "Which country matters? institutional development and foreign affiliate performance", Strategic Management Journal, 29, pp.1179~1205 (2008)
- Chandler, G. N, "Human resource management, TQM, and firm performance in small and medium-sized enterprises", Entrepreneurship : Theory & Practice, 25, pp.43~57 (2000)
- Choi, J, "The value of outside directors : evidence fromcorporate governance reformin Korea", Journal of Financial and Quantitative Analysis, 42, pp.941~962 (2007)
- Contractor, F. J, "Nature of the relationship between international expansion and performance : the case of emerging market firms", Journal of World Business, 42, pp.401~417 (2007)
- Datta, D. K, "Human resource management and labor productivity: does industry matter", Academy of Management Journal, 48, pp.135~145 (2005)
- Delery, J. E, "Research in personnel and human resource management", pp.167~197 (2001), JAI Press
- Delmas, M. A, "Voluntary agreements to improve environmental quality: symbolic and substantive cooperation", Strategic Management Journal, 31, pp.575~601 (2010)
- Douma, S, "Foreign and domestic ownership, business groups, and firm performance : evidence from a large emerging market", Strategic Management Journal, 27(7), pp.637~657 (2006)
- The business environment and enterprise performance survey (BEEPS): a report on methodology and observations, "European Bank for Reconstruction and Development", ~ (2010)
- Estrin, S, "Competition and corporate governance in transition", Journal of Economic Perspectives, 16, pp.101~124 (2002)
- Faccio, M, "Political connections of government bailouts", Journal of Finance, 61(6), pp.2597~2635 (2006)
- Frynas, J. G, "First mover advantages in international business and firm-specific political resources", Strategic Management Journal, 27, pp.321~345 (2006)
- Fuentelsaz, L, "Incumbents, technological change and institutions: how the value of complementary resources varies across markets", Strategic Management Journal (2014)
- Gabbay, S. M, "Social capital and opportunity in corporate R&D : the contingent effect of contact density on mobility expectation", Social Science Research, 27, pp.189~217 (1998)
- Ghemawat, P, "Distance still matters : the hard reality of global expansion", Harvard Business Review, 79(8), pp.137~147 (2001)
- Giannetti, M, "Financial integration and firm performance : evidence from foreign bank entry in emerging markets", Review of Finance, 13(2), pp.181~223 (2009)
- Goldman, E, "Do politically connected boards affect firm value?", Review of Financial Studies, 22, pp.2331~2360 (2009)
- Gorodnichenko, Y, "Financial constraints and innovation : why poor countries don’t catch up", Journal of the European Economic Association, 11(5), pp.1115~1152 (2013)
- Combing network centrality and related knowledge: explaining effective knowledge-sharing in multi-unit firms, "Hansen, M. T", Harvard Business School, ~ (1998)
- Henisz, W. J, "Legitimacy, interest group pressures, and change in emergent institutions : the case of foreign investors and host country governments", Academy of Management Journal, 30(2), pp.361~382 (2005)
- Hillman, A. J, "Politicians on the board of directors: do connections affect the bottom line", Journal of Management, 31(3), pp.464~481 (2005)
- Hillman, A. J, "Corporate political strategy formulation : a model of approach, participation, and strategy decisions", Academy of Management Review, 24, pp.825~843 (1999)
- Hillman, A. J, "International variation in the businessgovernment interface : institutional and organizational consideration", Academy of Management Review, 20(1), pp.193~214 (1995)
- Hillman, A. J, "Corporate political activity : a review and research agenda", Journal of Management, 30(6), pp.837~857 (2004)
- Hillman, A. J, "Corporate political strategies and firm performance : indications of firm-specific benefits from personal service in the U. S. government", Strategic Management Journal, 20, pp.67~81 (1999)
- Hinthorne, T, "Predatory capitalism, pragmatism, and legal positivism in the airlines industry", Strategic Management Journal, 17, pp.251~270 (1996)
- Hitt, M. A, "The institutional effects on strategic alliance partner selection in transition economies : China vs. Russia", Organization Science, 15(2), pp.173~185 (2004)
- Hoskisson, R. E, "Strategy in emerging economies", Academy of Management Journal, 43(3), pp.249~267 (2000)
- Ingram, P, "The new institutionalism in strategic management (advances in strategic management)", pp.1~30 (2002), JAI Press
- Jensen, N. M, "Understanding corruption and firm responses in cross-national firm-level surveys", Journal of International Business Studies, 41, pp.1481~1504 (2010)
- Jiang, K, "How does human resource management influence organizational outcomes? a meta-analytic investigation of mediating mechanisms", Academy of Management Journal, 55(6), pp.1264~1294 (2012)
- Johnson, C, "MITI and the Japanese miracle: the growth of industrial policy, 1925-1975" (1982), Stanford University Press
- Keim, G. D, "the efficacy of business political activity : competitive considerations in a principal-agent context", Journal of Management, 14, pp.163~180 (1988)
- Khanna, T, "Why focused strategies may be wrong for emerging markets", Harvard Business Review, 75(4), pp.41~51 (2007)
- Khanna, T, "Winning in emerging markets" (2010), Harvard Business School Press
- Kim N, "Impact of industry incumbency and product newness on pioneer leadtime", Journal of Management, 38(2), pp.695~718 (2012)
- Kothari, T, "Rules of the game for emerging market multinationals companies from China and India", Journal of International Management, 19, pp.276~299 (2013)
- Lau, C. M, "Strategic orientations of chief executive in state-owned enterprises in transition", pp.101~117 (1998), Wiley
- Lawton, T, "Corporate political activity : a literature review and research agenda", International Journal of Management Reviews, 15, pp.86~105 (2013)
- Lazzarini, S. G, "Strategizing by the government: can industrial policy create firm-level competitive advantage", Strategic Management Journal, 36, pp.97~112 (2015)
- Lee, E. Y, "The effect of risk-sharing government subsidy on corporate R&D investment : empirical evidence from Korea", Technological Forecasting & Social change, 77, pp.881~890 (2010)
- Lee, S-H, "Does bribery in the home country promote or dampen firm exports?", Strategic Management Journal, pp.34~
- Leone, R, "Who profits: winners, losers and government regulation" (1986), Basic Books
- Lester, R. H, "Former government officials as outside directors : the role of human and social capital", Academy of Management Journal, 51(5), pp.999~1013 (2008)
- Lord, M. D, "An agency theory assessment of the influence of corporate grassroots political activism", Academy of Management Proceedings, pp.396~400 (1995)
- Luo, Y, "How emerging market governments promote outward FDI : experience from China", Journal of World Business, 45, pp.68~79 (2010)
- Maijoor, S, "An empirical test of the resource-based theory : strategic regulation in the Dutch audit industry", Strategic Management Journal, 17, pp.549~569 (1996)
- Marsh, S. J, "Creating barriers for foreign competitors : A study of the impact of antidumping actions on the performance of U. S. firms", Strategic Management Journal, 19, pp.25~37 (1998)
- McLoyd, V. C, "Socioeconomic disadvantage and child development", American Psychologist, 53(2), pp.185~204 (1998)
- McMillan, J, "The new palgrave dictionary of economics" (2008), Palgrave Macmillan
- McWilliams, A, "Raising rivals’ costs through political strategy: an extension of resource-based theory", Journal of Management Studies, 39, pp.707~723 (2002)
- Meyer, K. E, "Institutions, resources, and entry strategies in emerging economies", Strategic Management Journal, 30, pp.61~80 (2009)
- Meyer, K. E, "Probing theoretically into Central and Eastern Europe : transactions, resources, and institutions", Journal of International Business Studies, 36(6), pp.600~621 (2005)
- Murtha, T, "Country capabilities and the strategic state : how national political institutions affect multinational corporations’ strategies", Strategic Management Journal, 15, pp.113~129 (1994)
- Nahapiet, J, "Social capital, intellectual capital, and the organizational advantage", Academy of Management Review, 23(2), pp.242~266 (1998)
- North, D, "Institutions, institutional change and economic performance" (1990), Cambridge University Press
- Ocasio, W, "Towards an attention-based view of the firm", Strategic Management Journal, 18, pp.187~206 (1997)
- Oliver, C, "Strategic responses to institutional processes", Academy of Management Review, 16, pp.145~179 (1991)
- Oster, S, "Intraindustry structure and the ease of strategic change", Review of Economics and Statistics, 64(3), pp.376~383 (1982)
- Peng, M. W, ""Business strategies in transition economies" (2000), Sage
- Peng, M. W, "The growth of the firm in planned economies in transition : institutions, organizations, and strategic choice", Academy of Management Review, 21, pp.492~528 (1996)
- Peng, M. W, "Managerial ties and firm performance in a transition economy : the nature of a micro-macro link", Academy of Management Journal, 43, pp.486~501 (2000)
- Penrose, E, ""The theory of the growth of the firm" (1959), Sharpe
- Peteraf, M. A, "The cornerstones of competitive advantage : a resource-based view", Strategic Management Journal, 14(3), pp.179~191 (1993)
- Podsakoff, P, "Common method biases in behavioral research : a critical review of the literature and recommended remedies", Journal of Applied Psychology, 88, pp.879~903 (2003)
- Popov, A, "Credit constraints and investment in human capital : Training evidence from transition economies", Journal of Finance Intermediation, 23, pp.76~100 (2013)
- Rehbein, K, "Determining an industry’s political effectiveness with the U. S. International Trade Commission", Business and Society, 33, pp.270~292 (1994)
- Rothwell, R, "Small firms, innovation and industrial change", Small Business Economics, 1, pp.51~64 (1989)
- Scott, W. R, "Institutions and organizations" (1995), Sage
- Shaffer, B, "Firm level responses to government regulation : theoretical and research approaches", Journal of Management, 21, pp.495~514 (1995)
- Shaffer, B, "The development of business-government strategies by diversified firms", Strategic Management Journal, 21(2), pp.175~190 (2000)
- Simon, H. A, "Administrative behavior: a study of decision-making processes in administrative organizations" (1947), Macmillan
- Sit, V. F. S, "Restructuring and spatial change of China’s auto industry under institutional reform and globalization", Annals of the Association of American Geographers, 90(4), pp.653~673 (2000)
- Stevens, C. E, "The home country cultural determinants of firms’ foreign market entry timing strategies", Long Range Planning, 46(4), pp.387~410 (2013)
- Stieglitz, H, "ief executives view their jobs: today and tomorrow", The Conference Board (1985)
- Suhomlinova, O, "Constructive destruction : transformation of Russian stateowned construction enterprises during market transition", Organization Studies, 20, pp.451~484 (1999)
- Sun, P, "The contingent value of corporate political ties", Academy of Management Perspectives, 26(3), pp.68~82 (2012)
- Tan, J, "Organizational slack and firm performance during economic transitions : two studies froman emerging economy", Strategic Management Journal, 24(13), pp.1249~1263 (2003)
- Wade, R, "Governing the market: economic theory and the role of government in East Asian capitalism" (1990), Princeton University Press
- Welch, C, "Corporate elites as informants in qualitative international business research", International Business Review, 11, pp.611~628 (2002)
- Williamson, O, "Comparative economic organization : the analysis of discrete structural alternatives", Administrative Science Quarterly, 36, pp.269~296 (1991)
- Yoshimatsu, H, "The role of government in jump-starting industrialization in East Asia", Issues and Studies, 36(4), pp.166~199 (2000)
- Zheng, W, "Buffering and enabling: the impact of interlocking political ties on firmsurvival and sales growth", Strategic Management Journal (2014)
