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한국 다국적기업의 연구개발 역량과 브랜드 명성이 선진국과 후진국에서 소유지분형태 선택에 미치는 효과

The effects of Korean MNC R&D capabilities and brand reputation on ownership mode choice in developed vs. developing countries

이정열|김경애
한국기업경영학회 (Korean Corporation Management Association)|2018.06|기업경영연구 (Korean Corporation Management Review)|제25권 제3호|pp. 113-136

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키워드

다국적기업Brand ReputationMultinational CorporationR&D Capability브랜드 명성연구개발역량소유지분형태선진국대후진국Ownership ModeDeveloped vs. Developing Countries
주제분류경영학

초록

본 연구는 선진국과 후진국에서 한국 다국적 기업의 연구개발역량과 브랜드 명성이 해외투자법인 소유지분 형태의 결정에 어떤 역할을 하는지를 살펴 본 실증논문이다. 본 연구는 1989-2013년에 걸쳐 한국증권거래소에 상장된 모든 한국 다국적기업이 투자한 해외투자법인의 자료를 이용하였다. 그리고 사용된 표본은 67개 국가에서 활동하는 1,979개 우리나라 다국적기업의 2,913개 해외법인들로 구성되어있다. 분석방법으로는 이항로지스틱 회귀분석을 사용하였다. 종속변수는 해외법인의 소유지분형태를 사용하였다. 즉 한국다국적기업이 해당 해외법인의 95% 이상의 지분을 소유하면 완전소유자회사로 ‘1’로 코딩했으며, 95% 미만이면 합작투자로서 ‘0’으로 코딩하였다. 실증분석 결과, 한국 다국적기업이 기술개발역량을 가지고 있을 경우에 한국보다 열등한 피 투자국에서는 완전자회사 형태의 진입형태로 진출한다는 것을 알 수 있었다. 반면 기술개발역량에 있어 한국보다 우월한 피투자국으로 진출할 때는 합작투자를 하였다. 반면, 브랜드 명성을 지닌 한국 다국적기업의 경우 한국보다 열등하거나 우월한 피투자국으로 진입할 경우, 둘 다 합작투자보다 완전자회사로 진출한다는 것을 알 수 있었다.

Abstract

This study examines the effects of Korean multinational corporations' (MNCs') R&D capabilities and brand reputation on the ownership structure of foreign subsidiaries in developed and developing countries. This study used data from foreign subsidiaries invested by Korean MNCs listed on the Korea Stock Exchange between 1989-2013. The sample used is composed of 2,913 overseas subsidiaries of 1,979 MNCs operating in 67 countries. Binary logistic regression analysis was used for the analysis. The dependent variable is the mode of ownership of foreign subsidiaries by Korean parents. If a Korean MNC owns 95% or more than 95% of the overseas subsidiaries, it is coded '1' as “a wholly owned subsidiary”, and if it is less than 95%, it is coded '0' as “a joint venture”. We use the dummy variables to define the country with higher gross domestic product (GDP) per capita than Korea as “a host developed country” and the country with lower GDP per capita than Korea as “a host developing country”. The results of the empirical analysis are as follows. First, Korean MNCs with strong R&D capabilities are found to enter host developing countries with a wholly-owned subsidiary mode. The reason for this is that when an MNC enters host countries with low economic and knowledge levels or technical competencies, it mainly uses the resources of the home country rather than the resources of the host country. Furthermore, MNCs can own and control the monopolistic advantages, rare and inimitable resources and skills to retain the competitive advantages in the host country. Second, Korean MNCs with strong R&D capabilities are found to enter host developed countries as a joint-venture mode. The reason for this result is that in advanced countries where local companies are inclined to possess unique, inimitable and unsubstitutable resources and skills with network externalities, there is a greater need for exploration. In this case, it will be more effective when those Korean MNCs enter the developed countries with a joint-venture mode rather than a wholly-owned subsidiary mode. Third, Korean MNCs with high brand reputation are found to enter the host developing countries where economically poorer than their home country (i.e. Korea) by a wholly-owned subsidiary mode. Inferring from this result, protection and control of brands and reputation are more difficult to protect when entering economically less developed countries by a joint-venture mode. They can be used without permission at the end of the joint venture contract by moral hazard in these institutionally less developed countries, and there is a high likelihood that trademark rights, intellectual property rights and patent rights will be violated by local partners in these underdeveloped countries. Finally, Korean MNCs with high brand reputation are also found to enter the economically developed countries compared to their home country by a fully-owned subsidiary mode, which means that the same transaction cost theory can be applied to the case of host developed countries. This finding implies that a springboard perspective can be applied to representative Korean MNCs within chaebols, such as Samsung, LG, and Hyundai Motor Groups, as leaders of "emerging market leapfroggers" as well. In conclusion, linking resource exploration vs. resource exploitation, this paper deals with the delicate phenomenon of Korean MNC's intangible resource role difference for the ownership mode choice in economically developed vs. developing countries compared to the home country.

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