한국 내 해외자회사 시장지향성이 현지시장 지식획득 및 성과에 미치는 영향: 흡수능력의 역할을 중심으로

정갑연 한국기업경영학회 2013 기업경영연구 Vol.20 No.6

In response to an increased need of balancing pressures for global integration and local responsiveness, foreign subsidiaries are demanded to play a prominent role in creating and transferring knowledge, valuable for the multinational corporation (MNC). In this context, a key managerial problem pertains to identifying the relationship between local market knowledge acquisition of foreign subsidairy and performance. If companies want to acquire local market knowledge, they should precede market orientation. Especially, foreign subsidiary that takes charge of business activities in unfamiliar environment has to obtain various factors to acquire local market knowledge. Prior to this, it’s most important that companies construct organizational culture which leads them to fully understand the desire of local customers and the strategy for the local market. This study is to examine that the market orientation of foreign subsidiary influences on the local market knowledge acquisition and performance of foreign subsidiary through variables of the potential absorptive capacity of foreign subsidiary, the local relational embeddedness, and the learning experience of foreign subsidiary. Also this study identify the moderating effect of realized absorptive capacity between the local market knowledge acquisition and performance of foreign subsidiary. For a more realistic approach the data was collected from foreign subsidiaries in South Korea. 253 samples were used for this analysis with AMOS (7.0 version) and SPSS (15.0 version). Collected samples were tested by factor analysis and Cronbach’s Alpha coefficients and were found to be satisfactory in terms of validity and reliability. Furthermore, fitness of the measurement model was tested by using confirmatory factor analysis and fitness of the model for hypothesis testing was adequate on various goodness of fit indices. There are following empirical results. First, the market orientation of foreign subsidiary has a significant effect on the potential absorptive capacity of foreign subsidiary, the local relational embeddedness, and the learning experience of foreign subsidiary. Second, the local relational embeddedness, and the learning experience of foreign subsidiary have an effect on the potential absorptive capacity of foreign subsidiary, Third, the potential absorptive capacity of foreign subsidiary only play a significant role on the local market knowledge acquisition. Finally, the realized absorptive capacity play a significant role in moderating between the local market knowledge acquisition and performance of foreign subsidiary. Even though this study tried hard to provide meaningful results and implications, there still are some limitations. First, since we had selected foreign subsidiaries as subjects of the analysis, we only chose the ones that run their business only in Korea. Thus, it may not be appropriate to argue that the result of this study can be applied to other countries, because of different cultures and systems. Second, this study put restraints on the subjects of the analysis by selecting only foreign subsidiaries of MNCs currently operating production and sales in Korea. Accordingly, it is hard to say that the result of this study can be adapted to other subsidiaries which were established under different purposes such research and development or resource development. Finally, since we only got the response from one personnel per each corporation, the result of the analysis can be biased by subjectivity of the respondent. In other words, the problem of common method bias can occur. To settle those problems, further studies could use the second source added to questionnaire to minimize such problem, for example, getting a multiple response from one subsidiary, or using more objective measurements such as an introduction rate of technology acquired in local market in measuring the level of local market knowledge acquisition. 최근 다국적기업의 경쟁우위 창출에 있어 해외자회사의 역할이 중요시 되면서 상대적으로 부족했던 해외자회사의 현지시장에서의 지식획득에 관한 논의가 점차적으로 주목을 받고 있다. 따라서 본 연구는 해외자회사의 시장지향성, 현지시장 지식획득, 그리고 자회사 성과와의 관계를 규명하고자 하였다. 즉, 해외자회사가 시장지향성 조직문화를 통해 구축할 수 있는 현지시장 지식획득의 영향요인으로 해외자회사 잠재적 흡수능력, 현지국 관계적 체화성, 그리고 해외자회사의 학습경험을 고려하였다. 또한 이렇게 획득된 현지 시장지식이 자회사의 성과에 영향을 미치는데 있어 자회사의 실현적 흡수능력의 조절효과를 살펴보고자 하였다. 이를 위해 한국에 진출한 253개의 다국적기업 해외자회사를 대상으로 조사를 하였으며, AMOS(7.0 version)과 SPSS(15.0 version)을 사용하여 수집된 자료를 분석하였다. 그 결과 해외자회사의 시장지향성은 자회사의 잠재적 흡수능력, 현지국 관계적 체화성, 그리고 자회사 학습경험 모두에 유의한 영향을 미쳤고, 현지국 관계적 체화성, 자회사 학습경험은 자회사의 잠재적 흡수능력에 긍정적인 영향을 미치는 것으로 확인되었다. 반면 앞선 세 요인들과 현지시장 지식획득 간의 관계에 있어서는 해외자회사의 잠재적 흡수능력만이 긍정적인 영향을 미침을 확인하였다. 또한 해외자회사 현지시장 지식획득은 자회사 성과에 긍정적인 영향을 미쳤으며, 이들의 관계에 있어 자회사의 실현적 흡수능력이 조절효과가 있음을 확인하였다.

해외자회사 시장지향성이 현지시장 지식획득에 미치는 영향

정갑연 ( Gap Yeon Jeong ),채명수 ( Myung Su Chae ) 한국국제경영학회 2013 國際經營硏究 Vol.24 No.3

If companies want to acquire local market knowledge, they should precede market orientation. Especially, a foreign subsidiary that takes in charge of business activities in unfamiliar environment has to obtain various factors to acquire local market knowledge. Prior to this, it`s crucial that companies need to construct organizational culture which leads them to fully recognize the desire of local customers and understand the strategy for the local market. This study investigates the relationship between market orientation of foreign subsidiary and local market knowledge acquisition through foreign subsidiaries in Korea. In other words, this study confirms the factors that influence on local market knowledge of foreign subsidiary by examining determinants that affect market orientation of foreign subsidiary and local market knowledge, which is formed by market orientation of foreign subsidiary. For the study, we investigated 253 foreign subsidiaries of MNCs that entered into the Korean market and analysed collected data using AMOS(7.0 version) and SPSS(15.0 version). There are following empirical results: first, it was confirmed that market orientation of foreign subsidiary received positive influence by the determinants such as autonomy in local management of foreign subsidiary and competition intensity of local market. Second, it was confirmed that absorptive capacity of foreign subsidiary, local relational embeddedness, and learning experience of foreign subsidiary all had a significant influence on market orientation of foreign subsidiary. And it was verified that these factors have positive impacts on local market knowledge acquisition.

An Empirical Analysis on the Determinants of Foreign Subsidiary's Local Embeddedness: Focusing on Korean MNCs in China

KIM, Byoung-Goo,KIM, Gyu-Bae Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.1

The purpose of this paper is to empirically analyze the determinants of foreign subsidiary's local embeddedness because it is critically important for the subsidiary to build a variegated local network. This paper suggests that a MNC's global capability, the degree of autonomy granted by the headquarters of the multinational corporation to its foreign subsidiary, the foreign subsidiary's absorptive capacity based on local environment, and its level of localization will affect the subsidiary's local network embeddedness. The empirical analysis confirmed that when the headquarters gives the foreign subsidiary more autonomy, this has a positive effect on the local embeddedness of the foreign subsidiary and when the foreign subsidiary has a strong absorptive capacity, this has a positive correlation with the local embeddedness of the foreign subsidiary. And this paper found that when the foreign subsidiary has achieved a high level of staff localization, this foreign subsidiary will have a higher level of local embeddedness. This study identified the preceding conditions necessary for a foreign subsidiary of a multinational corporation to effectively embed itself in the local network by analyzing factors related to the multinational corporation's headquarters and subsidiaries, and thus contributes significantly to continued research on the local embeddedness of subsidiaries.

해외자회사 CEO 국적과 경영성과

박영렬(Young Ryeol Park),최순규(Soon Kyoo Choe),이재은(Jae Eun Lee) 한국경영학회 2009 經營學硏究 Vol.38 No.4

With the sample of 291 foreign affiliates operating in Korea, we examined the relationship between CEO nationality and subsidiary performance. A CEO with home-country nationality can communicate better with the HQ managers, and well understand the parent company’s strategy and management style. However, he/she is not familiar with the local culture and business practices of the host country, and does not have strong emotional attachment to the local subsidiary. On the other hand, a CEO with host-country nationality can customize the company’s products and services better to accommodate local customers’ needs and demands, and can manage labor forces more effectively in accordance with local labor practices and work ethics. However, he/she may have difficulty communicating with the parent company, due to his/her unfamiliarity with its strategy and management style and lack of social knowledge shared with HQ managers. In general, however, we expect foreign managers to suffer substantially from the liability of foreignness in Korea, because the local government frequently intervenes in the economy and the Korean market is controlled by strong and large domestic companies and business groups. Furthermore, the IMD’s World Competitiveness Yearbook suggests that the legal system in Korean significantly discriminates foreign companies. Thus, we first proposed a hypothesis that the appointment of a subsidiary CEO with home-country nationality would have a negative effect on its performance (H1). Then, we introduced three additional hypotheses on the moderating effects of three situational factors on the relationship between CEO nationality and subsidiary performance; the impact of CEO nationality on subsidiary performance would be weaker, when the subsidiary has gained more experience with the host country (H2), when the cultural distance between the home and host countries is smaller (H3), and when the subsidiary is larger in size (H4). We tested H1 by using the multivariate regression technique. The dependent variable was the subsidiary’s ROA, and the independent variable was the nationality of the subsidiary CEO. Then, for H2, H3, and H4, we conducted the moderating regression analysis on the interaction effects between CEO nationality and situational factors (subsidiary experience, cultural distance, and subsidiary size) on subsidiary performance. The results suggest that the appointment of a CEO subsidiary with home-country nationality is negatively associated with subsidiary performance. This tendency is more salient when the subsidiary has operated in Korea for a short period of time, and the cultural distance between the home and the host countries is large. Therefore, our analysis provides supporting evidence for H1, H2, and H3. However the H4, which examines the interaction effect between CEO nationality and subsidiary size, is not supported. These findings suggest that foreign CEOs experience considerable difficulties in managing their businesses in Korea, and such difficulties are more acute, when their companies lack sufficient experience in the local business environment, and face significant cultural differences in Korea. We also find that the length of a subsidiary’s operation has a significant positive effect on subsidiary performance, whereas the tenure of a subsidiary CEO has no similar effect. The implication is that the experience at the subsidiary level is far more important than the experience at the manager level in overcoming the liability of foreignness in the host country. In sum, our analysis finds evidence that many foreign managers in Korea suffer from liabilities of foreignness due to the lack of local experience (at the subsidiary level) and cultural differences. Thus, MNCs would need to provide enough training and education when they appoint a home-country national as CEO of their subsidiary in Korea. Also, the Korean government would need to improve transparency in the national economic system, to help

다국적기업 글로벌가치사슬에서 본사-해외자회사 간 지식자원 이전이 해외자회사 CEO 임명에 미치는 영향

박철형,고제경,곡열 한국무역경영학회 2024 한국무역경영연구 Vol.- No.33

This study empirically investigates how the knowledge transfer between multinational corporations (MNCs)’ headquarters (HQs) and its foreign subsidiaries impacts the assignment of subsidiary CEOs. According to resource dependence theory, a power relationship is formed between two firms exchanging resources. This suggests that the direction of resource exchange between a parent company and its subsidiary can influence their power dynamics. Considering that a subsidiary CEO staffing can vary depending on the bargaining power between the parent and subsidiary, this study argues that the direction of knowledge transfer between the parent company and its foreign subsidiary determines their power relationship, thereby influencing the appointment of the subsidiary's CEO. Since the subsidiary CEO is an important moderator of knowledge transfer within MNCs, the study focuses on knowledge resources and analyzes the impact of the direction of knowledge transfer on subsidiary CEO staffing. Furthermore, this study examines the moderating effect of subsidiary size, as this can significantly influence the subsidiary's dependence on and autonomy from the parent company. A panel logistic analysis was conducted using 68 wholly-owned Korean subsidiaries of S&P 500 U.S. MNCs from 2000 to 2020. The study finds that a higher level of knowledge transfer from the parent company to the subsidiary decreases the tendency to appoint host country nationals as CEOs of foreign subsidiaries. Conversely, a higher level of knowledge transfer from the foreign subsidiary to the parent company increases the tendency. Additionally, the subsidiary size was found to mitigate the negative impact of knowledge transfer from the parent company on the appointment of local CEOs. These results suggest that the direction of knowledge transfer between the parent company and foreign subsidiaries has differential impacts on the subsidiary CEO staffing. This study contributes to our understanding of the staffing in foreign subsidiaries, including CEO assignment, by highlighting knowledge resource transfer through internal transactions as a determinant of CEO staffing in foreign subsidiaries, which has not been extensively explored previously. 본 연구는 본사와 해외 자회사 간의 지식이전이 자회사 CEO 임명에 어떤 영향을 미치는지 실증적으로 분석하였다. 자원의존이론에 따르면 자원을 교환하는 두 조직 사이에는 권력관계가 형성되는데, 이는 본사와 자회사의 자원교환의 방향에 따라 권력관계가 달라질 수 있음을 의미한다. 자회사의 CEO 임명이 본사와 자회사 사이의 협상력에 따라 달라질 수 있음을 고려하여, 본 연구는 본사와 해외자회사 간의 지식이전 방향이 양자 간의 권력 관계를 결정하고 따라서 자회사 CEO의 임명에 영향을 미칠 수 있음을 주장한다. 본 연구는 이러한 자원 중 지식자원에 주목하여, 지식자원의 이전방향이 CEO 임명에 미치는 영향을 분석한다. 나아가 이러한 관계는 자회사의 본사에 대한 의존성 및 자율성에 많은 영향을 미치는 자회사 규모에 따라 달라질 수 있기에, 자회사 규모의 조절효과를 추가적으로 분석하였다. 2000년부터 2020년까지 S&P 500 미국 다국적기업의 68개 한국 완전소유자회사를 표본으로 패널로지스틱분석을 수행하였다. 분석결과 본사에서 자회사로의 지식이전 수준이 높아질수록 해외자회사 CEO로 현지인을 임명하는 경향이 낮아지는 것을 발견하였다. 반면 해외자회사에서 본사로의 지식이전 수준은 현지인 자회사 CEO 임명에 정(+)의 영향을 미치는 것으로 나타났다. 또한 자회사의 규모는 본사에서 자회사로의 지식이전이 현지인 CEO 임명에 미치는 부정적 영향을 완화시켜주는 것으로 나타났다. 본 연구결과는 본사-해외자회사 간 지식이전의 방향이 자회사 CEO 임명에 서로 다른 영향을 미치고 있음을 시사한다. 본 연구는 해외자회사의 CEO 임명에 대한 결정요인으로 그동안 다루어지지 않았던 내부거래를 통한 지식자원의 이전을 제시하면서, 자회사 CEO 임명을 포함한 인력 현지화에 대한 우리의 이해를 넓히는데 기여하고 있다.

한국진출 해외자회사의 지속적 경영가능성 결정요인 연구

이성환,Tran Thi Thanh Hang,최순권 한국국제경영관리학회 2018 국제경영리뷰 Vol.22 No.1

High levels of information asymmetry among market participants create an environment for managers to engage in earnings management. The purpose of this study is to analyze the factors that determine the management sustainability for the foreign subsidiaries that entered the Korean market. The factors were segmentalized into general characteristic factors of the enterprise, specific factors of the subsidiary and strategic CSR activity to review the effect to the management sustainability empirically. For an empirical analysis, survey was conducted to 227 executives and staff members of foreign subsidiaries of enterprises that entered the Korean market. Based on this data, multiple regression analysis and variance analysis were performed. As a result of the empirical analysis, first, the subsidiaries with excellent financial performance and organizational culture had a significant effect on the management sustainability. Second, a result was derived that management sustainability can differ partially according to the strategic role of the foreign subsidiary and the development stage of the industry. The existing study results of the management performance being affected by the strategic role and the attributes of the development stage of the industry where the subsidiary is affiliated in were also revealed that they also effect on differences of the management sustainability. Third, the fierce competition intensity of the industry that the subsidiary is affiliated in was verified to be the factor that had a negative effect on the management sustainability of the subsidiary. Fourth, among the socially responsible activities of the enterprise, an environmental management system and ethical management were analyzed as the factors that increase the management sustainability of the subsidiary. In addition, CSV (Creating Shared Value) was showed to have a significant effect on the management sustainability of the foreign subsidiary. The implication of this study shows that when the existing studies analyzed centrally on the survival, longevity and management performances of the socially responsible activities, this study has significance on the point that the prediction-centered scale of management sustainability was defined empirically on the foreign subsidiaries entering the Korean market which are increasing their status in the global market. 본 연구는 한국시장에 진출한 해외자회사를 대상으로 지속적 경영가능성을 결정하는 요인을 분석하는 것을 목적으로 한다. 기업의 일반적 특성요인과 자회사의 특이요인, 산업 환경 그리고 전략적 CSR활동이 지속적 경영가능성에 미치는 영향을 실증적으로 분석하였다. 국내 진출한 해외자회사의 임직원을 대상으로 227부의 설문조사 자료를 중심으로 다중회귀분석과 분산분석을 실시하였다. 실증연구 분석결과, 첫째 우수한 재무성과와 조직문화를 보유한 해외자회사의 지속적 경영가능성이 높은 것으로 나타났다. 둘째 전략적 역할 유형과 자회사가 속한 산업의 발전단계의 속성이 지속적 경영가능성에도 유의한 영향 요인으로 나타났다. 셋째 해외자회사가 속해 있는 산업의 경쟁강도는 그 자회사의 지속적 경영가능성에 부정적인 영향을 미치는 것으로 나타났다. 넷째 기업의 사회적 책임 활동 가운데 환경경영시스템과 윤리경영이 자회사의 지속적 경영가능성을 높이는 요인으로 분석되었다. 그리고 공유가치창출(CSV)이 해외자회사의 지속적 경영가능성에 유의한 영향을 미치는 것으로 나타났다. 본 연구는 최근 경영의 지속 가능성에 대한 이슈를 해외자회사의 지속적 경영가능성 연구로 그 범위로 확장하고, 그 결정요인에 대한 실증분석을 실시하였다는 데 그 의의가 있다.

The Effects of Headquarters’ Levels of Control and Subsidiaries’ Local Experiences on Competency in Foreign Subsidiaries: A Quadratic Model Investigation of Korean Multinational Corporations

Jae-Eun Lee,Joo-Yeon Kang,Jung-Min Park 한국무역학회 2020 Journal of Korea trade Vol.24 No.1

Purpose – This study aims to overcome the limitations of existing studies, which linearly determine the precedence factors of competency in overseas subsidiaries. The research objectives are as follows. First, what kind of nonlinear effects does the level of control held by Korean headquarters over foreign subsidiaries have in terms of competency in the subsidiaries? Second, what kind of nonlinear effects do the local experiences of overseas subsidiaries have on their competency? Design/methodology – With data on Korean multinational corporations (MNCs), this paper analyzes the effects of control levels of headquarters (HQs) and host-country experiences of foreign subsidiaries regarding competency in overseas subsidiaries. In particular, this study focuses on nonlinear models, differentiating it from previous studies. In order to examine research hypotheses, this study conducted a survey of overseas subsidiaries of Korean corporations. Surveys were conducted through various methods including e-mail, online questionnaires, fax, and telephone calls. Copies of the questionnaire were distributed to a total of 2,246 overseas subsidiaries, and 409 completed responses were collected. Excluding 15 copies that were insufficiently answered, responses from a total of 394 copies were used for analysis. Findings – This study presents the following results. First, there is a U-shaped relationship between levels of HQ control and competency in foreign subsidiaries. This means that higher levels of HQ control negatively impact the competency levels of subsidiaries because strict control undermines autonomy in subsidiaries. However, if the level of HQ control exceeds a certain point, then the transfer of knowledge between HQs and subsidiaries is facilitated. Knowledge transferred from HQs can be used as prior knowledge by foreign subsidiaries to the benefit of all parties. Accordingly, knowledge transfer negates the negative effects of excessive HQ control and positively affects competency in subsidiaries. Second, there is an inverted U-shaped relationship between the local (host-country) experiences of subsidiaries and competency in foreign subsidiaries. This means that foreign subsidiaries can overcome the liabilities of foreignness and contribute to capability building by accumulating unique knowledge about their host countries. However, if local experiences accumulate excessively beyond a certain point, then the host country-specific experiences of foreign subsidiaries will offset the benefits discussed above. Excessive local experiences not only increase organizational inertia, but also create a problem of goal incongruence due to information asymmetry between HQs and subsidiaries. Therefore, excessive local experiences have negative effects on competency in foreign subsidiaries. Originality/value – This study suggests the following implications. First, unlike existing studies based mainly on linear models, this study presents important theoretical implications in its focus on nonlinear models and its analysis of the effects of HQ control and local experiences on competency in foreign subsidiaries from perspectives of organizational learning theory and agency theory. Second, in terms of practical implications, the results of this study suggest that optimally raising levels of HQ control and managing the local experiences of subsidiaries without increasing organizational inertia is important for enhancing competency in foreign subsidiaries.

해외자회사의 자율성이 재무성과에 미치는 비선형 영향 검증: 한국기업의 중국 자회사를 중심으로

이승희,이재은,김은영 한국무역학회 2024 무역학회지(貿易學會誌) Vol.49 No.4

본 연구는 조직학습이론을 바탕으로 한국기업 해외자회사의 자율성이 재무성과에 미치는 영향을 비선형모형을 중심으로 분석하였다. 한국기업의 중국 자회사를 대상으로 실증분석한 결과 해외자회사의자율성과 재무성과 간에는 U자형의 관계가 있는 것으로 나타났다. 즉, 해외자회사의 자율성이 높아지면재무성과가 낮아지지만 자회사의 자율성이 일정수준을 넘어서면 재무성과가 높아지는 경향이 발견되었다. 그동안 선행연구들이 자율성과 재무성과 간의 관계를 정(+)의 관계 또는 부(-)의 관계 등 선형적 모형을중심으로 분석한 것에 반에 본 연구는 조직학습이론을 바탕으로 해외자회사의 자율성과 재무성과 간의관계가 비선형적 관계임을 밝혔다는 점에서 유용한 학술적 시사점을 제시할 수 있을 것이다. 또한, 본연구의 실증분석 결과는 본사가 해외자회사에게 어중간한 자율성을 부여하는 경우보다는 오히려 높은수준의 통제수준을 유지하거나 높은 수준의 자율성을 부여하는 것이 재무성과의 향상에 긍정적일 수있다는 실무적 시사점을 제시할 수 있다. Based on organizational learning theory, this study analyzes the impact of foreign subsidiary autonomy on the financial performance of foreign subsidiaries of Korean firms in China using a nonlinear model. An empirical analysis of foreign subsidiaries of Korean firms shows that there is a U-shaped relationship between autonomy and financial performance of foreign subsidiaries in China. In other words, as the autonomy of foreign subsidiaries increases, the financial performance decreases, but as the autonomy of subsidiaries increases beyond a certain level, the financial performance of foreign subsidiaries increases. Previous studies have analyzed the relationship between foreign subsidiary autonomy and financial performance in a linear model, either positively or negatively. On the other hand, this study can provide useful academic implications by showing that the relationship between foreign subsidiary autonomy and financial performance is non-linear based on organizational learning theory. In addition, the empirical findings of this study may have practical implications by suggesting that maintaining a high degree of control or granting a high degree of autonomy to foreign subsidiaries may be more beneficial to financial performance than granting moderate autonomy.

Empirical Study About ODA Effects on Job Creation

하승희,박재홍 한국무역학회 2022 Journal of Korea trade Vol.26 No.6

Purpose – This study empirically investigates the effects of Official Development Assistance (ODA) on the economic activities of private actors in recipient countries. As a proxy for the economic activities of private actors, we utilize the job creation activities of foreign subsidiaries in recipient countries. The foreign subsidiaries provide a foundation for economic development by creating paying jobs. That is, if ODA has been successfully transferred to foreign subsidiaries, then these foreign subsidiaries should help economic growth and help create a boom in the local market by providing jobs. These jobs eventually lead to the achievement of the primary aims of foreign aid, including poverty reduction. Thus, this study empirically examines the relationship between ODA and the number of jobs created by foreign subsidiaries in recipient countries. Design/methodology – This is the first study to examine the effects of the ODA on the job creation of foreign subsidiaries because it has been hard to obtain internal information related to the employment status of foreign subsidiaries. Fortunately, we have a unique panel dataset provided by the ExportImport Bank of Korea (KEXIM) for 2006 to 2013. In terms of the empirical specification, we use the generalized least squares (GLS) method. The panel GLS estimator allows us to have an efficient estimation that overcomes the limitations of the panel data. It employs assumptions about the heteroscedasticity between the panels and makes an autocorrelation of the error term within each panel. Findings – We find that ODA influences job creation in foreign subsidiaries. In particular, we found that ODA creates more jobs in sales than in managerial or production positions. This study also shows that the effect of the ODA on the foreign subsidiaries’ job creation activities depend on the purpose of the ODA. By examining ODA effects on the foreign subsidiaries’ economic activities (e.g., job creation), this study fills a gap in the current literature. Originality/value – Existing studies that focus on the ODA effect have either a macroeconomic point or a microeconomic point of view. However, both approaches do not explain how well foreign aid has influenced private economic actors of recipient countries. In essence, previous researchers found it difficult to obtain the necessary data for internal employment status from foreign subsidiaries. However, thanks to the Korea Export-Import Bank, this study shows that ODA indeed influences the job creation activities of foreign subsidiaries even after controlling for other factors such as FDI, GDP growth rate, employment rate, household expenditure, mother firms’ share, etc. By doing so, we can examine how ODA influences the job creation of foreign subsidiaries, which might help economic development and reduce the amount of poverty in recipient countries.

해외자회사의 CEO 현지화 결정요인에 대한 실증연구: 본사-해외자회사 간 자원의존성을 중심으로

박철형,이동기,조영곤 한국국제경영학회 2018 國際經營硏究 Vol.29 No.1

This study empirically investigated how resource dependent relationships between headquarters and foreign subsidiaries impacted on a subsidiary CEO's localization. By applying the resource dependence theory which describes power relationship between headquarters and subsidiaries, we found that resource dependence such as subsidiary relative size, and resource transfer between headquarters and subsidiaries is associated with a subsidiary CEO's localization. To test our hypotheses, we used a sample consisting of 105 Korean wholly owned subsidiaries of S&P 500 American multinational corporations from 2000 to 2015. First, the empirical results employing a random-effects logistic regression model showed that large subsidiaries were more likely to appoint local CEOs. Second, resource transfer between headquarters and foreign subsidiaries has a significant effect on the localization of subsidiary CEO. Resource transfer from foreign subsidiary to headquarters was positively related to the possibility of subsidiary CEO localization. On the other hand, resource transfer from headquarters to foreign subsidiary negatively influenced the possibility of a subsidiary CEO's localization. In addition, the higher the level of resource supply of foreign subsidiary to the headquarters than the level of resource procurement from headquarters, the higher the tendency of localization of subsidiary CEO. Third, the interaction effect between the relative size of foreign subsidiary and the resource transfer between headquarters and subsidiary has a significant impact on localization of subsidiary CEO. The interaction effect between the subsidiary relative size and the subsidiary's resource procurement from headquarters has a negative impact on localization of the subsidiary CEO. On the other hand, the interaction effect between the subsidiary relative size and the net supply of subsidiary’s resources to headquarters has a positive impact on localization of the subsidiary CEO. 본 연구는 다국적기업 본사-해외자회사 간 권력 관계가 자원의존 관계의 영향을 받는다는 점에 주목하고 자원의존이론 관점에서 본사와 해외자회사 간의 자원의존성(해외자회사 상대적 규모, 본사-해외자회사 간 자원이전) 이 자회사 CEO 현지화에 미치는 영향을 실증분석하였다. 2000년부터 2015년까지 89개 미국 S&P 500 기업의 105개 단독소유 한국 자회사를 대상으로 현지인 CEO 임명 여부를 종속변수로 하여 실증분석을 수행한 결과, 해외자회사의 상대적 규모가 클수록 현지인을 자회사 CEO로 임명하는 것으로 나타났다. 본사와 해외자회사 간의 자원이전 역시 자회사 CEO 임명에 영향을 미치는 것으로 확인되었다. 해외자회사가 다국적기업 본사에 자원을 제공하는 수준이 높을수록 현지인을 자회사 CEO로 임명하는 반면, 해외자회사가 다국적기업 본사로부터 자원을 조달하는 수준이 높을수록 본사파견 CEO를 임명하는 것으로 나타났다. 그리고 해외자회사가 본사로부터 자원을 조달하는 수준보다 해외자회사가 본사에 자원을 제공하는 수준이 높을수록 자회사 CEO 현지화 경향이 높은 것으로 나타났다. 한편 해외자회사 상대적 규모와 본사-자회사 간 자원이전의 상호작용 효과는 자회사 CEO 임명에 영향을 미치는 것으로 확인된다. 해외자회사의 상대적 규모가 자회사 CEO 현지화에 미치는 영향은 자회사가 본사로부터 자원을 조달하는 수준이 높을수록 약화되는 것으로 나타났다. 반면 해외자회사가 본사로부터 자원을 조달하는 수준 보다 본사에 자원을 제공하는 수준이 높을수록 해외자회사의 상대적 규모가 자회사 CEO 현지화에 미치는 영향은 강화되는 것으로 나타났다. 본 연구는 본사와 해외자회사 간 자원이전의 방향에 따라 자회사 CEO 현지화에 미치는 영향이 다르다는 것을 규명하였다는 점에서 이론적 시사점을 제공할 수 있을 것으로기대된다.