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신흥시장 출신 글로벌 은행의 독점적 우위와 기업성과 간 관계에 관한 연구: 패널모형 추정

The Relationship between Ownership-specific Advantages and Firm Performance for Global Banks from Emerging Markets : Panel Regression

양오석|한재훈
한국산업경영학회 (Korean Association Of Industrial Business Administrarion)|2018.05|경영연구 (Journal of Business Research)|제33권 제2호|pp. 311-337|DOI 10.22903/jbr.2018.33.2.311

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키워드

기업성과Firm PerformanceEmerging Markets신흥시장Panel Model패널 모형독점적 우위Global Banks글로벌 은행Ownership-specific Advantages
주제분류경영학

초록

본 연구는 OECD 시장에 진출한 신흥시장 출신 글로벌 은행과 선진시장 출신 글로벌 은행의 해외직접투자 활동 동기에 대한 비교 고찰을 실시하였다. 기본 관점은 독점적 우위 이론과 지식추구형 동기에서 출발하고 있으며, 전략 차원에서 보유하고 있는 재무 역량과 리스크관리능력, 그리고 이에 덧붙여 효율성 및 수익구조 다변화 관리 능력에 대해 고찰하였다. 분석에 필요한 기업 자료는 모두 뱅크스코프(BankScope)를 통해 수집하였다. 연구대상은 OECD에 진출한 글로벌 기업 7,802개이며, 총 67개국으로 구성되며, 선진국 출신 은행 5,852개, 신흥국 출신 은행 1,950개로 이루어져 있다. 연구시기는 1988년에서 2017년이며 위기 때 상대적으로 안정성을 보여준 신흥시장 출신 글로벌 은행의 특징을 고려하기 위해 글로벌 금융위기 시기인 2008~ 2009년을 연구시기에 포함시켰다. 이렇게 수집된 기초자료는 시계열 횡단면 데이터로 분석대상 은행 자료가 일부 누락된 불균형패널자료이다. 분석기법으로는 패널모형 가운데 임의효과 모형을 사용하였고, 고찰 결과 다음과 같은 이론 및 실무를 위한 결론을 도출할 수 있었다. 우선 첫째, 독점적 우위 관점은 선진시장 및 신흥시장 출신 글로벌 은행 모두 공유되고 있는 해외직접투자 활동의 근본적 동기라고 할 수 있다. 둘째, 해외시장에 진출한 선진시장 출신 및 신흥시장 출신 글로벌 은행 모두 비용효율성 제고와 재무건전성 유지를 통해 성과를 관리한다. 셋째, 재무유동성, 리스크관리능력과 수익구조 다변화 전략 차원에서는 신흥시장 및 선진시장 출신 글로벌 은행 간 유사성을 보여준다.

Abstract

This paper explores the differences between global banks from emerging markets and those from advanced markets. The focus is on the ownership-specific advantages and the knowledge-seeking foreign direct investment activity, followed by competitive advantages in financial capabilities, risk-management capabilities, cost efficiency and the diversity of profit structure. Data collection from Bankscope covers top 7,802 banks in OECD countries, which consists of 5,852 banks from the advanced markets and 1,950 banks from emerging markets. This empirical data covers 67 countries and research time frame does 1988~2017 years aiming at covering the global financial crisis during which global banks from emerging markets proved their own stabilities. Finally, the empirical data collection results in imbalanced panel one. As for an analytic technique, the random effect panel model is employed to be compared global banks from the advanced markets(GBAM) and those from emerging markets(GBEM). The main findings are: (1) the ownership-specific perspective is a motivation for GBAM and GBEM, (2) cost efficiency and financial soundness are tools for performance management of GBAM and GBEM, (3) in terms of financial liquidity and risk-management capabilities and the diversity of profit structure, GBAM and GBEM share some strategic choices in common.

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