전략과 환경이 중소기업의 제조 아웃소싱에 미치는 영향

허문구(Moon-Goo Huh) 한국인사조직학회 2006 인사조직연구 Vol.14 No.3

  근래에 들어 아웃소싱은 기업의 지원기능뿐만 아니라 핵심기능에도 활발히 도입되고 있으며, 비용절감 측면을 넘어 전략적 수단으로 활용되고 있다. 그러나 아웃소싱에 대한 기존 연구는 주로 정보시스템, 일반관리 등과 같은 지원기능을 대상으로 기업의 운영효율성 제고를 위한 원가절감이란 측면에 초점을 두고 이루어져왔다. 현실과 연구의 괴리에 대한 인식을 바탕으로, 본 연구는 우리나라 중소기업을 대상으로 제조 아웃소싱의 영향요인을 규명하는데 초점을 두었다. 중소제조업에서 제조아웃소싱은 효과적 환경적응을 위한 전략적 의사결정으로 개념화하고, 전략과 환경이 제조아웃소싱에 미치는 영향을 규명하였다. 연구결과, 마케팅차별화 전략과 기술 차별화 전략은 제조 아웃소싱과 정(+)의 관계가 있는 것으로 확인되었다. 한편, 환경의 동태성은 전략과 제조 아웃소싱의 관계에 대체로 유의한 영향(조절 효과)을 미치는 것으로 나타났다. 특히, 기술차별화 전략을 사용하는 기업은 환경이 동태적일수록 제조 아웃소싱을 활발히 추진하는 것으로 나타났다. 반면, 원가주도 전략의 경우에는 환경의 동태성과 상호작용 효과가 나타나지 않았다. 본 연구는 기존 연구와는 달리 제조아웃소싱에 대한 전략과 환경의 영향을 실증적으로 규명하였다는 점에서 의의가 있으며, 전략적 의사결정으로서 아웃소싱에 대한 보다 정교한 개념화와 후속 연구가 이루어지길 기대한다.   This study investigates how strategy and environment influence a firm’s manufacturing outsourcing activities. Prior research on outsourcing has focused on supportive functions such as information services, general administration, accounting and maintenance, and has been concerned mostly with large firms. Discussion on outsourcing has usually centered on potential cost savings associated with such functions. Little attention has been paid to the factors that influence the outsourcing decisions of managers in small manufacturing organizations. Now growing practices of outsourcing has not been fully understood due to two primary reasons. First, outsourcing decisions are usually seen as operational decisions with a view to cost reduction. Second, outsourcing contracts are viewed as adversarial, rather than cooperative, relationships. Companies, however, increasingly outsource some of their main functions, depend on outsourcing for strategic benefits as well as lower costs, and have cooperative relationships with their suppliers.<BR>  Recognizing the gap between research and practice, this article focuses on manufacturing outsourcing, which refers to the process of determining which of the numerous manufacturing activities should be given out to an external provider. From a strategic behavior perspective of outsourcing, I suggest that a firm’s decision to outsource its manufacturing should be viewed as a strategic choice to adapt to changing environment and to enhance its competitiveness rather than merely as a way of cost-cutting. I developed the following hypotheses to examine the strategic aspects of manufacturing outsourcing. They are as follows: (1) Business strategy is positively related to a firm’s level of manufacturing outsourcing activities. More specifically: (a) The strategy of technological differentiation is positively related to a firm’s level of manufacturing outsourcing activities, (b) The strategy of marketing differentiation is positively related to a firm’s level of manufacturing outsourcing activities, and (c) The strategy of cost leadership is negatively related to a firm’s level of manufacturing outsourcing activities. (2) The relationship between business strategy and manufacturing outsourcing will be moderated by perceived environmental dynamism. More specifically: (a) The positive relationship between differentiation strategy and manufacturing outsourcing will be stronger in dynamic environments than in stable environments, and (b) The negative relationship between cost leadership strategy and manufacturing outsourcing will be stronger in stable environments than in dynamic environments.<BR>  Data were collected through field surveys and complemented by secondary sources in the context of small and medium-sized manufacturing firms. To enhance reliability and validity of the survey data, we conducted direct interviews with top managers of the sample firms. The firms in the sample represent diverse industry sectors, from traditional textile to high-tech electronics. On average, they had 104 employees and had been in operation for 15 years.<BR>  Hypotheses were tested using hierarchical moderated regression analysis. Overall, the study found that competitive strategies are associated with the level of manufacturing outsourcing activity. Specifically, the strategy of marketing differentiation was very significantly related to the level of manufacturing outsourcing after controlling for firm size and years of operation. The strategy of technological differentiation was also positively associated with a firm’s propensity to outsource its manufacturing. However, cost leadership strategy was not related to the level of manufacturing outsourcing. The second hypothesis proposed that these relationships between strategy and manufacturing outsourcing are moderated by perceived environmental dynamism. It was found that the firms using technological differentiat

혼합 전략(Hybrid Strategy)은 효과적인가?

임성준,박종경 한국기업경영학회 2015 기업경영연구 Vol.22 No.2

The purpose of this study is to examine the performance implication of the hybrid competitive strategy which combines differentiation and cost leadership elements in comparison to Porter’s traditional pure competitive strategies(a differentiation strategy and a low cost strategy), especially under highly uncertain environment. Porter(1985) argued that there are two generic types of competitive advantage a firm can develop in order to achieve better performance, namely, low cost and differentiation. These two types of competitive advantage which a firm seeks to achieve lead two generic competitive strategies; cost leadership strategy and differentiation strategy. Porter argued against the simultaneous pursuit of cost leadership and differentiation strategies since he believed that each of them requires a different set of resources and organizational arrangements. However, other researchers suggest that some firms could successfully pursue hybrid competitive strategies which combine both low cost and differentiation elements(Hall, 1980; Hambrick, 1983; Dess & Davis, 1984; White, 1986; Kim & Lim, 1988; Dawes & Sharp, 1996; Gopalakrishna & Subramanian, 2001; Spanos, Zaralis & Lioukas, 2004). Some researchers explain that achieving a strong position in one of two strategies may actually improve the position in the other strategy(Miller & Friesen, 1986; Hill, 1988; Miller, 1992). Another researchers argue that certain recently developed management practice like quality management and information and communication technology may help firms to achieve strong positions in both strategies(Belohlav, 1993; Wright et al., 1994; Grant, 2002; Bayo-Moriones & Lera-Lopez, 2007). Moreover, some researchers suggest that hybrid competitive strategy is not only viable but also like to be related with better performance than Porter’s traditional pure strategies. This is because pursuing pure strategies may leave gaps in product offerings and customer needs due to strategic specialization. Researchers suggest that the competitive advantage of firms with pure strategy may be more vulnerable to competitors’ imitation than that of firms with hybrid strategy. Hybrid strategy may also be more effective for adapting to changing environment than pure strategy by having both types of competitive advantages(Pertusa-Ortega et. al., 2009; Beal & Yasai-Ardekani, 2000; Miller, 1992; Booth & Philip, 1998). Based on these arguments, we suggest the following Hypothesis 1. Hypothesis 1: Firms with hybrid strategies will have better performance than firms with other competitive strategies. Strategic contingency theory argues that relationships between strategy and firm performance could be a function of environmental characteristics(Hambrick, 1983; Hrebiniak & Joyce, 1985; Miller, 1988; 1991). Previous research suggest that hybrid strategies are more effective under uncertain environment because pure strategy which produces only one type of competitive advantage may not be enough for a firm to adapt and evolve to a changing environment if it is highly uncertain(Kim, Nam & Stimpert, 2004; Pertusa-Ortega, et. al., 2009). Thus we suggest the following Hypothesis 2. Hypothesis 2: The performance difference between firms with hybrid strategy and firms with other strategies will be greater under uncertain environment. In order to test these hypotheses empirical analyses were carried out over a multi-sectorial sample of 962 Korean firms. The sample of this study which is composed of 962 firms from 28 industrial sectors is significantly larger and diversified in comparison to previous empirical studies, thus improves the generalizability of results. Findings of empirical analyses are as follows. First, supporting Hypothesis 1, firms with hybrid strategy indeed have significantly higher performance than firms with pure strategies or without a clear strategy(‘stuck in the middle’). Second, supporting Hypothesis 2, relatively superior perfo... 본 연구는 국내 기업의 경쟁전략 유형을 Porter의 구분에 따른 원가우위 전략, 차별화 전략, 어중간한 상태(‘stuck in the middle’)와 새로운 유형인 혼합 전략(hybrid strategy)으로 구분하고 이들이 기업성과에 미치는 영향을 실증분석 하였다. 또한 경쟁전략과 기업성과 간의 관계에 있어서 환경의 불확실성이 갖는 조절효과를 분석하였다. 특히 원가우위와 차별화 우위를 동시에 갖춘 혼합 전략의 기업성과에 주목하였다. 실증분석은 국내 28개 산업의 962개 기업으로 구성된 대규모 표본을 이용하여 수행되었다. 실증분석 결과, 경쟁전략의 유형 중 혼합 전략은 다른 경쟁전략 유형보다 높은 성과를 보였다. 한편, 환경의 불확실성은 경쟁전략 유형 간 기업성과의 차이를 조절하는 것으로 나타났다. 즉, 환경의 불확실성이 높을 때 혼합 전략과 다른 경쟁전략 유형 간 기업성과의 차이는 더 뚜렷해지는 것으로 확인되었다. 이와 같은 실증연구 결과는 환경의 불확실성이 커질수록 기업은 서로 모순되어 보이는 원가우위와 차별화 우위를 동시에 추구하는 혼합 전략을 통해 이에 대응할 수 있다는 시사점을 제공하고 있다. 본 연구에서 다루어진 혼합 전략은 최근 대두되고 있는 상호 모순적으로 보이는 두 가지 속성을 동시에 높은 수준으로 추구하는 조직 양면성(ambidexeterity) 논의의 일환으로 연결지을 수 있다. 본 연구는 이러한 조직양면성 관점의 논의를 확대하여 원가우위 전략과 차별화 전략은 모순적 속성을 가지고 있지만 동시추구가 가능하며, 특히 환경의 불확실성이 매우 높은 경우에 우월한 성과를 위해서는 혼합 전략의 추구가 필수불가결할 수도 있다는 점을 시사하고 있다.

The Effect of Business Strategy on Stock Price Crash Risk

RYU, Haeyoung 한국유통과학회 2021 The Journal of Industrial Distribution & Business( Vol.12 No.3

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

중국진출 한국기업에서 몰입형 인사시스템이 인사관리 효과성에 미치는 영향:경쟁전략과 본사파견인력의 조절효과

이용진,류성민,김성수 한국인사조직학회 2009 인사조직연구 Vol.17 No.1

본 논문은 중국진출 한국기업들을 대상으로 전략적 인사관리의 보편론적 접근법과 상황론적 접근법을 적용하여 전략적 인사관리연구에서 중요시되고 있는 몰입형 인사시스템의 추구 정도와 인사관리 효과성 간의 관계를 연구하였다. 본 논문에서는 조직상황으로 경쟁전략과 본사파견인력을 설정하고 몰입형 인사시스템의 추구가 중국진출 한국기업에서 보편적으로 인사관리의 효과성을 높이는 지, 그리고 몰입형 인사시스템이 조직상황과 적합한 경우에 인사관리의 효과성을 더욱 높이는지에 대해서 분석하였다. 연구자료는 한국기업들의 중국 내 밀집도가 가장 높은 산동성에서 종업원 50인 이상을 고용하고 있는 130개 기업으로부터 수집하였다. 위계적 회귀분석을 통해 자료를 분석한 결과, 몰입형 인사시스템의 추구는 기업의 인사관리 효과성을 높이는 것으로 검증되어 중국진출 한국기업에서도 전략적 인사관리의 보편론적 접근법이 지지되는 결과를 나타냈다. 또한, 상황요인과의 상호작용을 통해서도 인사관리 효과성에 정(+)의 영향을 미치는 것으로 나타났다. 세부적으로 원가우위전략을 활용할수록 몰입형 인사시스템의 추구는 인사관리 효과성을 높이는 것으로 나타났는데 이는 기존의 전략적 인사관리 연구에서 나타난 결과와는 상이한 결과로써 저임금 노동력을 활용하기 위해 중국에 진출한 한국기업이 직면하는 중국인력과 노동시장의 특수성이 반영된 결과로 해석된다. 그리고 본사파견인력의 비율이 높을수록 몰입형 인사시스템의 추구는 인사관리 효과성을 감소시키는 것으로 나타났는데, 이는 중국에서 현지인력 활용의 중요성을 입증하는 결과로 보인다. 이러한 연구결과를 바탕으로 연구의 의의, 한계 및 추후 연구과제에 대해서도 논의하였다. China is Korea’s largest trading partner and its importance is growing over time. By the end of 2007, Korea had 62,988 cases of direct investment in China, which is 49.9% of total direct investments abroad. Korea’s investment is worth US$22.5 billions, which is 24.6% of total investment abroad. Despite growing investments, Korean firms in China have not been performing effectively so far. According to Kim(2006), 56.8% of Korean firms reported deficit in 2005. One of the most important reasons for the performance gap has been found to be ineffective management of human resources in these firms(Lee, 1998). Because Chinese employees tend to have values and behavior patterns that are different from Koreans, Korean firms have faced problems in managing Chinese employees. Similar problems are reported among western companies in China(Lasserre & Ching, 1997; Weldon & Vanhonacker, 1999; Wong & Law, 1999). These developments demonstrate the importance of effective human resource management (HRM) at Korean firms in China, but studies have so far been mostly anecdotal or simple surveys at best. In this paper, we studied the relationship between commitment-based HR system and HR effectiveness for Korean firms operating in China, applying universalistic and contingency approaches of strategic human resource management. To our knowledge, there has been no such study previously. According to the universalistic approach, it is expected that commitment-based HR system of Korean firms operating in China is positively related with HR effectiveness. According to the contingency approach, it is expected that the relationship between commitment-based HR system and HR effectiveness is moderated by organizational contingencies. Organizational contingencies such as competitive strategy and expatriate staffing were studies in this paper. Specifically, we proposed the following hypotheses. H1:Commitment-based HR system in Korean firms operating in China will be positively related to HR effectiveness. H2:Cost leadership strategy in Korean firms operating in China will moderate the relationship between commitment-based HR system and HR effectiveness, with the relationship being weaker in firms having higher cost leadership strategy. H3:Differentiation strategy in Korean firms operating in China will moderate the relationship between commitment-based HR system and HR effectiveness, with the relationship being stronger in firms having higher differentiation strategy. H4:Expatriate staffing rate in Korean firms operating in China will moderate the relationship between commitment-based HR system and HR effectiveness, with the relationship being weaker in firms having higher rate of expatriate staffing. To test these hypotheses, we conducted a survey of Korean firms with at least 50 employees. The survey was conducted in Qingdao, Yantai, and Waihai, where the largest cluster of Korean firms is located. Questionnaires were sent to 200 firms and 139 firms replied to the survey. After dropping questionnaires that contained unanswered items, the final sample size for this study was 130. Hierarchical regression analysis was used to analyze data. Results revealed that commitment-based HR system in Korean firms operating in China was positively related to HR effectiveness(H1). Also it was found that expatriate staffing moderated the relationship between commitment-based HR system and HR effectiveness, with the relationship being stronger in firms having higher localization of human resources(H4). These results suggest that Korean firms will be better off by using commitment-based HR system and increasing localization of human resources in China. However, the moderation of differentiation strategy was not found to be significant(H3). Also, contrary to Hypothesis 2, cost leadership strategy moderated the relationship between commitment-based HR system and HR effectiveness, with the relationship being stronger in firms having higher cost leadership...

증권사의 경영전략과 기업가치

변종국(Byun Jong-Cook),이정우(Lee Jung-Woo),조정일(Jo Jeong-Il) 한국산업경영학회 2006 經營硏究 Vol.21 No.4

본 연구는 1999년 상반기부터 2004년 하반기까지의 연구기간 동안 국내 증권사의 경영전략이 증권사의 수익, 위험, 그리고 기업가치에 미치는 경영전략 유효성분석을 실시하였다. 이를 위해 연구기간 동안 자료를 제공한 14개 국내 증권사를 대상으로 증권사가 취한 대형화전략과 수익다각화전략을 중심으로 분석을 실시하였다. 그 결과 대형화전략을 취한 증권사들이 그렇지 않은 증권사보다 통계적으로 유의하게 수익성(ROE, ROA)은 높고 VaR로 추정한 시장위험은 낮다는 것을 발견하였고, 기업가치 또한 높게 나타났다. 그러나 수익다각화전략을 취한 증권사와 그렇지 않은 증권사간에는 수익률과 시장위험의 평균차이가 통계적으로 유의하지 못하였고 오히려 수익 다각화 전략을 취하지 않은 증권사들의 기업가치의 평균차이가 수익다각화전략을 취한 증권사들보다 더 높게 나타났다. 기업가치에 영향을 미치는 변수를 통제하고 난 이후의 회귀분석에서도 상기와 동일한 결과를 얻었다. 이러한 분석결과는 증권위탁업, 자산운영업, 파생상품투자업 등으로 분리된 현재의 증권관련 금융산업의 구조하에서는 위탁매매업무 확대를 위한 대형화전략이 위탁수수료의 수익을 증대시켜 수익률, 위험, 그리고 기업가치에 긍정적인 영향을 미칠 수 있다고 판단된다. 반면 수익다각화전략은 현재의 자본시장 구조하에서는 유효적인 전략으로 한계가 있는 것으로 예상된다. 따라서 자산규모의 대형화와 수익다각화를 통한 투자효율성 제고를 동시에 달성할 수 있도록 투자은행의 설립을 정책적으로 지원하고 자본시장의 구조를 선진화하는 정책의 전환이 요구된다. This study examined how the management strategies of the domestic securities companies made effects on the firm"s income, risk, and value during 1999 through 2004. On the 14 securities companies which provided the data, we focused on the strategy of the expansion of firm size and diversification of income sources. As a result, the firms which pursued the strategy of expansion of firm size had significantly higher ROE and ROA and lower market risk than the firms which did not pursue the strategy. And the value of firms pursuing the strategy is significantly higher than others. But the rate of return on equity and assets, the market risk measured by VaR, and the value of firms, which pursued the strategy of diversification of income sources, are worse than those of otherwise firms. Those results are once more evidenced by the result of the regression analysis. From this analysis, we can make a conclusion that, under the current structure of domestic capital market which is segregated into brokerage firm, capital investment firm, and derivative investment firm, the strategy of expansion of firm size is better than the diversification strategy. Because big size firms have a good market position to access the investors so that they can earn the stable income through the brokerage fee. Therefore, the domestic capital market should be changed into a global standard forms so that a domestic firm of securities can be a leading firm by doing the role of investment bank.

비즈니스 전략과 서비스혁신 전략의 전략적 적합성에 대한 연구: 실증적 검증과 기업성과의 의미

유현선 ( Hyun Sun Ryu ),이재남 ( Jae Nam Lee ) 한국지식경영학회 2012 지식경영연구 Vol.13 No.5

Since service innovation is considered as a new way to gain an advantage in a highly competitive environment, it is imperative for companies to align their service innovation strategy with their business strategy in order to achieve better firm performance. Accordingly, a critical challenge facing firms is how to effectively organize and manage a well-planned service innovation strategy in accordance with the direction of their business strategy. Firms with a good fit between business strategy (i.e., cost leadership, innovative differentiation, and marketing differentiation strategies) and service innovation strategy (service creation-focused, service delivery-focused, and client interface-focused strategies) are expected to have better firm performance than those without such a fit. Based on empirical data from 209 service firms in South Korea, this study aims first to investigate whether a certain service innovation strategy is more effective than others within a particular business strategy. We then examine whether their effective alignment positively affects firm performance. The empirical evidence indicates that the alignment of service innovation strategy with business strategy significantly influences firm performance. The adoption of service innovation strategy was found to have positive effects on firm performance with innovative differentiation and marketing differentiation strategies and negative effects with cost leadership strategy. Lastly, we discuss our study`s implications for further research and practice.

기업수명주기와 경쟁전략이 성과의 지속성에 미치는 영향

원자연 ( Jayoun Won ),유상열 ( Sang-lyul Ryu ) 한국회계학회 2016 회계저널 Vol.25 No.5

본 연구의 목적은 기업수명주기(성장기, 성숙기, 쇠퇴기)의 각 단계별로 경쟁전략이 성과의 지속성에 미치는 영향을 조사하는 것이다. 기업수명주기를 구분하기 위해 Anthony and Ramesh(1992)가 제안한 방법을 바탕으로 다섯 가지의 재무적/비재무적 지표를 활용하였다. 기업의 경쟁전략은 Porter(1980)가 제시한 원가우위전략과 차별화전략으로 구분하였으며, 요인분석을 통해 산출된 요인점수를 각 전략의 측정치로 보았다. 성과 측정치는 총자산수익률(ROA)과 영업현금흐름(CFO)이다. 2002년부터 2013년까지 국내 유가증권시장에 상장된 12월 결산법인 중 제조업을 영위하는 기업 3,400개(기업-년)를 대상으로 실증분석을 수행하였다. 주요 분석결과는 다음과 같다. 첫째, 성장기에 원가우위전략은 성과의 지속성에 음(-)의 영향을 미치는 반면, 차별화전략은 성과의 지속성에 양(+)의 영향을 미치는 것으로 나타났다. 이는 성장기의 기업은 차별화전략을 추구함으로써 지속가능한성과를 달성할 수 있음을 확인시켜주는 결과이다. 둘째, 성숙기에는 원가우위전략과 차별화전략 모두 성과의 지속성에 양(+)의 영향을 미치고 있음을 확인하였다. 셋째, 쇠퇴기에 원가우위전략은 성과의 지속성에 양(+)의 영향을 미치는 것으로 검정되었다. 이러한 결과는 일반적으로 수익성이 악화되는 쇠퇴기에도 기업이 원가우위전략을 취함으로써 지속가능한성과를 달성할 수 있음을 확인시켜 준다. 본 연구의 결과는 기업수명주기 단계별로 기업이 추구하는 전략에 차이가 있으며, 성과의 지속성과 관련된 전략유형이 서로 다름을 시사한다. 즉, 본 연구는 기업이 지속가능한 성과를 창출하기 위한 전략을 수립하기 위해서는 기업수명주기를 고려할 필요가 있다는 실증적 증거를 제시했다는 점에서 선행연구와 차별적 공헌점이 있다. This paper investigates how a firm``s competitive strategy affects its performance persistence in different life-cycle stages. We classify firms`` life-cycle into three stages (growth, maturity, and decline) using five descriptors based on Anthony and Ramesh (1992). The descriptors are (1) sales growth, (2) change in capital expenditures, (3) change in the number of employees, (4) market-to-book ratio, and (5) retained earnings. We use the Porter (1980) typology to define firms`` competitive strategies. According to this typology, two broad generic strategies are cost leadership and differentiation for achieving competitive advantages in the market place. We select five indictors from prior research to measure firms`` strategic positioning. They are (1) asset intensity, (2) total cost ratio, (3) research and development (R&D) intensity, (4) selling, general, and administrative (SG&A) expense ratio, and (5) price to book ratio. We conduct factor analysis to capture the common factors among the five indicators, to compute factor scores for each individual firm-year observation based on the factor loadings, and to use the factor scores as our measures of firms`` strategic positioning. Two performance measures are return on assets (ROA) and cash flow from operating activity (CFO). ROA is affected by accrual accounting such as depreciation methods and inventory valuation, which could have potential implications for the inferences we make regarding the persistence of performance. The cash flows of a firm are not affected by the accrual accounting. Therefore, we run our regressions using ROA and CFO to ensure that our results are not being driven by accounting choices. The sample comprises manufacturing firms listed on the Korean Stock Exchange over the period 2002-2013. Our final full sample consists of 3,400 firm-year observations. Empirical results are summarized as follows. First, for our pooled sample, the measurements of cost leadership and differentiation strategies are different across life-cycle stages. As the stage moves from the growth to the decline, the mean values of the cost leadership measure increased, while those of the differentiation measure decreased. It seems that most companies follow differentiation (or cost leadership) strategy in the growth (or decline) stage. Second, we find that both cost leadership and differentiation strategies have different impacts on performance persistence in the growth stage. More specifically, cost leadership (or differentiation) strategy has a negative (or positive) impact on the persistence of future performance. This means that the cost leadership firm is hard to achieve sustainable performance through cost advantage, on the other hands, the differentiation firm is able to create sustainable performance with the launch of new products and services, continuous innovation in the growth stage. Third, cost leadership as well as differentiation strategies have positive impacts on performance persistence in the maturity stage. Both of the strategies enable firms to achieve sustainable performance, compared to firms that focus on neither cost leadership nor differentiation. A firm pursuing cost leadership utilizes its capacity efficiently, and accomplishes the lowest-cost due to economies of scale prevailing in this stage. Economies of scale are the cost advantages that firms obtain through size or scale of operation. A company following differentiation strategy sustains its performance by brand loyalty, innovative activities, and new products based on competitiveness in R&D at the maturity stage. Fourth, we find that cost leadership strategy has a positive impact on earnings persistence (ROA) in the decline stage. Generally, firms at this stage suffer from loss and experience worsening in profitability. However, a cost leadership firm is able to sustain earnings through low-cost by utilizing existing capacity. In the other hand, a differentiation firm is not likely to create sustainable profit anymore, because its competitive technology is transferred to competitors or other firms at the decline stage. We construct firms`` life-cycle stage based on Anthony and Ramesh (1992), however, this method could have potential limitations of describing firms`` life-cycle fully. Despite these limitations, the findings gleaned from this study suggest that sustainable performance is affected by both competitive strategy and a firm``s life-cycle stage, and contribute to current knowledge on the accounting practice of Korean manufacturing firms.

How Can Non-Chaebol Companies Thrive in the Chaebol Economy?

Nam Kuk Kim,Sanjit Sengupta,Dong-jae Kim 한국마케팅과학회 2009 마케팅과학연구 Vol.19 No.3

While existing literature has focused extensively on the strengths and weaknesses of the Chaebol and their ownership and governance, there have been few studies of Korean non-Chaebol firms. However, Lee, Lee and Pennings (2001) did not specifically investigate the competitive strategies that non-Chaebol firms use to survive against the Chaebol in the domestic Korean Market. The motivation of this paper is to document, through four exploratory case studies, the successful competitive strategies of non-Chaebol Korean companies against the Chaebol and then offer some propositions that may be useful to other. entrepreneurial firms as well as public policy makers. Competition and cooperation as conceptualized by product similarity and cooperative inter-firm relationship respectively, are major dimensions of firm-level marketing strategy. From these two dimensions, wedevelop the following 2 × 2 matrix, with 4 types of competitive strategies for non-Chaebol companies against the Chaebol (Fig. 1.). The non-Chaebol firm in Cell 1 has a "me-too" product for the low-end market while conceding the gigh-end market to a Chaebol. In Cell 2, the non-Chaebol firm partners with a Chaebol company, either as a supplier or complementor. In Cell 3, the non-Chaebol firm engages in direct competition with a chaebol. In Cell 4, the non-Chaebol firm targets an unserved part of the market with an innovative product or service. The four selected cases such as E-Rae Electronics Industry Company (Co-exister), Intops (Supplier), Pantech (Competitor) and Humax (Niche Player) are analyzed to provide each strategy with richer insights. Following propositions are generated based upon our conceptual framework: Proposition 1: Non-Chaebol firms that have a cooperative relationship with a Chaebol will perform that have a cooperative relationship with a Chaebol will perform better than firms that do not. Proposition 1a: Co-existers will perform better than Competitors. Proposition 1b: Partners (suppliers or complementers) will perform better than Niche players. Proposition 2: Firms that have no product similarity with a Chaebol will perform better than firms that have product similarity. Proposition 2a: Partners (suppliers or complementors) will perform better than Co-existers. Proposition 2b: Niche players will perform better than Competitors. Proposition 3: Niche players should perform better than Co-existers. Proposition 4: Performance can be rank-ordered in descending order as Partners, Niche Players, Co-existers, Competitors. A team of experts was constituted to categorize each of these 216 non-Chaebol companies into one of the 4 cells in our typology. Simple Analysis of Variance (ANOVA) in SPSS statistical software was used to test our propositions. Overall findings are that it is vetter to have a cooperative relationship with a Chaebol and to offer products or services differentiated from a Chaebol. It is clear that the only profitable strategy, on average, to compete against the Chaenol is to be a partner (supplier or complementor). Competing head on with a Chaebol company is a costly strategy not likely to pay off for a non-Chaebol firm. Strategies to avoid headon competition with the Chaenol by serving niche markets with differentiated products or by serving the low-end of the market ignored by the Chaebol are better survival strategies. This paper illustrates that there are ways in which small and medium Korean non-Chaebol firms can thrive in a Chaebol environment, though not without risks. Using different combinations of competition and cooperation firms may choose particular positions along the product similarity and cooperative relationfhip dimensions to develop their competitive strategies -co-exister, competitor, partner, niche player. Based on our exploratory case-study analysis, partner seems to be the best strategy for non-Chaebol firms while competitor appears to be the most risky one. Niche players and co-existers have int ?有的文??泛的?注??以及他?的所有?和支配?的?点和弱点, 但是?乎?有?于??非??公司的硏究。 然而, Lee, Lee and Pennings (2001) ??有特別的探?在???內市?非??公司?求生存而?抗??公司的具有??力的?略。 本文的硏究?机是通?四?探索性案例的硏究, ??非??公司如何?抗??公司的成功的???略和提出的建?可能??其他的企?以及公共政策制定者有所?助。 ??品相似性和公司內的合作?係分別定??爭和合作的?念。 ????方面, 我們開?了以下2 × 2矩?, ?非財閥公司?抗財閥公司提供四?競爭??。 在小?2, 非財閥公司以供?商或互?企?的身?成?財閥公司的合?人。 在小?3, 非財閥企??事?財閥直接競爭人。 在小?4, 非財閥企?的目?, 以?品?新或服???目?市場空白點。 我們選?的4個公司分別是E-Rae電子企?公司(共存方), Intops(供?商), Pantech(競爭?手)和Humax(小?市場成?)。 通?分析?4個案例, 相互提供更?富的洞察力戰略。 基于我們的?念?架, 提出下列假? : 假?1 : ?財閥公司有合作?係的非財閥公司比?有合作?系的公司表現得更好。 假?1a : 共存方?比競爭方表現得更好。 假?1b : 合?方?比小?市場成?表現得更好。 假?2 : 與財閥公司的?品?有相似性的公司比有相似性的公司表現得要更好。 假?2a : 合?方比共存放表現得更好 假?2b : 小衆市場成員會比競爭方表現得更好。 假?3 : 小衆市場成員?比共存方表現得更好。 假?4 : 按?效的降序排列依次是合作者, 小衆市場成員, 共存方, 競爭方。 一組?家按照我?4組的分?把216家非財閥公司分?。 用SPSS???件中的??方差分析???假?。 ?果?現, 與財閥公司有合作關係的以及提供與財閥公司不同的産品或服?比?好。 ?明?的一點是, 平均來說, 若要?抗財閥公司中?利, 其戰略是成?合?人(供?商或?成部分)。 直接與財閥公司硬?硬的競爭是要付出?高代价的?略, 而??代价不市非財閥公司能??得起的。 避免與財閥公司迎面競爭的戰略是用不同的産品服?于利己市場, 或是服務于被財閥公司忽?掉的低端市場。 這些戰略是比?好的生存戰略。 本文說明在財閥?境中, 韓國的中小型非財閥公司有一些方法可以生存, ?管不是?有??。 根据不同的競爭組合, 合作的公司可以根据産品相似性以及合作關係的?度來選?定位?而制定自己的競爭戰略。 例如共存方, 競爭對手, 合?人, 小衆市場成員。 根据我?的探索性案例分析, 合?人對非財閥公司來說可能是最好的戰略, 而競爭者?是有?大風?的。 小衆市場成員和共存方?于中?, 但前者比后者要好。 ?多中小型企?的管理者只是用??的, 不是合作就是競爭的?點來??市場的??者-典型的就是財閥。 結果, ?多非財閥公司?成被?的合作者或被自己的競爭對手財閥所??。 事?上, 合作和競爭?不是互相排斥的, 是可以同?被追求的。 正如本文所建?的, 非財閥公司可以根据他?的?境, 內部?源和能力?活的選?合作和競爭。

기업경쟁력 강화를 위한 탐색적 연구 - 기업(사업)전략과 생산전략, 그리고 기업성과의 관계 중심으로

전영일(Yeung-il Jeoun) 한국생산관리학회 2007 한국생산관리학회지 Vol.18 No.1

  본 연구는 한국기업의 통합적 전략 경영 노력에 대해 기업(사업)전략을 중심으로 기업 환경, 생산전략, 그리고 성과 관계의 실증분석을 통해 한국기업의 경쟁력 향상에 일조하려는데 목적이 있다. 연구 결과는 다음과 같다. 첫째, 전략집단별 기업 환경과의 분석 결과 차별화 전략을 추구하는 기업들이 원가 전략을 추구하는 기업들보다 환경의 복잡성이 더욱 크다는 것이 나타났으며, 둘째, 기업(사업)전략과 생산전략의 관계에서 차별화 전략을 추구하는 기업들에서 생산전략인 유연성, 품질, 납기, 비용 등을 원가 전략집단보다 강하게 추진하고 있는 것으로 나타났다. 셋째, 전략집단별 생산전략과 기업성과와의 관계에서 차별화 전략을 추구하는 기업과 원가 전략을 추구하는 기업 모두 생산전략과 기업성과가 유의적인 관계가 있는 것으로 나타났는데 특히 차별화 전략의 경우 생산전략이 생산성과와 재무적 성과와도 유의적인 관계가 있는 것으로 나타났다. 이러한 분석 결과를 종합해 볼 때 기업을 둘러싼 환경의 복잡성이 증대될수록 기업이 추구하는 전략의 중요성은 더욱 커진다고 할 수 있으며 특히 기업(사업)전략과 생산전략과의 적합은 실질적으로 기업의 성과를 향상시킬 수 있다는 것을 시사하고 있다.   This study is to test some hypothesis by using exploratory analysis focusing on relationship among environment, corporate strategies, manufacturing strategies and performance for the improvement of firm"s competitive capability.<BR>  The results are as follows; first, firms with differential strategies showed higher environmental complexity than firms with cost advantage strategy firms. second, firms with differential strategies utilize more aggressive manufacturing strategies such as flexibility, quality, delivery, cost etc. than cost advantage strategy firms in terms of the relation between firm"s strategy and manufacturing strategy. third, it has shown that manufacturing strategy and firm"s outcome have significant relationship at each strategic firms level.<BR>  Based on these findings, the higher environmental complexity, the higher emphasis on the integrated strategic management of a company is required. Especially it implies that the fitness of strategy and manufacturing strategy can improve the performance of companies.

중국진출 한국기업에서 몰입형 인사시스템이 인사관리 효과성에 미치는 영향:경쟁전략과 본사파견인력의 조절효과

이용진(Longzhen Li)/류성민(Seongmin Ryu)/김성수(Seongsu Kim) 한국인사조직학회 2009 인사조직연구 Vol.17 No.1

본 논문은 중국진출 한국기업들을 대상으로 전략적 인사관리의 보편론적 접근법과 상황론적 접근법을 적용하여 전략적 인사관리연구에서 중요시되고 있는 몰입형 인사시스템의 추구 정도와 인사관리 효과성 간의 관계를 연구하였다. 본 논 문에서는 조직상황으로 경쟁전략과 본사파견인력을 설정하고 몰입형 인사시스템의 추구가 중국진출 한국기업에서 보편적으로 인사관리의 효과성을 높이는 지, 그리고 몰입형 인사시스템이 조직상황과 적합한 경우에 인사관리의 효과성을 더욱 높이는지에 대해서 분석하였다. 연구자료는 한국기업들의 중국 내 밀집도가 가장 높은 산동성에서 종업원 50인 이상을 고용하고 있는 130개 기업으로부터 수집하였다. 위계적 회귀분석을 통해 자료를 분석한 결과, 몰입형 인사시스템의 추구는 기업의 인사관리 효과성을 높이는 것으로 검증되어 중국진출 한국기업에서도 전략적 인사관리의 보편론적 접근법이 지지되는 결과를 나타냈다. 또한, 상황요인과의 상호작용을 통해서도 인사관리 효과성에 정(+)의 영향을 미치는 것으로 나타났다. 세부적으로 원가우위전략을 활용할수록 몰입형 인사시스템의 추구는 인사관리 효과성을 높이는 것으로 나타났는데 이는 기존의 전략적 인사관리 연구에서 나타난 결과와는 상이한 결과로써 저임금 노동력을 활용하기 위해 중국에 진출한 한국기업이 직면하는 중국인력과 노동시장의 특수성이 반영된 결과로 해석된다. 그리고 본사파견인력의 비율이 높을수록 몰입형 인사시스템의 추구는 인사관리 효과성을 감소시키는 것으로 나타났는데, 이는 중국에서 현지인력 활용의 중요성을 입증하는 결과로 보인다. 이러한 연구결과를 바탕으로 연구의 의의, 한계 및 추후 연구과제에 대해서도 논의하였다. China is Korea’s largest trading partner and its importance is growing over time. By the end of 2007, Korea had 62,988 cases of direct investment in China, which is 49.9% of total direct investments abroad. Korea’s investment is worth US$22.5 billions, which is 24.6% of total investment abroad. 1)37 Despite growing investments, Korean firms in China have not been performing effectively so far. According to Kim(2006), 56.8% of Korean firms reported deficit in 2005. One of the most important reasons for the performance gap has been found to be ineffective management of human resources in these firms(Lee, 1998). Because Chinese employees tend to have values and behavior patterns that are different from Koreans, Korean firms have faced problems in managing Chinese employees. Similar problems are reported among western companies in China(Lasserre & Ching, 1997; Weldon & Vanhonacker, 1999; Wong & Law, 1999). These developments demonstrate the importance of effective human resource management (HRM) at Korean firms in China, but studies have so far been mostly anecdotal or simple surveys at best. In this paper, we studied the relationship between commitment-based HR system and HR effectiveness for Korean firms operating in China, applying universalistic and contingency approaches of strategic human resource management. To our knowledge, there has been no such study previously. According to the universalistic approach, it is expected that commitment-based HR system of Korean firms operating in China is positively related with HR effectiveness. According to the contingency approach, it is expected that the relationship between commitment-based HR system and HR effectiveness is moderated by organizational contingencies. Organizational contingencies such as competitive strategy and expatriate staffing were studies in this paper. Specifically, we proposed the following hypotheses. H1:Commitment-based HR system in Korean firms operating in China will be positively related to HR effectiveness. H2:Cost leadership strategy in Korean firms operating in China will moderate the relationship between commitment-based HR system and HR effectiveness, with the relationship being weaker in firms having higher cost leadership strategy. H3:Differentiation strategy in Korean firms operating in China will moderate the relationship between commitment-based HR system and HR effectiveness, with the relationship being stronger in firms having higher differentiation strategy. H4:Expatriate staffing rate in Korean firms operating in China will moderate the relationship between commitment-based HR system and HR effectiveness, with the relationship being weaker in firms having higher rate of expatriate staffing. To test these hypotheses, we conducted a survey of Korean firms with at least 50 employees. The survey was conducted in Qingdao, Yantai, and Waihai, where the largest cluster of Korean firms is located. Questionnaires were sent to 200 firms and 139 firms replied to the survey. After dropping questionnaires that contained unanswered items, the final sample size for this study was 130. Hierarchical regression analysis was used to analyze data. Results revealed that commitment- based HR system in Korean firms operating in China was positively related to HR effectiveness(H1). Also it was found that expatriate staffing moderated the relationship between commitment-based HR system and HR effectiveness, with the relationship being stronger in firms having higher localization of human resources(H4). These results suggest that Korean firms will be better off by using commitment-based HR system and increasing localization of human resources in China. However, the moderation of differentiation strategy was not found to be significant(H3). Also, contrary to Hypothesis 2, cost leadership strategy moderated the relationship between commitment-based HR system and HR effectiveness, with the relationship being stronger in firms having higher cost