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은행의 국제화와 성과 간 관계에 대한 탐색적 고찰: 동태적 내부화 우위 관점에서

The multinationality-performance relationship of banks: exploring the effects of dynamic internalization-specific advantages

민상기|양오석
한국국제경영학회 (Korean Academy of International Business)|2011.03|국제경영연구 (International Business Journal)|제22권 제1호|pp. 111-146

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참고문헌

키워드

성과Performance은행국제화InternationalizationBankCost Efficiency비용효율성동태적 내부화Dynamic Internalization
주제분류경영학

초록

이 글은 은행의 국제화와 성과 간 관계에 대한 탐색적 고찰을 실시하였다. 주요 초점은 은행의 국제화와 성과 간 관계 변화 유형을 확인하는 작업과, 성과에 미치는 내부화특유 우위 요소의 동태적 효과 및 즉각적으로 나타나지 않을 것으로 기대되는 영향력의 시간적 관성에 둔다. 이를 위해 구체적으로는 기업특유 및 내부화특유 우위 요소를 종합적으로 고찰하는 가운데 (1) 내부화특유 우위 요소가 국제화에 따른 성과에 미치는 직접적 영향을 살펴보고, (2) 내부화특유 우위 요소에 대해 1년과 2년의 타임 래그(t-1과 t-2)를 부여하여 개별 요소가 성과에 미치는 영향력의 관성을 살펴보았다. 연구대상은 전 세계 75개국 1,520개 상업은행이며 연구기간은 1990∼2007년 기간이다. 응용된 실증분석 방법으로는 합동(pooled) OLS와 고정 및 확률효과 모형 간 타당성 검정을 통해 최종적으로 확인된 확률효과모형을 사용하였다. 분석결과 은행의 다국적 활동은 거래비용 및 관리․조정에 따른 비용을 발생시키며 이는 운영범위에 따라 증가하기가 쉽다는 것을 확인하였다. 따라서 은행의 국제화에 따른 성과는 진입 이후 적정 수준에 이르기 전까지 증가하다가 적정 시점 이후에는 감소하는 역U자형 관계를 나타낸다. 또한 비용효율성과 같은 내부화특유우위 요소는 국제화에 따른 성과 변화에 대해 직접효과를 미치는 것으로 확인된 반면 동태적 시간적 관성은 없는 것으로 나타났다.

Abstract

This article is an exploratory study of factors affecting the relationship between internationalization of banks and their performances. Firm-specific and internalization- specific advantages are comprehensively analyzed and the primary focuses are on the identification of the relationship between multinationality and performance. In addition, the additional attention is paid to the dynamic effects of internalization-specific advantages on performance and its inertia, i.e. its impact on performance that may not be apparent immediately. In doing this, specifically (1) the direct effect of internalization- specific advantages on the sequential performance from internationalization is explored and (2) the one- and two-year time lagged value(t-1 and t-2) of internalization-specific advantages takes account for the inertia of individual factors to exert influence on the performance. This research was conducted with 1,520 commercial banks from 75 countries in the world, and with the time frame of 1990∼2007. As for an empirical analysis concerned, a random effects model, which is finally verified through validity test among pooled OLS, fixed-effect, and random-effect models, is applied. As a result, it is found that multinational activities of banks incur transaction costs and governance costs, and moreover, they increase according to each bank's range of operation. Therefore, the performance, as the internationalization of banks expands, predicts an inverted U-shaped graph in which it increases by the moderate level then decreases after that. In addition, it is confirmed that an internalization-specific advantage such as cost efficiency exerts an direct influence on performance; and that the one or two-year lagged values of internalization-specific advantages, as an internalization-specific advantage, do not have inertia in its impact on the current performance of international banks.

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