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국내 은행산업에서의 외국인 비용 유발 요인과 결과: 기업특유우위의 조절효과를 중심으로

The Determinants and Consequences of the Liability of Foreignness in the Korean Banking Industry: Focused on the Moderating Effects of the Firm-Specific Advantages

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주제분류경영학

초록

본 연구는 외국인 비용의 유발 요인이 외국인 비용, 외국 기업의 성과에 미치는 영향을 순차적으로 분석하였다. 먼저 외국인 비용의 유발 요인인 배태성과 정당성이 외국인 비용에 미치는 영향을검증하였고, 외국인 비용이 기업의 재무적 성과에 미치는 영향을 분석하였다. 다음으로 기업특유우위인 조직관리 역량, 글로벌 네트워크 활용역량, 그리고 재무적 역량이 외국인 비용과 성과의 관계에미치는 조절 효과를 검증하였다. 기존 연구들이 외국인 비용을 관련 변수와 불명확하게 구분해 암시적으로 정의한 데 반해, 본 연구는 외국인 비용을 독립적 변수로 구분하여 측정하였다. 국내에 진출한 외국계 은행을 대상으로 실증적 연구를 실시한 결과, 배태성과 정당성은 외국인 비용과 부의 관계를 보이는 것으로 나타났다. 즉 외국계 은행의 주요 이해관계자인 현지 고객 및 정부기관과의 네트워크 배태성이 높을수록, 외국계 은행의 규제적 정당성과 규범적 정당성이 높을수록외국인 비용은 감소하였다. 또한 외국인 비용이 커질수록 외국계 은행의 성과는 줄어드는 것으로 분석되었다. 기업특유우위의 조절 효과 분석 결과, 조직관리 역량과 글로벌 네트워크 활용역량은 외국인 비용과 성과 간 관계를 부적으로 조절하는 것으로 나타났으나, 재무적 역량의 조절 효과는 유의하지 않은 것으로 나타났다.

Abstract

This study analyzes the effect of LOF (Liability of Foreignness)’s driving factors on LOF and foreign firms’ performance sequentially. First, the effect of LOF’s driving factors , consisting of embeddedness and legitimacy, on LOF is tested, and then the effect of LOF on foreign firms’ financial performance is analyzed. Second, the moderating effect of FSAs (Firm-Specific Advantages), consisting of organizational management capability, global network utilization capability and financial capability, on the relationship between LOF and firm performance is tested. Different from the extant LOF studies in which LOF is unclearly distinguished from the related variables and implicitly defined as a result, this study measures LOF as a separate variable. The result of this empirical study of foreign banks in Korea shows that both of embeddedness and legitimacy have a negative relationship with LOF. As the level of foreign bank’s embeddedness in the networks with local clients and government agencies, who are the major stake-holders of foreign balegitimacy increases, LOF declines. And as the level of LOF increases, foreign bank’s performance declines. In the analysis of the moderating effect of foreign bank’s FSAs, while organizational management capability and global network utilization capability negatively moderate the negative relationship between LOF and foreign bank’s performance, financial capability does not moderate the relationship.

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