본문 바로가기
KERD
논문KCI 등재

사외이사의 해외경험과 사회적 자본이 해외직접투자 규모에 미치는 영향

The Influence of Outside Directors’ International Experience and Social Capital on Outward FDI

이재은|박영렬|양영수
한국국제경영학회 (Korean Academy of International Business)|2014.05|국제경영연구 (International Business Journal)|제25권 제2호|pp. 87-116|DOI http://dx.doi.org/10.14365/ibj.2014.25.2.4

0

조회

0

다운로드

14

인용

0

참고문헌

키워드

outside director사회적 자본social capital해외직접투자FDI해외경험international experience사외이사 특성
주제분류경영학

초록

한국기업들의 해외직접투자에 관한 선행연구들은 주로 국가 수준과 기업 수준에서 분석되어 왔으나, 사외이사의 특성이 기업의 해외직접투자에 미치는 영향에 관한 연구는 거의 이루어지지 않았다. 또한, 사외이사의 특성과 기업의 전략적 선택에 관한 기존의 연구들은 대리인이론과 자원의존이론을 이론적 기반으로 접근하였으나, 자원기반이론으로 설명하려는 시도는 미천한 실정이다. 따라서 본 연구에서는 기존 연구들의 한계를 극복하고자 자원기반관점에 근거하여 한국기업들의 해외직접투자에 영향을 미치는 선행요인을 사외이사의 해외경험과 사외이사의 사회적 자본으로 상정하고 실증분석을 실시하였다. 아울러, 해외직접투자 규모에 대한 사외이사 특성의 영향력이 재벌기업과 비재벌 기업 간 차이가 있는지를 분석하기 위해 추가분석을 실시하였다. 1999년부터 2006년까지 47개국에 투자한 한국 상장기업의 해외직접투자 금액을 종속변수로, 사외이사의 해외경험, 그리고 사외이사의 사회적 자본을 독립변수로 하여 패널분석을 시행한 결과는 다음과 같다. 첫째, 전체 샘플에서 사외이사의 사회적 자본이 한국기업의 해외직접투자에 유의한 정의 관계를 갖는 것으로 나타났으며, 사외이사의 해외경험은 해외직접투자에 영향을 미치지 않는 것으로 나타났다. 둘째, 재벌기업과 비재벌기업으로 구분하여 추가분석을 실시한 결과, 재벌기업의 경우 사외이사의 사회적 자본이 해외직접투자에 유의한 정의 관계를 가지며, 비재벌기업의 경우 사외이사의 해외경험이 해외직접투자에 유의한 정의 관계를 갖는 것으로 나타났다.

Abstract

This study investigates whether outside director characteristics have an impact on the decision of Korean firms undertaking outward FDI. For this purpose, this study drew upon the perspectives of resource based theory to analyze the impacts of independent variables on outward FDI. Specifically, the impact of board characteristics, such as international experience of outside director and social capital of outside director on outward FDI decision, was examined. An analysis of manufacturing firms listed on the Korean Stock Exchange (KSE) for the period of 1999-2006, the results revealed that outside director social capital are positively related to outward FDI of Korean firms. Interestingly, the impact of outside director's characteristics on outward FDI differed in terms of Chaebol and non-Chaebol.

참고문헌 (112)

  1. 강태구, "한국 전자기업의 후속투자 결정요인에 관한 실증적 연구", 국제경영연구, 13(2), pp.1~28 (2002), 한국국제경영학회
  2. 강태구, "한국기업의 최초투자 및 후속투자 경영성과 영향요인에 관한 실증연구", 국제경영리뷰, 16(3), pp.1~24 (2012), 한국국제경영관리학회
  3. 강한균, "한국의 대 중국 제조업직접투자의 거시적 투자결정요인 분석", 무역학회지, 30(3), pp.129~146 (2005), 한국무역학회
  4. 강한균, "한국과 일본의 대 중국 성별 FDI의 결정요인과 투자집중도의 비교 분석", 국제경영리뷰, 13(2), pp.179~197 (2009), 한국국제경영관리학회
  5. 곽주영, "한국 상장기업에 있어서 외국인 이사 선임의 요인 분석: 자원의존이론의 관점에서", 국제통상연구, 16(3), pp.79~107 (2011), 한국국제통상학회
  6. 권영철, "해외직접투자의 결정요인과 내부화 수준: 수출지향적 대 시장지향적 투자 비교", 국제경영연구, 9(2), pp.138~159 (1999)
  7. 김경, "한국의 해외직접투자 유입과 유출의 산업적 결정요인 분석", 경영학연구, 27(1), pp.241~261 (1998)
  8. 김영미, "Exploring the Effects of Audit Committee Characteristics on Firm Performance and CEO Tenure as a Moderator", 연세경영연구, 49(2), pp.187~214 (2012), 경영연구소
  9. 김영래, "한국제조기업의 대중국 직접투자방식결정요인에 관한 연구", 국제경영연구, 19(2), pp.81~105 (2008), 한국국제경영학회
  10. 김창수, "기업집단 소속기업의 장기경영성과", 연세경영연구, 48(2), pp.133~163 (2011), 경영연구소
  11. 민인식, "STATA 패널데이터 분석" (2010), 한국STATA학회
  12. 박영렬, "Determinants of Korean Overseas Manufacturing Investment", 국제경영연구, 9(2), pp.110~137 (1999)
  13. 박영렬, "대중국 투자 성과 결정요인에 관한 문헌연구", 국제경영리뷰, 11(3), pp.47~83 (2007), 한국국제경영관리학회
  14. 박용석, "Drivers of Korean Export Behavior: The Influence of the Korean Governance Structure and Outside Directors", 국제경영연구, 23(1), pp.75~100 (2012), 한국국제경영학회
  15. 오경희, "한국기업의 해외직접투자 진입시기에 관한 연구-Cox’s Proportional Harzard 모델을 이용하여", 국제경영리뷰, 4(1), pp.35~59 (2000)
  16. 이경훈, "Headquarters Knowledge, Local Knowledge, and Subsidiary Performance: The Case of Korean Firms in China", 연세경영연구, 50(1), pp.85~104 (2013), 경영연구소
  17. 임동우, "멕시코지역 우리나라 기업 자회사의 해외직접투자 결정요인과 전략적 역할 유형에 관한 연구", 국제경영리뷰, 16(3), pp.109~139 (2012), 한국국제경영관리학회
  18. 장세진, "한국전자산업의 해외직접투자패턴: 순차적 진입을 통한 기업내부능력구축", 경영학연구, 45(8), pp.205~246 (1996)
  19. 전태영, "해외직접투자규모의 결정에 영향을 미치는 요인", 경영학연구, 33(3), pp.865~889 (2004), 한국경영학회
  20. 주규희, "해외직접투자의 후속투자 결정요인에 대한 탐색적 연구", 국제경영리뷰, 15(4), pp.113~140 (2011), 한국국제경영관리학회
  21. 한병섭, "대중투자기업의 투자지역 선택에 관한 연구 - 집적효과와 기업이질성 요인을 중심으로", 국제경영리뷰, 11(2), pp.1~21 (2007), 한국국제경영관리학회
  22. 한병섭, "Born-global 기업의 해외투자 실행속도 결정요인에 관한 실증연구", 국제경영리뷰, 13(1), pp.23~43 (2009), 한국국제경영관리학회
  23. 한병섭, "중국에 투자한 한국기업 제조법인 자회사의 공장입지 선택 결정요인에 관한 연구", 무역학회지, 30(3), pp.101~127 (2005), 한국무역학회
  24. 한병섭, "FDI 기업의 퇴출 유형별 결정요인에 관한 실증분석: 완전청산 對 부분회수를 중심으로", 국제경영리뷰, 10(1), pp.69~94 (2006), 한국국제경영관리학회
  25. 황삼생, "한국 기업의 동남아시아 해외직접투자 전략 및 현지화 방안에 관한 연구", 국제경영리뷰, 13(4), pp.245~269 (2009), 한국국제경영관리학회
  26. Athanassiou, N., "The Impact of US Company Internationalization on Top Management Team Advice Networks : A Tacit Knowledge Perspective", Strategic Management Journal, 20(1), pp.83~92 (1999)
  27. Autio, E., "Effects of Age at Entry, Knowledge Intensity, and Imitability on International Growth", Academy of Management Journal, 43(5), pp.909~924 (2000)
  28. Barkema, H. G., "Does Top Management Team Diversity Promote or Hamper Foreign Expansion?", Strategic Management Journal, 28(7), pp.663~680 (2007)
  29. Barney, J., "Firm Resource and Sustained Competitive Advantage", Journal of Management, 17(1), pp.99~120 (1991)
  30. Barroso, C., "Board Influence on a Firm’s Internationalization", Corporate Governance : An International Review, 19(4), pp.351~367 (2011)
  31. Buckley, P. J., "The Future of the Multinational Enterprise" (1976), Macmillan
  32. Buckley, P. J., "Host-home Country Linkages and Host-home Country Specific Advantages as Determinants of Foreign Acquisitions by Indian Firms", International Business Review, 21(5), pp.878~890 (2012)
  33. Carpenter, M. A., "The Strategic Context of External Network Ties : Examining the Impact of Director Appointments on Board Involvement in Strategic Decision Making", Academy of Management Journal, 44(4), pp.639~660 (2001)
  34. Castro, C. B., "Does the Team Leverage the Board’s Decisions?", Corporate Governance: An International Review, 17(6), pp.744~761 (2009)
  35. Chang, S., "Rapid FDI Expansion and Firm Performance", Journal of International Business Studies, 42(8), pp.979~994 (2011)
  36. Chen, H., "Does Board Independence Influence the Top Management Team? Evidence from Strategic Decisions toward Internationalization", Corporate Governance : An International Review, 19(4), pp.334~350 (2011)
  37. Chizema, A., "Outside Directors on Korean Boards : Governance and Institutions", Journal of Management Studies, 47(1), pp.109~129 (2010)
  38. Cho, D. S., "Outside Directors, Ownership Structure and Firm Profitability in Korea", Corporate Governance : An International Review, 15(2), pp.239~250 (2007)
  39. Coleman, J. S., "Foundations of Social Theory" (1990), Harvard University Press
  40. Cui, L., "State Ownership Effect on Firms’ FDI Ownership Decisions Under Institutional Pressure : A Study of Chinese Outward Investing Firms", Journal of International Business Studies, 43(3), pp.264~284 (2012)
  41. Dalizel, T., "An Integrated Agency-resource Dependence View of the Influence of Directors’ Human and Relational Capital on Firms’ R&D Spending", Journal of Management Studies, 48(6), pp.1217~1242 (2011)
  42. Dalton, D. R., "Meta-analytic Review of Board Composition, Leadership, Structure, and Financial Performance", Strategic Management Journal, 19(3), pp.269~290 (1998)
  43. Davis, G. F., "The Significance of Board Interlocks for Corporate Governance", Corporate Governance : An International Review, 4(3), pp.154~159 (1996)
  44. Direrickx, I., "Asset Stock Accumulation and Sustainability of Competitive Advantage", Management Science, 35(12), pp.1504~1511 (1989)
  45. Donaldson, L., "The Ethereal Hand : Organizational Management Theory", Academy of Management Review, 15(3), pp.369~381 (1990)
  46. Donaldson, L., "Stewardship Theory or Agency Theory : CEO Governance and Shareholder Returns", Australian Journal of Management, 16(1), pp.49~64 (1991)
  47. Donaldson, L., "Boards and Company Performance-research Challenges the Conventional Wisdom", Corporate Governance: An International Review, 2(3), pp.151~160 (1994)
  48. Eisenhardt, K. M., "Agency Theory : An Assessment and Review", Academy of Management Review, 14(1), pp.57~74 (1989)
  49. Ellango, B., "Building Capabilities for International Operations through Networks : A Study of Indian Firms", Journal of International Business Studies, 38(4), pp.541~555 (2007)
  50. Ellis, P. D., "Social Ties and International Entrepreneurship : Opportunities and Constraints Affecting Firm Internationalization", Journal of International Business Studies, 42(1), pp.99~127 (2011)
  51. Fama, E. F., "Separation of Ownership and Control", Journal of Law and Economics, 26(2), pp.301~325 (1983)
  52. Filatotchev, I., "The Export Orientation and Export Performance of High-technology SMEs in Emerging Markets : The Effects of Knowledge Transfer by Returnee Entrepreneurs", Journal of International Business Studies, 40(6), pp.1005~1021 (2009)
  53. Filatotchev, I., "FDI by Firms from Newly Industrialized Economies in Emerging Markets : Corporate Governance, Entry Mode and Location", Journal of International Business Studies, 38(4), pp.556~572 (2007)
  54. Gabrielsson, J., ""Outside"Directors in SME Boards : A Call for Theoretical Reflections", Corporate Board : Role, Duties & Composition, 1(1), pp.28~37 (2005)
  55. Galaskiewicz, J., "Interorganizational Relations", Annual Review of Sociology, 11, pp.281~304 (1985)
  56. Gomez-Mejia, L. R., "The Role of Human Resources Strategy in Export Performance : A Longitudinal Study", Strategic Management Journal, 9(5), pp.493~505 (1988)
  57. Grant, R. M., "The Resource-based Theory of Competitive Advantage : Implications for Strategy Formulation", California Management Review, 33(3), pp.114~135 (1991)
  58. Hennart, J. F., "Greenfield vs. Acquisition : The Strategy of Japanese Investors in the United States", Management Science, 39(9), pp.1054~1070 (1993)
  59. Herrmann, P., "Relationships between Top Management Team Characteristics and International Diversification : An Empirical Investigation", British Journal of Management, 16(1), pp.69~78 (2005)
  60. Herrmann, P., "CEO Experiences : Effects on the Choice of FDI Entry Mode", Journal of Management Studies, 43(4), pp.755~778 (2006)
  61. Hillman, A. J., "The Resource Dependence Role of Corporate Directors : Strategic Adaptation of Board Composition in Response to Environmental Change", Journal of Management Studies, 37(2), pp.235~256 (2000)
  62. Hillman, A. J., "Boards of Directors and Firm Performance : Integrating Agency and Resource Dependence Perspectives", Academy of Management Review, 28(3), pp.383~396 (2003)
  63. Inkpen, A. C., "Social Capital Networks, and Knowledge Transfer", Academy of Management Journal, 30(1), pp.146~165 (2005)
  64. Jensen, M. C., "Theory of the Firm, Managerial Behavior, Agency Costs, and Ownership Structure", Journal of Financial Economics, 3(4), pp.305~360 (1976)
  65. 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)
  66. Johanson, J., "The Internationalization of the Firm —Four Swedish cases", Journal of Management Studies, 12(3), pp.305~323 (1975)
  67. Johnson, J. L., "Board of Directors : A Review and Research Agenda", Journal of Management, 22(3), pp.409~438 (1996)
  68. Kim, H., "Does Market-oriented Institutional Change in an Emerging Economy Make Business-group-affiliated Multinationals Perform Better? An Institution-based View", Journal of International Business Studies, 41(7), pp.1141~1160 (2010)
  69. Kim, H., "Diversity, Outside Directors and Firm Valuation : Korean Evidence", Journal of Business Research, 63(3), pp.284~291 (2010)
  70. Kim, W. C., "Implementing Global Strategies: The Role of Procedural Justice", Strategic Management Journal, 12(S1), pp.125~143 (1991)
  71. Kim, Y., "Board Network Characteristics and Firm Performance in Korea", Corporate Governance : An International Review, 13(6), pp.800~808 (2005)
  72. Kim, Y., "The Proportion and Social Capital of Outside Directors and their Impacts on Firm Value : Evidence from Korea", Corporate Governance : An International Review, 15(6), pp.1168~1176 (2007)
  73. Kogut, B., "Knowledge of the Firm, Combinative Capabilities, and the Replication of Technology", Organization Science, 3(3), pp.383~397 (1992)
  74. Kontinen, T., "Network Ties in the International Opportunity Recognition of Family SMEs", International Business Review, 20(4), pp.440~453 (2011)
  75. Kor, Y. Y., "Direct and Interaction Effects of Top Management Team and Board Compositions on R&D Investment Strategy", Strategic Management Journal, 27(11), pp.1081~1099 (2006)
  76. Kor, Y. Y., "Outside Directors’ Industry-specific Experience and Firms’ Liability of Newness", Strategic Management Journal, 29(12), pp.1345~1355 (2008)
  77. Kor, Y. Y., "Experience-based Human Capital and Social Capital of Outside Directors", Journal of Management, 35(4), pp.981~1006 (2009)
  78. Kroll, M., "The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneurial Firms", Academy of Management Journal, 50(5), pp.1198~1216 (2007)
  79. Lai, J. H., "The Board Mechanism and Entry Mode Choice", Journal of International Management, 18(4), pp.379~392 (2012)
  80. Lawson, C., "Collective Learning, Tacit Knowledge and Regional Innovative Capacity", Regional studies, 33(4), pp.305~317 (1999)
  81. Lee, H. W., "The Influence of Top Management Team International Exposure on International Alliance Formation", Journal of Management Studies, 45(5), pp.961~981 (2008)
  82. Le, S. A., "Outside Directors’ Experience, TMT Firm-specific Human Capital, and Firm Performance in Entrepreneurial IPO Firms", Journal of Business Research, 66(4), pp.533~539 (2013)
  83. 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)
  84. Lien Y. C., "The Role of Corporate Governance in FDI Decisions : Evidence from Taiwan", International Business Review, 14(6), pp.739~763 (2005)
  85. Lu, J., "The Effects of Corporate Governance and Institutional Environments on Export Behavior in Emerging Economies", Management International Review, 49(4), pp.455~478 (2009)
  86. Luo, Y., "Toward a Perspective of Cultural Friction in International Business", Journal of International Management, 29(10), pp.1117~1125 (2011)
  87. Macus, M., "Board Capability : An Interactions Perspectives on Boards of Directors and Firm Performance", International Studies of Management and Organization, 38(3), pp.98~116 (2008)
  88. Magnusson, P., "International Experience and CEO Selection : An Empirical Study", Journal of International Management, 12(1), pp.107~125 (2006)
  89. McDonald, M., "What Do They Know? The Effects of Director Acquisition Experience on Firm Acquisition Performance", Strategic Management Journal, 29(11), pp.1155~1177 (2008)
  90. Nahapiet, J., "Social Capital, Intellectual Capital, and the Organizational Advantage", Academy of Management Review, 23(2), pp.242~266 (1998)
  91. Okoli, C., "Investigating Recognition-based Performance in an Open Content Community : A Social Capital Perspective", Information & Management, 44(3), pp.240~252 (2007)
  92. 박영렬, "Location Decision of Korean Manufacturing FDI: A Comparison between Korean Chaebols and Non-Chaebols", Global Economic Review, 40(1), pp.123~138 (2011), 동서문제연구원
  93. Pearce, J. A., "The Relative Power of CEO and Boards of Directors : Association with Corporate Performance", Strategic Management Journal, 12(2), pp.135~153 (1991)
  94. Peng, M. W., "Outside Directors and Firm Performance during Institutional Transition", Strategic Management Journal, 25(5), pp.453~471 (2004)
  95. Pfeffer, J., "The External Control of Organizations" (1978), Happer & Row
  96. Powell, K. S., "Nonroutine CEO Turnover in Korean Chaebols", Journal of Asia Pacific Business, 10(2), pp.146~165 (2009)
  97. Reuber, A. R., "The Influence of the Management Team’s International Experience on the Internationalization Behaviors of SMEs", Journal of International Business Studies, 28(4), pp.807~825 (1997)
  98. Rivas, J. L., "Board versus TMT International Experience : A Study of their Joint Effects", Cross Cultural Management, 19(4), pp.546~562 (2012)
  99. Sanders, W. M., "Internationalization and FirmGovernance : The Roles of CEO Compensation, Top Team Composition, and Board Structure", Academy of Management Journal, 41(2), pp.158~178 (1998)
  100. Sambharya, R. B., "Foreign Experiences of Top Management Teams and International Diversification Strategies of US Multinational Corporations", Strategic Management Journal, 17(9), pp.739~746 (1996)
  101. Sherman, H. D., "The Effect of Board and Executive Committee Characteristics on the Degree of Internationalization", Journal of International Management, 4(4), pp.311~335 (1998)
  102. Singh, D. A., "Governance Structure, Innovation and Internationalization : Evidence from India", Journal of International Management, 19(3), pp.300~309 (2013)
  103. Tan, D., "Business Groups' Outward FDI : A Managerial Resources Perspective", Journal of International Management, 16(2), pp.154~164 (2010)
  104. Tihanyi, L., "Composition of the Top Management Team and Firm International Diversification", Journal of Management, 26(6), pp.1157~1177 (2000)
  105. Tsai, W., "Social Capital, Strategic Relatedness and the Formation of Intraorganizational Linkages", Strategic Management Journal, 21(9), pp.925~939 (2000)
  106. Tsai, W., "Social Capital and Value Creation : The Role of Intrafirm Networks", Academy of Management Journal, 41(4), pp.464~476 (1998)
  107. Valdaliso, J., "Social Capital, Internationalization and Absorptive Capacity: The Electronics and ICT Cluster of the Basque Country", Entrepreneurship & Regional Development, 23(9-10), pp.707~733 (2011)
  108. Wang, C., "Exploring the Role of Government Involvement in Outward FDI from Emerging Economies", Journal of International Business Studies, 43(7), pp.655~676 (2012)
  109. Wernerfelt, B., "A Resource-based View of the Firm", Strategic Management Journal, 5(2), pp.171~180 (1984)
  110. Zaheer, S., "Overcoming the Liability of Foreignness", Academy of Management Journal, 38(2), pp.341~363 (1995)
  111. Zahra, S. A., "Board of Directors and Corporate Financial Performance : A Review and Integrative Model", Journal of Management, 15(2), pp.291~334 (1989)
  112. Zhang, Y., "FDI Spillovers in an Emerging Market : The Role of Foreign Firms’ Country Origin Diversity and Domestic Firms’ Absorptive Capacity", Strategic Management Journal, 31(9), pp.969~989 (2010)

관련 논문AI추천

한국 상장기업에 있어서 외국인 이사 선임의 요인 분석: 자원의존이론의 관점에서곽주영, 민현주, 이윤진한국국제통상학회 · 국제통상연구2011 · 제16권 제3호국내 기업의 해외직접투자와 기업 경영강대창, 전봉걸사회과학연구소 · 사회과학연구2010 · 제36권 제3호신규 사외이사의 임명에 관한 연구: 사회적 연결을 중심으로서정일, 이경환한국전략경영학회 · 전략경영연구2011 · 제14권 제3호해외 및 외국인 直接投資가 한국 企業投資에 미치는 영향강성진, 손상학한국국제경제학회 · 국제경제연구2009 · 제15권 제2호외환위기이후 한국기업에서 사외이사제도의 도입에 관한 연구김주태한국산업경영학회 · 경영연구2004 · 제19권 제3호내부와 외부의 대주주가 이사회 구조에 미치는 영향 : 외환위기이후의 한국기업의 분석김주태한국전략경영학회 · 전략경영연구2007 · 제10권 제2호

이 간행물의 다른 논문 (6건)

효과적인 국제적 지식이전에 영향을 미치는 요인 분석: 국제적 기술연수 사업에서의 연수생 응답 분석안지영, 이형오pp. 1-33창업활동이 경제성장에 미치는 영향: 금융시스템의 발전단계에 따른 국가 간 비교분석최돈승, 강호상, 고성은pp. 35-55중국 소비자의 적대감이 국가이미지 효과에 미치는 영향안종석pp. 57-86한국과 인도 상장기업의 자본구조 및 부채만기 결정요인김우성, 오세경pp. 117-156Moderating Effects of Perceived Justice and Country of Origin in a Relationship between Customer Complaint Behavior and Customer Retention김보영, 이장로, 조영삼pp. 157-188
원문 보기