복제행동과 조직학습

신동엽(Dong Youb Shin),김선혁(Sun Hyuk Kim),정기원(Ki Won Jung) 한국경영학회 2008 經營學硏究 Vol.37 No.3

The current paper explores the learning aspect of replicating behaviors in choices of diversification modes. In most conventional studies, diversification decisions were explained with rational and economic factors, such as industry attractiveness, appropriability, corporate control, or transaction costs. In contrast, a number of recent studies have started to incorporate more realistic views, such as institutional isomorphism and utilization of existing knowledge, with diversification research. These recent studies of diversification suggest that faced with uncertainty of diversification, firms tend to replicate the past behaviors of themselves or other firms. For instance, neo-institutional theory maintains that under situations of high uncertainty, firms tend to become increasingly similar with one another by imitating the behaviors or forms of other firms in the organizational field, which is often referred to as institutional isomorphism. Evolutionary economics similarly argues that faced with uncertainty, firms tend to replicate their past choices by utilizing existing knowledge. Along the same line of argument, some recent studies suggested that diversification decisions, such as mode choices, are often made through replicating behaviors due to high uncertainty of diversification. Although these recent attempts have contributed significantly to the improvement of realism in diversification research, it is still arguable to assume that crucial strategic decisions like diversification are made only through simple replicating behaviors. Therefore, we argue that although the simple replication of past behaviors through mimetic isomorphism or the utilization of existing knowledge certainly happens, a more intelligent mechanism will additionally operate in strategic decision-makings, such as choices of diversification modes. That is, the current paper attempts to complement, rather than to replace, the existing arguments of replicating behaviors by additionally introducing a more intelligent mechanism of strategic decision-making that may work in tandem with simple replication. To elaborate our argument, we draw heavily on insights from the organizational learning literature. The organizational learning literature suggests that firms actively adjust their choices and behaviors according to performance feedbacks from environments. In contrast, the literatures of replicating behaviors, such as neo-institutional theory and evolutionary economics, posit that firms tend to simply replicate choices of other organizations as well as their own past choices. Thus, the current study attempts to integrate these two streams of arguments by suggesting that although pressures toward replication indeed affect the choice of diversification mode, firms also actively incorporate performance feedbacks to past choices by themselves and other firms, rather than simply replicating their own or other firms` past behaviors. In this respect, we propose the following four hypotheses regarding the effects of performance-feedbacks in replicating behaviors in choices of diversification modes: Hypothesis 1. The choice of diverfication mode by a firm will be affected by the performances of the modes that the firm used in the past diversifications, Hypothesis 2. The choice of diverfication mode by a firm will be affected by the performances of the modes that other firms with high performances used in the past diversifications, Hypothesis 3. The choice of diverfication mode by a firm will be affected by the performances of the modes that other firms with similar status used in the past diversifications, and Hypothesis 4. The effects of performance-feedbacks to the focal firm`s past behaviors on mode choices will be greater for lower-status firms than for higher-status firms. We empirically tested our argument with a data-set that contains all the diversification events by the thirty largest Korean business groups, 1988-1997. According to the results of our c

The Effect of Corporate Diversification on the Excess Value of Firm Diversification

( Joong Seok Cho ) 한양대학교 경제연구소 2012 경제연구 Vol.33 No.2

The purpose of this paper is to examine whether corporate diversification affects firm value. Specifically, we analyze the relation between corporate diversification and the excess value of diversification. To measure the excess value of the diversified firm, we follow the sales multiplier approach advocated in Berger and Ofek (1995). For the diversification measure, we use the entropy measure of total diversification (ENTROPY) as defined by Jacquemin and Berry (1979). We decompose the total diversification into an unrelated and a related component to investigate whether the effect of diversification on firm value arises from the different diversification strategy. Using a sample of U.S. firms from 1998 through 2008, our study shows that as the level of companies’diversification increases, the excess value of diversification decreases. In addition, we find that both related and unrelated diversification negatively affects firm value. Taken together, our study results show that diversification is a value-reducing not a value-enhancing activity.

The effect of corporate diversification on the excess value of firm diversification

조중석 한양대학교 경제연구소 2012 경제연구 Vol.33 No.2

The purpose of this paper is to examine whether corporate diversification affects firm value. Specifically, we analyze the relation between corporate diversification and the excess value of diversification. To measure the excess value of the diversified firm, we follow the sales multiplier approach advocated in Berger and Ofek (1995). For the diversification measure, we use the entropy measure of total diversification (ENTROPY) as defined by Jacquemin and Berry (1979). We decompose the total diversification into an unrelated and a related component to investigate whether the effect of diversification on firm value arises from the different diversification strategy. Using a sample of U.S. firms from 1998 through 2008, our study shows that as the level of companies’ diversification increases, the excess value of diversification decreases. In addition, we find that both related and unrelated diversification negatively affects firm value. Taken together, our study results show that diversification is a value-reducing not a value-enhancing activity.

기업 다각화 할인과 생산성

권택호 ( Taek Ho Kwon ),김현숙 ( Hyeon Sook Kim ) 한국금융공학회 2020 금융공학연구 Vol.19 No.4

이 연구는 기업의 다각화가 생산성에 영향을 미치고 이로인해 기업가치를 변화시키는지 일련의 과정을 분석한다. 특히 기존연구와 달리 국제회계기준 채택 이후 연결재무제표로 매출액을 보고하기 시작한 2011년 이후의 기간을 대상으로, 기업의 다각화 수준을 보다 정교하게 측정하고, 매출 특성을 고려한 다각화 효과를 분석한다. 분석 결과, 산업조정매출성장률로 추정한 매출성장이 낮은 기업의 경우 다각화 할인이 생산성 저하에 의해 매개되고 있음을 확인할 수 있었다. 그러나 낮은 생산성의 매개 역할이 부분적으로 나타나 다각화 할인의 이유가 생산성 때문만이라고 할 수는 없었다. 반면에 산업조정매출성장률이 높은 기업의 경우 생산성의 증가가 다각화 할증으로 이어지지는 않았다. 이러한 결과는 다각화로 인한 낮은 생산성 유도가 다각화 할인을 매개하는 원인이 될 수는 있지만, 반대로 다각화로 인해 높은 생산성이 나타나더라도 다각화 할증을 유발하지는 않는다는 것을 의미한다. 한편, 연결재무제표를 보고하고 있는 기업의 다각화 효과는 연결재무제표를 보고하지 않는 기업의 다각화 효과와 유의한 차이가 없었다. 이 연구의 분석 결과는 다각화 할인이 나타나는 이유를 규명하고자 했다는데 의의가 있다. 연구의 결과는 기업이 다각화를 통해 기업의 가치를 제고시킬 수 있는 방법을 찾는데 유용한 정보로 활용될 수 있을 것이다. This study analyzed the diversification effect of companies during the period 2011 to 2015 for non-financial industries in the Korean securities market. Unlike in previous studies, whether the productivity of a company mediates the diversification effect was analyzed. Besides, in this study, the diversification effect of companies reporting consolidated sales following the adoption of IFRS was compared with the diversification effect of companies that did not prepare consolidated financial statements. The results of the analysis confirmed that diversification discounts are mediated by the productivity of companies with low industrial adjusted sales growth. However, the mediation role of productivity was only partially shown, and the reason for diversification discounts was not limited to low productivity. On the other hand, for companies with high industrial adjusted sales growth, an increase in productivity did not lead to diversification premiums. These results suggest that low productivity may be the cause of diversification discounts, but high productivity does not induce diversification premiums. The diversification effect of companies reporting consolidated financial statements could not be said to be different from the diversification effect of companies not reporting consolidated financial statements. The results of this study are meaningful since they sought to identify why diversification discounts occur. The results of the research can, therefore, be utilized as valuable information to discover ways to improve the value of a company through diversification.

가맹본부의 다각화 결정요인과 성과에 관한 연구

김정수,김주영 한국유통학회 2023 流通硏究 Vol.28 No.2

Purpose: Diversification is a strategy to secure competitive advantage, improve performance, and survive. Diversification studies have been conducted in various fields such as motivation and performance. Diversification is actively taking place in the franchise industry, but research on the diversification of franchisor is lacking. Therefore, in this study, we analyzed the influence of franchisor characteristics on diversification and how the characteristics of franchisors affect diversification according to the number of franchise brands owned by the franchisor. Furthermore, the impact of the diversification of franchisor on performance was analyzed. Research design, data, and methodology: Regression analysis was conducted to analyze the effect of franchise characteristics on franchisor diversification. Next, in the effect of franchise characteristics on diversification, the moderating effect of the number of franchise brands owned by the franchisor was analyzed. In addition, the impact of the diversification of franchisor on performance was analyzed. As an additional analysis, the characteristics of franchisor according to the survival period of franchise brands and the difference in average sales of existing and new franchise brands after franchise brand expansion were compared. For this purpose, the information disclosure data from 2015 to 2020 registered for franchise business transactions with the Fair Trade Commission was used and analyzed. Results: As a result of a regression analysis to confirm the effect of franchisor's characteristics on diversification, the franchise business period has a positive effect on franchisor business diversification. However, the results of regression analysis using the number of franchise brands owned by the franchisor as a moderating variable showed different results. As the number of franchise brands owned by a franchisor increases, the positive impact of franchise business period, number of stores, and assets on franchisor diversification increases. As a result of analyzing the impact of franchisor diversification on performance, it was found that franchisor diversification has a positive effect on franchisor performance. However, it was found that the effect of the increase or decrease of the franchise brand owned by the franchisor on the performance of the franchisor was not significant. Conclusions: The study provides the following practical implications. First, by using the number of franchise brands owned by the franchisor as a moderating variable, it was confirmed that the characteristics of the franchisor had a different effect on diversification. Through this, it was revealed that the number of franchise brands owned by a franchise headquarters is important in the diversification analysis of franchisor. Second, it was revealed that diversification of franchisees has a positive effect on performance, and that simple franchise brand expansion alone cannot improve franchise performance.

기업의 관련 다각화와 기업가치

권택호 한국재무관리학회 2019 財務管理硏究 Vol.36 No.4

This study analyzed the effects of related diversification on the firm value of KOSPI non-financial companies. The period of analysis period was 1995 to 2010, which was before the Republic of Korea adopted international financial reporting standards (IFRS). In an analysis of related diversification effects, the matching sample analysis method was used to manage the problem of examining a relatively small number of related diversified firms and to mitigate the effect of endogeneity. Through the analysis, I found diversification discounts in both non-related and related diversification. In particular, diversification discounts were significant in the period after 2000. In an analysis of diversification by diversification type, related diversification companies showed larger diversification discounts than non-related diversification companies. The results of an analysis of the relationship between diversification discounts and the largest shareholder’s ownership showed that the lower the shareholding ratio of the largest shareholder in the company, the larger the diversification discount in the related diversification. These results suggested that the diversification discount of the related diversification may be related to agency costs. The results of an analysis of the relationship between a firm's accounting performance and diversification index supported the inference that diversification discounts may be due to market concern about agency costs rather than decreases in accounting performances due to diversification. The results of the related diversification and firm value relationship analysis were robust, i.e., they were not influenced by the method of constructing the matching sample or the measurement of the related diversification index. The fact that firms reduced levels of related diversification immediately following the Asian financial crisis and the global financial crisis can also be interpreted as supporting the results of the empirical analysis, inferring that there is a relationship between related diversification discounts and agency costs. The results of this study suggested that companies interested in diversification need to actively respond to market concerns about the possibility of agency costs. 이 연구에서는 유가증권시장 비금융업종 기업을 대상으로 관련 다각화가 기업가치에 미치는 영향을 분석한다. 분석 기간은 1995년에서 한국이 국제회계기준을 채택하기 전인 2010년까지이다. 관련 다각화 효과 분석에서는 관련 다각화 기업의 표본 수가 많지 않은 점과 다각화와 기업가치 연구에서 대두 되는 내생성 문제를 완화하기 위한 방법으로 대응 표본 분석 방법을 활용한다. 분석 결과 비관련 다각화와 관련 다각화 모두에서 다각화 할인이 있으며, 다각화 효과는 하위 기간별로 차이가 있다. 특히, 2000년 이후의 기간에 다각화 할인이 크게 나타난다. 다각화 유형별 차이 분석 결과 관련 다각화 기업이 비관련 다각화 기업에 비해 다각화 할인이 크게 나타난다. 다각화 할인과 최대주주지분율 간의 관계를 분석한 결과 기업의 최대주주지분율이 낮을수록 관련 다각화에서의 다각화 할인이 크게 나타나 관련 다각화의 다각화 할인이 대리인비용과 관련이 있을 수 있음을 추론할 수 있다. 기업의 회계적 성과와 다각화지수 간의 관계 분석 결과는 다각화 할인이 다각화로 인한 회계적 성과 감소 때문이 아니라 대리인 비용 발생에 대한 시장의 우려 때문일 수 있다는 추론을 지지한다. 관련 다각화와 기업가치 관계 분석결과는 대응 표본의 구성 방법과 관련 다각화의 측정 방법에 영향을 받지 않는 강건한 결과라고 할 수 있다. 기업이 아시아 외환위기와 글로벌금융위기 기간에 관련 다각화 정도를 감소시킨 것 역시 관련 다각화 할인과 대리인 비용 간에 관련성이 있음을 추론한 실증분석의 결과를 지지하는 현상으로 해석할 수 있을 것이다. 이 연구의 결과는 관련 다각화를 수행하고자 하는 기업의 경우 대리인 비용 발생 가능성에 대한 시장의 우려에 대해 적극 대처할 필요가 있음을 시사한다.

Antecedents of Within-industry Diversification: Evidence from the Korean Life Insurance Industry

Yunhee Chang(장윤희),Kuhyuk Kwon(권구혁 ),Kyungmi Chun(전경미),Houk Lee(이호욱) 연세대학교 경영연구소 2021 연세경영연구 Vol.58 No.2

본 연구는 기존 전략경영 문헌에서 다각화와 기업 성과의 상관관계에 대한 연구에 비해 상대적으로 많이 연구되지 않았던 산업 내 다각화의 동인을 탐구하는 실증 연구라는 점에 의의가 있다. 그동안 회계/재무 분야에서 연구된 보험 산업의 재무적 특성을 주로 고려한 연구에서 나아가, 본 연구는 다각화에 동원될 수 있는 다양한 자원의 측면과 기업의 지배구조의 성격에 따라 산업 내 다각화의 특성에 어떠한 영향이 있는지를 종합적으로 고려한 연구라는 점에서 학술적인 의의를 갖는다. 또한, 본 연구의 차별적 공헌점은 바로 한국의 생명보험산업이라는 단일 산업을 대상으로 다양한 자원과 기업의 지배 구조의 성격을 검증할 수 있는 패널 데이터를 구축하고 이를 기반으로 실증 연구를 진행하였다는 점이다. 해당 산업 내 다양한 제품 출시는 보험 산업이라는 제도적 특성이 존재함에도, 개별 기업의 보험 산업의 자원과 역량을 최대한 활용할 수 있는 가장 가까운 산업인 손해보험 산업으로의 진출이 제도적으로 불가능하다. 이러한 상황에서 기업 내부 자원의 다양한 성격과 기업의 지배 구조가 다각화 추구에 어떠한 영향을 미치는지를 검증하였다. 먼저, 기존 다각화 연구에서 일원화되었던 기업의 재무 자원이 본 실증 연구의 대상 산업에서는 기존 제품에 구분하여 별도의 회계 계정을 유지하고 있어 다각화를 위한 전용 재무 자원을 측정하고 검증하였다는 연구의 공헌점이 있다. 또한, 기업이 내부에 보유한 자원이라 할지라도 기존 주력 상품의 판매에 최적화되어 있는 자원(비대면 판매 채널)이 새로운 제품 출시에 있어서는 부의 영향을 미친다는 사실을 실증적으로 검증하였다는 점은 기존 성과 중심의 산업 내 다각화 연구에 비해 본 연구가 갖는 차별적 공헌점이라 할 수 있다. 향후 본 연구를 확장하여 후속 연구에서는 산업 내에서 제품 다각화를 추구하는 기업의 전략적 행위를 탐색함에 있어 더 다양한 기업 지배 구조 성격 변수와 자원의 성격을 추가적으로 고려할 수 있을 것이다. 또한, 단일 산업 내에서의 제품 다각화가 궁극적으로 어떠한 성과 함의를 지니는지에 대해서도 고려할 수 있을 것이다. We examine what makes firms diversify within an industry, considering several characteristics of corporate resources and the moderating influence of corporate governance. While most diversification studies have investigated how diversification influences firm performance without consideration of the industry to which the firm belongs, this study verifies what drives within-industry diversification with consideration of internal resources and corporate governance. Similarly, research in the fields of corporate finance and insurance has focused mostly on the impact of financial characteristics on firm performance; in this study, we examine many aspects of corporate internal resources that can be mobilized for the purpose of diversification, sales resources that are optimized to benefit the existing product category. To verify our results empirically, we investigate firms in the Korean life insurance industry where within-industry diversification is clearly evident. In this industry, firms intentionally and institutionally pursue within-industry diversification similar to how they pursue product-level diversification; thus, within-industry diversification closely mirrors detailed strategic choices at the product level. We collected data from 25 insurers for the fiscal years ranging from 2007 to 2017 to form 264 panel data for analysis. The results of the empirical analysis suggest that firms with internal resources such as affiliate relationships for new product management show tendencies toward high within-industry diversification. However, firms with accumulated resources idealized for the existing product market exhibit less within-industry diversification. This study’s theoretical contribution is to provide a comprehensive perspective on within-industry diversification. This construct has not been explored, nor have its characteristics and determinants been clearly identified as compared to inter-industry diversification.

코스닥시장 기업의 다각화 효과

권택호 한국재무관리학회 2022 財務管理硏究 Vol.39 No.6

This study analyzes the effects of diversification from 2000 to 2019 on non-financial companies listed on the KOSDAQ. The results of the diversification effect analysis revealed that there was an unrelated diversification premium in the period before 2010; however, there was no significant relationship between diversification and corporate value after 2011. An analysis of the relationship between company characteristic variables and diversification showed that despite the rapid sales growth of companies listed on the KOSDAQ, sales growth was unrelated to diversification effect. However, the correlation between diversification and the controlling shareholder equity ratio appeared to be negative, indicating that agency costs can harm enterprise value in the process of diversification. These empirical analysis results support the inference that KOSDAQ companies are unlikely to increase corporate value through diversification. In particular, the relationship between governance structure and diversification effect suggests that a comprehensive review is necessary to maximize corporate value when managers make decisions related to diversification. This study confirms that the diversification effects of KOSDAQ market companies differ from those of KOSPI market companies, thereby confirming the need for analysis to understand the diversification characteristics of KOSDAQ market companies.

중국 제조기업의 지리적 다변화, 제품다각화가 기업가치에 미치는 영향: 파생상품사용의 조절효과를 중심으로

유정,서시국,김태중 충남대학교 경영경제연구소 2023 경영경제연구 Vol.45 No.1

Based on previous studies on geographic diversification, product diversification, and corporate value, we conducted an empirical analysis on the effects of geographic diversification, product diversification on corporate value, and the moderating effect of derivatives use. This study targets 529 manufacturing companies on the Shenzhen Stock Exchange in China from 2016 to 2020. As a result of the analysis, it was confirmed that the value of manufacturing companies was improved through geographic diversification and product diversification. In addition, the use of derivatives does not hedge foreign costs, but rather sees negative (-) moderating effects between geographic diversification, product diversification, and corporate value. Considering these points, companies distribute management risks and create a competitive advantage rather than entering a single market through geographic diversification and product diversification. In addition, corporate managers lacked expertise in derivatives or the complexity and flexibility of heterogeneous currencies incorrectly predicted unexpected exchange rate fluctuations, resulting in negative moderating effects on corporate value. 본 논문은 지리적 다변화, 제품다각화와 기업가치에 관한 선행연구를 바탕으로 지리적 다변화 및 제품다각화가 기업가치에 미치는 영향 및 파생상품 사용의 조절효과에 대하여 실증분석하였다. 구체적으로 다중회귀분석을 통하여 지리적 다변화와 제품다각화가 기업가치에미치는 영향을 분석하고, 잠재변수들 사이의 파생상품사용의 조절효과를 탐색하였다. 본 연구는 2016년부터 2020년까지 중국 심천증권거래소에 상장된 529개 제조기업을 대상으로 분석하였다. 연구결과, 해당 제조기업들은 지리적 다변화와 제품다각화를 통하여 기업가치를 향상시키지만, 파생상품사용은 외국인비용을 헤지하기 못하고 오히려 지리적 다변화, 제품다각화와 기업가치 간에 부정적인 조절효과를 보이는 것을 확인하였다. 기업은 지리적 다변화와 제품다각화를 통해 단일 시장에 비해 경영위험과 시장위험을 분산시키고 경쟁우위를 창출하려고 노력하며, 경영자들은 파생상품에 대한 전문지식이 부족하거나 이종통화의 복잡성과 유연성으로 인해 예상치 못한 환율변동을 잘못 예측하여 기업가치에 부정적인 영향을 초래할 수 있음을 확인하였다.

국제다각화가 기업의 경영성과와 가치에 미치는 영향

정신순,노희천,박경호 한국기업경영학회 2016 기업경영연구 Vol.23 No.1

Global competition is the services or products provided by competing companies that serve international customers. Global competition has allowed companies to buy and sell their services internationally, which opens the door to increased profits and flattens the playing field in business. In the process of market globalization, many Korean firms have been utilizing international diversification strategies to increase sales in oversea markets or to reduce risks based on business diversification strategies. The result of successfully competing in a global market has its benefits, but it's not without its challenges. Companies are seeing that what works domestically, doesn't necessarily work internationally. Cultural differences play a large role in the global market, and there are a couple factors that companies must consider. Therefore, there are mixed empirical results in prior research on globalization effect or diversification effect. Does international diversification affect firm's performance and value of firm? The effect of diversification on firm's performance and value is empirical issue. This study analyzes the effect of international diversification on firm’s performance and value of Korean companies. Domestic companies have actively advanced into global markets to overcome the limitations of domestic market. Corporate international diversification of this kind not only has positive as aspects such as economy of scale and economy of range but negative aspects such as uncertainty of business environment and information asymmetry as well. Therefore, the purpose of this study is to analyze the effect of international diversification on firm’s performance and value of Korean firms. This study investigates the relationship between international diversification and firm’s performance and corporate value, and the effect of international diversification on corporate value based on the corporate profitability and growth potential for Korean companies which are listed on stock market from the year 2004 through 2013. As the results of empirical analyses, it turns out that the higher the level of corporate international diversification is, the better the corporate performance is. On the other hand, international diversification has no general relationship with corporate value. And yet, as the results of analyses only on companies with high level of international diversification, international diversification has positive relationship with corporate value. In addition, it is revealed that the better the firm’s performance and higher the growth potential is, the more positive relationship international diversification has with corporate value. This result implies that international diversification has positive effect on the corporate value of companies with better performance and higher growth potential. This study has its meaning in that while prior studies only presented relationship between international diversification and corporate value, this study conducts in-depth analyses on the relationship between international diversification and corporate performance and the relationship between international diversification and firm characteristics in the effect of international diversification on corporate value. However, this study has some limitations. First, we just focus on listed firms. So the results of this study could not be applied to unlisted firms. Second, Tobin’s Q, the proxy of corporate value, could has measurement error. Third, we measure firm’s international diversification level based on the level of foreign sales and foreign assets. However, these measures could miss some aspects of international diversification. 본 연구는 한국기업을 대상으로 국제다각화가 기업의 경영성과와 기업 가치에 미치는 영향을 분석하였다. 국내기업은 내수시장의 한계를 극복하기 위하여 활발히 해외시장으로 진출하고 있다. 이러한 기업의 국제다각화는 규모의 경제와 범위의 경제효과 등 긍정적인 측면을 예상하여 진행되고 있으나 영업환경의 불확실성과 정보비대칭성 등 부정적인 측면도 존재한다. 이에 따라 본 연구에서는 국내기업을 대상으로 기업의 국제다각화가 기업의 경영성과와 기업의 시장가치에 미치는 실제 영향에 대해 실증분석을 하였다. 본 연구는 유가증권시장에 상장된 기업들을 대상으로 하고 2004년부터 2013년을 연구기간으로 설정하여 국제다각화와 기업의 경영성과 및 기업가치의 관련성, 그리고 기업의 수익성과 성장성에 따라 국제다각화가 기업 가치에 미치는 영향에 차이가 존재하는지에 대하여 분석하였다. 실증분석 결과 기업의 국제다각화 수준이 높을수록 기업의 경영성과도 높게 나타났다. 반면, 국제다각화 수준과 기업 가치는 일반적으로 유의적인 상관관계가 없는 것으로 나타났다. 그러나 국제다각화 수준이 높은 기업집단을 대상으로 실시한 분석에서는 국제다각화와 기업 가치는 유의적인 양(+)의 상관관계가 있는 것으로 나타났다. 또한 기업의 경영성과와 성장성이 높은 기업일수록 국제다각화가 기업 가치에 긍정적인 영향을 미치는 것으로 나타났다. 이러한 결과는 국제다각화가 기업의 수익성 측면에서 긍정적인 영향을 미치며, 이로 인해 자본시장에서는 국제다각화를 통해 미래 성장 잠재력과 수익성이 높을 것으로 예상되는 기업일수록 기업 가치를 높게 평가한다는 것을 의미한다. 본 연구는 선행연구에서 제시한 국제다각화와 기업가치의 관련성 여부를 확장하여 기업의 국제다각화가 기업 가치에 영향을 미치는 이유를 경영성과 측면과 기업특성 측면에서 설명하고자 하였다는데 공헌점이 있다.