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Triangular Relationships in the Internationalized Market: the Mediating Role in Functional Labor Flexibility

노성철|정흥준
한국디지털무역연구소 (Korea Digital Trade Research Institute)|2015.08|디지털무역리뷰 (Digital Trade Review)|제13권 제3호|pp. 91-111|DOI 10.17255/etr.13.3.201508.91

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키워드

국제화Internationalization재무성과Financial PerformanceFunctional Labor Flexibility기능적 노동 유연성

초록

Purpose: The aim of the present study is to explore the effect of internationalization on firm financial performance. In addition, we seek to how labor flexibility in both matured and emerging economies plays a key role in the relationship between internationalization and financial performance. Composition/Logic: This paper is structured as follows. We propose the triangular relationships between internationalization, functional labor flexibility, and firm performance in employment relations contexts. We particularly focus on competitive advantage perspective in the globalized market. Using a random effects model of the Korean Workplace Panel Data, we then test the quantitative impact of the internationalization on firm performance through the functional labor flexibility. Finally, we discuss the implications and limitations of our results. Findings: We examined the mediating role of functional flexibility in the link between internationalization and firm’s financial performance. The results indicate that internationalization is positively and significantly related to functional flexibility. The results also show that the internationalization had a positive impact to performance through functional flexibility. Originality/Value: Although the previous studies have tested the effects of internationalization on firm performance, there is little study of the mechanism in international context. We found that the extension of internationalization is likely to lead significant changes in employment practices, which in turn improve performance. Given high competition, this finding suggests that managers need to understand ‘human asset’ is more useful than ‘race to the bottom’ in order to gain financial performance in the globalized market.

Abstract

Purpose: The aim of the present study is to explore the effect of internationalization on firm financial performance. In addition, we seek to how labor flexibility in both matured and emerging economies plays a key role in the relationship between internationalization and financial performance. Composition/Logic: This paper is structured as follows. We propose the triangular relationships between internationalization, functional labor flexibility, and firm performance in employment relations contexts. We particularly focus on competitive advantage perspective in the globalized market. Using a random effects model of the Korean Workplace Panel Data, we then test the quantitative impact of the internationalization on firm performance through the functional labor flexibility. Finally, we discuss the implications and limitations of our results. Findings: We examined the mediating role of functional flexibility in the link between internationalization and firm’s financial performance. The results indicate that internationalization is positively and significantly related to functional flexibility. The results also show that the internationalization had a positive impact to performance through functional flexibility. Originality/Value: Although the previous studies have tested the effects of internationalization on firm performance, there is little study of the mechanism in international context. We found that the extension of internationalization is likely to lead significant changes in employment practices, which in turn improve performance. Given high competition, this finding suggests that managers need to understand ‘human asset’ is more useful than ‘race to the bottom’ in order to gain financial performance in the globalized market.

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