국내 제조기업의 해외직접투자 진입방법 선택: 최고경영자의 경험과 소유지분
The Choice of FDI Entry Mode in The Manufacturing Firm: CEO Experiences and Ownership
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본 논문은 국내 제조기업을 대상으로 최고경영자의 경험과 해외직접투자 진입방법(entry mode) 선택 간의 관계를 규명하고 최고경영자의 소유지분이 전술한 관계에 대해서 조절효과를 갖는지를 연구하는 것을 목적으로 한다. 구체적으로 본 연구에서는 최고경영자의 경험을 해외경험과 직무경험으로 구분한다. 경영자의 해외경험이 많을수록 합작투자보다 단독투자를 선택할 것이라고 주장하며, 과정지향적 직무경험을 소유한 경영자보다 결과지향적 직무경험을 소유한 경영자가 합작투자보다단독투자를 선택할 것이라고 주장한다. 경영자가 대주주인 경우 최고경영자 해외경험과 합작투자대비 단독투자 선택 간의 관계는 양(+)의 방향으로 강화될 것이라고 주장한다. 2002년부터 2008년 기간의 106개 국내 제조 기업의 407개 해외직접투자 사례를 분석한 결과, 해외경험이 풍부한 경영자일수록 합작투자보다 단독투자를 선택하는 것으로 나타났으며, 결과지향적 직무경험을 보유한 경영자가 과정지향적 직무경험을 보유한 경영자에 비해 합작투자보다 단독투자를 선택하는 경향이 있는 것으로 나타났다. 아울러, 최고경영자가 대주주인 경우 이러한 관계가 더욱 두드러지게 나타났다. 본연구는 그 동안 국내연구에서 상대적으로 간과되었던 해외직접투자 진입방법 선택의 선행요인으로최고경영자 경험을 제시하고 최고경영자의 소유지분에 대한 조절효과를 실증적으로 확인하였다.
Abstract
The purpose of this study is to examine the main effects of CEO experiences on choices of entry modes for foreign direct investments (FDI) as well as the moderating effects of CEO ownership for the relationships between CEO experinces and choices of entry modes. We divide CEO experience into international experience and job experience. We argue that CEOs with more international experiences are more likely to choose wholly owned subsidiary than joint venture in entering foreign markets. We also argue that as compared to CEOs with process-related experiences, those CEOs with outcome-related experiences are more likely to prefer wholly owned subsidiary than joint venture. We further propose that CEO ownership strengthens such relationships between CEO experiences and the choices of entry modes. Relying on a database of 407 outbound-FDI cases involving 106 Korean manufacturing firms during the 2002~2008 period, we found strong support for our hypotheses in general. The results of this study confirm that CEO experience and CEO ownership play important roles as antecedent and moderating variables in determining the choices of FDI entry modes.
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