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한국 중소기업의 다국적화와 성과 간 관계에 관한 연구 : 김정순
Previous research on the multinationality-performance relationship has produced mixed arguments and results(Kotabe et al., 2002; Tallman & Li, 1996). The most recent research has focused on explaining the shape of the relationship: linear, U-or inverted-U, or sigmoid. The main goal of our study is to investigate relationship between firm's multinationality degree and performance based on Korean Ventures SMEs that are registered in the Korean KOSDAQ doing overseas exports and overseas activities. Internationalization theorists argue that multinational firms can gain economic benefits from the exploitation of vacation assets across a large number of international markets either by exporting or foreign activities such as establishing foreign subsidiaries, FDI, strategic alliances, M&A. But the scholars who suggest the negative relationship between multinationality and performance emphasize the costs increased with firm's internationalization. Firms should pay for economic and psychological costs whenever they enter a new foreign market. We did our study based on the main two factors that show the degree of the multinationality of the SMEs. It means that the multinationality of firm is measured by two aspects; exporting sales and foreign activities. In the case of exporting sales, they have a U-shaped relationship between the level of exporting sales and SMEs' performance; that is, firm performance declines with initial exporting sales but improves with a greater extent of exporting sales. When it is measured by foreign activities, the pattern shows inverted U-shaped relationship with firm performance. In other words, the relationship between the level of foreign activities and firm performance is positive at low levels of foreign activities but negative at higher levels of foreign activities. It means that the deepen foreign activities such as FDI, M&A, strategic alliances, have a negative influence on performance. Furthermore, we made a multiple analysis on SMEs' control variables like R&D, Firm size, Stock share, Marketing intensity. The marketing intensity is not statistically significant and the R&D intensity has a horizontally inverted U-shaped relationship with performance. Firm size was chosen as a control variable because it could affect performance. The bigger is firm size, the higher is the performance. Moreover, we can assume that the larger the size of the firm , the more influential the role of the information networking in the firm's operation. Marketing intensity is needed to support the manufacturing /sales of products or services more efficiently and also enables to differentiate from competitors and to establish a firm's own brand image(Tseng et al., 2007). The relationship between the marketing intensity and firm performance was statistically significant. The results show negative value. The stock share, special authority person's share holding percentage, has a negative influence on fim performance. Also, this study offers practical guidance to managers in internationalizing firms. Our findings suggest that managers need to take a long-term view of internationalization. At intial stage, there might not be immediate returns from foreign expansion. Also, they need to keep the scope of internationalization activities at an optimal level.
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