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벤처기업의 국제화와 재무적 성과: CEO 해외경험의 조절효과

The Relationship between Globalization and Financial Performance of Venture Firms in Korea: The Moderation Effect of CEO International Experience

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주제분류경영학

초록

본 연구는 벤처기업의 국제화와 재무적 성과 간의 관계를 분석하기 위해, 한국 코스피 및 코스닥에 상장된 299개 벤처기업들을 대상으로 2011년부터 2015년까지의 패널데이터를 활용하여 Hausman & Taylor 모형 분석을 수행하였다. 실증분석 결과, 벤처기업의 국제화와 재무적 성과 간에는 ‘U자’형 관계가 있는 것으로 확인되었다. 이러한 ‘U자’형 관계는 벤처기업의 경우 해외진출 초기에는 외국인 비용으로 인해 국제화가 재무적 성과에 부(-)의 영향을 미치나, 일정 수준 이상으로 국제화가 진행되면 지식과 경험이 축적되어 재무적 성과에 미치는 영향이 정(+)으로 전환된다는 것을 시사한다. 한편으로는 벤처기업 CEO가 해외경험이 있는 경우 국제화와 재무적 성과간의 관계가 정(+)의 방향으로 조절되는 것으로 나타났다. 이러한 결과는 벤처기업에서는 CEO의 해외경험이 국제화에 필요한 지식과 경험, 그리고 네트워크 등을 보완해주고 있음을 의미한다.

Abstract

This paper aims to analyze the relationship between globalization and financial performance in Korean venture firms. Based on five-year panel data of 299 Korean venture firms listed in Kospi and Kosdaq during the period of 2011~2015, this study performed Hausman & Taylor test. The statistical result shows that venture globalization and financial performance have ‘U shape’ relationship, which proves that the existing theory that previous researches have proposed can be applied to venture firms as well. This result explains that the venture firms, which usually lack the resources required to exploit globalization, face negative impact of globalization on financial performance due to liability of foreignness at the early stage of globalization. However, after certain point of globalization, venture firms eventually make use of globalization by acquiring knowledge and experience to do so. Also, statistical result showed that international experience of venture CEOs reinforces the relationship between globalization and financial performance. This result supports the proposition of this paper that venture CEOs, whose capability has high impact on the venture firms as founders, supplement required resources for globalization, such as knowledge, experience, and personal network.

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