한국 벤처기업의 국제 전략적 제휴 성과 결정요인: 기업 연령과 제휴 파트너 규모가 재무 및 혁신성과에 미치는 영향
The Determinants of Performance in International Strategic Alliances of Korean Venture Firms: Impact of Firm age and Alliance Partner size on Financial and Innovation Performance
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초록
본 연구는 국제 전략적 제휴에서 기업 연령과 제휴 파트너 기업의 규모가 재무성과와 혁신성과에 미치는 영향에 대해 분석해보고자 하였다. 구체적으로 제휴 학습 능력과 밀접한 연관이 있다고 판단되는 기업 연령과 기업 보유 자원의 정도를 가늠할 수 있는 파트너 기업의 규모가 각각 재무성과와 혁신성과에 미치는 영향이 서로 다를 것이라는 관점 하에 가설을 설정하였다. 본 연구의 가설 검증을 위해 2009년부터 2016년도까지 8년의 기간 동안 122개의 국내 코스닥 상장 벤처기업이 체결한 241개의 국제 전략적 제휴를 표본으로, 연간 매출액을 종속변수로 하는 최소 자승 회귀분석(ordinary least square regression)과 해외 특허 창출 건수를 종속변수로 하는 음이항 회귀분석(negative binomial regression)을 각각 실시하였다. 분석 결과, 기업 연령이 높을수록 재무성과에는 긍정적 영향을 미치지만 혁신성과에는 부정적 영향을 나타내는 것으로 밝혀졌다. 또한 제휴 파트너의 규모가 클수록 재무성과에 긍정적 영향을 미치는 것을 확인할 수 있었다
Abstract
This study analyzes the impact of firm age and alliance partner size on financial performance and innovation performance in international strategic alliances. Specifically, the hypothesis was developed under the view that firm age which is closely related to alliance learning ability and alliance partner size which represents the degree of resources would have different effects on financial performance and innovation performance, respectively. To test the hypotheses of this study, we use 241 international strategic alliances contracted by 122 domestic KOSDAQ listed venture companies as a sample for a period of 8 years from 2009 to 2016. The statistical results suggest that firm age has a positive effect on financial performance and a negative effect on innovation performance, and alliance partner size has a positive effect on financial performance.
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