Key Forces Driving Successful Expansion into an Emerging Market

Han-Mo Oh 한국무역연구원 2013 貿易 硏究 Vol.9 No.3

Market Expansion is a strategic choice for a firm that desires to grow and compete globally. Emerging markets have provided an opportunity for firms to expand. Among those markets, China is a key emerging market because the economy is considered to be one of the largest and the most popular markets for foreign entrants. Nonetheless, few studies have identified drivers of successful market expansion into the country. Developing a new definition of market-expansion success and depending on underlying theories (e.g., the first-mover advantage theory, the resource-advantage theory of competition, and the incremental internationalization theory), the current study builds a model identifying the key forces driving successful market expansion into China. Using a uniquely complied archival dataset, the study empirically test the model. The first finding is that earlier entrants achieve greater success than later ones. Second, market entry modes that involve high levels of control are more successful than those that involve low levels of control. Third, cultural and economic distance between China and home country favor successful expansion. Finally, smaller firms tend to be more successful than larger firms when expanding into China. The study discusses the contributions, implications, and limitations of these findings and suggests future research directions.

Key Forces Driving Successful Expansion into an Emerging Market: Cases of Entrants into China

오한모 한국무역연구원 2013 무역연구 Vol.9 No.3

Market Expansion is a strategic choice for a firm that desires to grow and compete globally. Emerging markets have provided an opportunity for firms to expand. Among those markets, China is a key emerging market because the economy is considered to be one of the largest and the most popular markets for foreign entrants. Nonetheless, few studies have identified drivers of successful market expansion into the country. Developing a new definition of market-expansion success and depending on underlying theories (e.g., the first-mover advantage theory, the resource-advantage theory of competition, and the incremental internationalization theory), the current study builds a model identifying the key forces driving successful market expansion into China. Using a uniquely complied archival dataset, the study empirically test the model. The first finding is that earlier entrants achieve greater success than later ones. Second, market entry modes that involve high levels of control are more successful than those that involve low levels of control. Third, cultural and economic distance between China and home country favor successful expansion. Finally, smaller firms tend to be more successful than larger firms when expanding into China. The study discusses the contributions, implications, and limitations of these findings and suggests future research directions.

국내은행의 해외진출 결정요인에 대한 실증연구

변현수(Hyun-Soo Byun),박정희(Jung-Hee Park) 한국산업경영학회 2009 경영연구 Vol.24 No.3

본 연구는 국내은행의 수익성이 감소 추세를 보이고 해외진출이 새로운 수익원으로 제기되는 상황에서 2000~2006년까지의 자료를 사용하여 국내은행의 해외진출 결정요인을 분석하였다. 나아가 해외연구와의 비교를 통해 향후 국내은행의 해외진출 방향에 대한 시사점을 얻고자 하였다. 분석 결과, 우리나라와 진출대상국 간 경제적 통합 정도, 진출대상국의 규제 정도, 수익창출 기회 등이 국내은행들의 해외진출에 영향을 미치는 유의한 요인인 것으로 나타났다. 우리나라와 경제적 통합 정도가 높고 규제가 낮은 국가일수록 그리고 금융시장 규모가 작고 은행산업의 수익성이 낮은 국가일수록 현지법인보다는 지점 형태의 해외진출이 많았다. 반면, 금융시장 규모가 크고 은행산업 수익성이 높아 수익창출 기회가 많은 국가일수록 지점보다는 현지법인 형태의 진출이 많았다. 그리고 국내 은행산업 집중도가 높을수록 지점보다는 현지법인을 통한 해외진출이 증가하여 은행산업 내 경쟁도가 은행의 해외진출 형태와 관련이 있었다. 국내은행이 실질적으로 해외진출의 효과를 높이기 위해서는 특히 우리나라와 경제적 통합 정도가 강해지는 국가의 경우 국내은행의 국제경쟁력 확충, 진출대상국과의 금융협력 강화 등과 함께 현지법인 설립, M&A 등 진출 형태를 다양화할 필요가 있다. This paper explores the determinants of overseas expansion of Korean banks using data from diverse sources for the period of 2000 through 2006. The main finding is that the degree of economic integration, regulation intensity and profit opportunity of the destination country are crucial factors affecting banks‘ overseas expansion. Banks are more likely to operate as branches in countries which have higher economic integration with Korea and lower regulatory restriction on financial industry. This is also the case when the size of financial market is small and the profitability of the financial industry is low in the destination country. In order for Korean banks to increase the effectiveness of overseas expansion, they need to diversify their expansion strategy. For example, when they enter a country having an economic structure highly integrated with Korea, establishing local subsidiaries and M&As with local financial firms could be excellent alternatives to branch operation.

U.S. Port Investment Strategies and the Corresponding Economic Impacts Stemming from the Panama Canal Expansion

Park, ChangKeun Asian Society for Innovation and Policy 2021 Asian Journal of Innovation and Policy Vol.10 No.2

This paper measures the economic impacts of the U.S. port investment strategies coping with the Panama Canal expansion. Using secondary import data, negative and positive estimates of the impacts were presented in this study. Reduced port activities into the West Coast Customs Districts negatively affect transportation and warehousing industries, among other effects. Still, they have simultaneous positive effects in other states from increased imports resulting from modal shifts and changes in the entry port located in the South and East coasts. This study applied the supply-driven National Interstate Economic Model that measures all interstate trade among the U.S. states to divert foreign imports from 15 Pacific Rim countries. For this purpose, the following assumption was adopted: larger ships using the canal will lead to a redirection of seaborne trade among U.S. (and other) ports and result in secondary effects, e.g., using different freight modes and regional growth spillovers. This study also accounted for the entry point change and significant port investments for foreign trade under alternative scenarios. The choice of ports for international trade depends on decisions about how to minimize multimodal delivery costs. The total direct reduction of transportation and warehousing activities associated with foreign imports in the West Coast ports was estimated at $3.3 billion, leading to total negative effects of $5.8 billion. Total positive impacts from the shift of transportation modes with the choice of an entry port and new warehousing activities for foreign imports in the selected 12 states varied. As expected, states that involved an entry port had the most prominent benefits, but Texas, New York, and New Jersey may be benefited through all the port enhancement projects in the U.S. Also, except for Transportation and Postal, and Warehousing industries, Construction is another dominant positive affected industry of the Canal expansion in the U.S.

발코니 확장 합법화 이후 건축 밀도의 변화

이범훈(Bum-Hun Rhee),장동민(Dong-Min Chang) 한국산학기술학회 2018 한국산학기술학회논문지 Vol.19 No.9

본 연구에서는 발코니의 이론적 배경을 살펴보고 발코니 활용에 따라 기본형 평면과 확장형 평면의 출현 과정을 살펴보고자 한다. 실제 사례를 대상지로 선정하여 건축 밀도의 변화를 실질적으로 분석하고 향후 인천광역시 현 도시 관리측면의 정책과의 관계를 살펴보는데 기초 자료로 제공한다. 이러한 분석을 통하여 첫째, 건축법 시행령 내 발코니의 다양한 정의와 특성을 분석하고 이후 2005년 합법화에 따른 발코니 확장을 기준으로 하여 기본형 평면과 확장형 평면으로 구분하여 분석하였다. 둘째, 발코니 확장에 따른 밀도에 관한 문제를 다양한 이론적 고찰을 통해 제기하였고 대상지의 밀도 관리 측면의 계획적 시도를 살펴보았다. 셋째, 인천광역시 송도경제자유구역 사례를 대상으로 실질적인 건축면적과 연면적 그리고 용적률 등을 살펴보았으며, 이러한 논의를 통하여 일부 구역에서 실제적으로 운영되고 있는 지구단위계획의 밀도 관리를 준수하지 못하고 있음을 증명하였다. This study discusses the conceptual definition of a balcony and the emergence of basic-type and expansion-type floor plans according to the balcony utilization. In addition, the change in building density is analyzed with regard to real cases, and base data are offered for future urban policies in Incheon Metropolitan City. The context of the Building Acts could be understood through the analysis of various balcony definitions and characteristics, and the analysis was divided into basic and extension types according to the legalization that occurred in 2005. The issue of density according to balcony expansion is discussed through theories, and a planned attempt at density management in the target area is investigated. The building area, floor area, and floor area ratio are discussed with regard to the target area, and the density management is empirically proven, which is different from the Unit Plan.

중국의 경제성장과 수출간의 인과관계 분석

김세영 한국동북아경제학회 2007 동북아경제연구 Vol.19 No.1

There is a general belief that export expansion has a close relationship with economic growth. To assess the belief, this study investigates the impact of export expansion on economic growth in China using data covering the period from 1978 to 2003. This study supports one way-directional causality that export expansion has affected economics growth in China. The results of OLS using level of variables is statistically significant at 1%. Therefore, This result means that in the long run, export expansion has affected economic growth in China. The results of error correction model using first differenced variable show that in the short run export expansion does not have affected economic expansion, however, in the long run export expansion has affect economic growth in China. The result of Mah(2005) shows a statistically significant bi-directional causality between export expansion and economic growth whereas this study support that in the long run export expansion has affected economic growth in China, because using data for the both studies are different.

온도식팽창밸브의 전자식팽창밸브로의 대체 가능성에 관한 연구

한도영(Doyoung Han),정성욱(Seongwoock Jeong) 대한설비공학회 2006 대한설비공학회 학술발표대회논문집 Vol.2006 No.6

For the precise superheat temperature control of an air conditioner, an electronic expansion valve may be used instead of a thermal expansion valve. In this paper, technical and economical aspects of expansion valves were studied in order to find out the possibility to use an electronic expansion valve to replace a thermal expansion valve.

한국 사회안전망의 위치와 적정수준 및 구조의 모색

박순일(Soon Il Bark) 한국사회정책학회 2005 한국사회정책 Vol.12 No.1

우리나라에서 발생되고 있는 사회안전망에 대한 논쟁은 사회안전망에 대한 개념과 이에 대응한 적정한 안전망의 규모와 방법에 대해 이해와 입장의 차이에서 기원한다. 이러한 의미에서 사회안전망이 우리의 경제 및 사회여건에서 적정한 규모가 찾아져야 하고, 성장에 비한 복지의 격차의 축소속도에 대해 사회적 공감을 만들어야 한다. 그리고 경제와 상생할 수 있는 사회안전망이 강화되어야 한다. 이러한 의미에서 국민의 기본적 생활을 보장함은 물론 사회안전망제도의 효율화를 위해 사회보장체계의 개혁과 사업의 우선순위와 적정규모, 공공과 민간의 역할 등에서 전반적인 검토가 필요하다. 그리고 경제와의 상생과 더불어 사회안전망의 효율성을 증대시키기 위하여 각종 서비스와 복지제도에서 경제적 효율성개념이 적요되어야 한다. The issue of social safety net has been seriously discussed since the 1997 economic crisis and the chronical low economic growth in the end of 2002, when many social problems took place in an unprecedented scale. Among them, mass poverty and unemployment and income disparity are most crucial issues. And concern on polarization of income strata has been extended to big disparity in industrial growth between large and small scale firms and between metropolitan and other areas, disparities in wages and work status between regular and irregular workers, and drastic increase in divorce rate and rapid reduction of fertility rate. Meanwhile, social protection is still very limited, excluding a number of the disadvantaged from social security system in spite of the fast expansion of social safety net since 1998. This complexity of social situation provokes different and opposite opinions on causes and solutions of current social issues, dividing intellectual circles of experts, bureaucrats, politician, and civil bodies. They do not even have an agreement upon concept and coverage of social safety net. It is necessary for them to share the common concept and dimension of SSN in advance seeking an adequate model and policy measures of SSN in Korea, taking into account inter-relationship with economic growth. Studies on optimal level of SSN and economic growth should be started to discuss more fundamentally and bases on their close interdependence on the whole. And then, we have to develop specific strategy for deciding the dimension and scale of SSN, the speed of its extension, and its detailed contents. In this regard, the primary protection or stabilization of the basic livings of life in poverty or at stake is likely acceptable even to persons of different ideas. The dimension, level, expansion speed of protection and stabilization should be sustainable only when being harmonious with economic efficiency as well as satisfying adequate levels of welfare demand. While work-fare policy would be the most important measure to attain such a goal, market principle have to take a role in suppling welfare and medical service to near-poor and low income class. Primary protection of basic livings should be secured to all citizens, by strengthening social assistance system, renovating social insurance system into the structure centered on basic protection, and widening public role in providing basic medical, education, housing and personal service. Civil participation in welfare service is very essential for maintaining traditional self-support system, improving financial efficiency, and making protection more effective.

ATM 기반 초고속 정보통신망 기술경제성 평가 모형

이영호,김정헌,김영부,이순석,강국창 한국경영과학회 2003 한국경영과학회지 Vol.28 No.1

This paper is concerned with a new techno-economic modeling of ATM based high-speed networks. Coupled with advances of technology, the rapid development of new telecommunication services significantly increases the magnitude of risk in making and investment decision. Naturally, the success of techno-economic modeling depends on how effectively we manage underling risk factors such as cost and technology. To deal with risk factors, we need to rely on modern decision and risk analysis implementing mathematical optimization for solving a complex capacity expansion problem of telecommunication systems during the planning period. We provide a case study that will enhance out understanding of the techno-economic analysis for emerging telecommunication systems.

조선총독부의 金 生産力擴充計劃 수립과 전개

박현 한국근현대사학회 2011 한국 근현대사 연구 Vol.59 No.-

This study aims to explain the establishment and development of ‘Gold Productive Capacity Expansion Plan’ by the Government-General under Japanese Colonial Rule. To provide Japan with gold as the means of international payment, the Government-General devised ‘the Five Year Gold Production Plan in Korea’ in 1937. The Government-General set up lofty goals with no confidence of achieving them in order to receive a large inflow of Japanese capital and technology. In 1939, this five year plan became the part of the Japanese Government’s ‘Yen Bloc Gold Productive Capacity Expansion Plan’ and ‘Yen Bloc Material Mobilization Plan’. Without proper process for modification, the Yen Bloc Plans proved to be too difficult to be implemented. The Government-General also attempted to establish a company to finance the gold-mining industry, but it ended up in failure. Instead, the Government- General secured rights for ordering and monitoring the Korean office of ‘the Japanese Gold Production Promoting Company Inc.’Following the outbreak of the Pacific War, the gold-mining industry in Korea was excluded from any wartime plans, including ‘Productive Capacity Expansion Plan’. But concerning how the withdrawal of the gold-mining industry would affect colonial rule, the Government-General tried to expand compensations for closing mines. In the end, however, mining companies were hit hard by the reforms.