해외자회사 현지 자선활동이 성과에 미치는 영향 : 자회사의 부가가치활동 현지화의 조절효과를 중심으로

국문 초록 (Abstract)

본 연구는 다국적기업 해외자회사의 현지 자선활동과 경영성과의 관계와 이들 관계에 영향을 미치는 해외자회사의 전략적 요인을 규명함으 로써 선행연구들의 논의를 보완하고자 한다. 해외자회사의 전략적 요인으로서 자회사의 부가가치활동 현지화수준이 현지 자선활동과 경영성과 의 관계를 조절할 것으로 가설을 설정하였다. 이를 실증적으로 규명하기 위해 2002년부터 2019년까지 한국에 진출한 다국적기업의 254개 단독 소유자회사를 대상으로 현지 자선활동을 독립변수로, 경영성과를 종속변수로 한 고정효과 패널 회귀분석을 실시하였다. 자회사 부가가치활동 의 현지화는 연구개발집중도와 광고집중도로 측정하였다. 실증분석 결과, 자회사의 자선활동은 경영성과와 정(+)의 선형관계가 존재하는 것으 로 나타났다. 본 결과는 자회사의 자선활동이 기업의 명성과 긍정적 평판이라는 자본을 구축하여 기업의 경쟁우위를 획득할 수 있게 도와주는 것으로 해석할 수 있다. 또한 자회사의 연구개발집중도는 기부금 지출 수준과 경영성과의 관계를 강화하는 것으로 확인되었다. 자회사의 연구개 발활동은 현지 소비자의 요구에 따른 맞춤형 제품과 서비스를 제공하기 위한 다국적기업의 경제적 책임 활동의 일환이므로 본 연구결과는 다국 적기업이 현지시장에 대한 경제적 책임을 적극적으로 수행할 때 자선활동이 보다 긍정적으로 평가되어 해당 다국적기업의 명성과 평판을 높여 자회사의 경영성과를 높여줄 수 있음을 시사한다, 자회사의 광고집중도는 기부금 지출 수준과 경영성과의 관계를 강화하는 것으로 나타났다. 광 고활동은 기업의 가시성(visibility)을 높여 이해관계자들과 대중 및 소비자들의 기업에 대한 인식을 증가시키게 된다. 본 연구결과는 다국적기업 은 현지 광고활동을 통해 현지 이해관계자들에게 다국적기업이 수행하는 현지 사회공헌활동에 대한 인식을 높여 호의적인 이미지 및 긍정적 평 가의 효과를 강화시키고, 궁극적으로 경영성과를 향상시킬 수 있음을 의미한다. 본 연구는 기업 수준을 중심으로 진행된 사회공헌활동과 성과와 의 관계를 다국적기업의 자회사 수준에서 분석함으로써 선행 연구의 부족을 보완하고자 하였다. 또한 본 연구는 이들의 관계가 해외자회사의 전 략적 요인에 의해 영향을 받을 수 있음을 제시하였다는 점에서 실증적 의미를 갖는다.

다국어 초록 (Multilingual Abstract)

Using 3,097 observations from 254 firms in Korean subsidiaries of multinational corporations during 2002 to 2019, this study examines the impact of local philanthropy of foreign subsidiaries on the firm performance. Moreover, the study investigates the subsidiaries' strategic factors that influence this relationship. Themajor findings as follow: First, local philanthropy has positive effects on the performance of foreign subsidiary, implying that philanthropy could help the subsidiary to gain local stakeholder relationships and customer loyalty by building a positive reputation in the host country. Second, the positive relationship between local philanthropy and firm performance is positively moderated by a subsidiary's localization of value-added activities measured by local R&D intensity and local advertising intensity. To be specific, when a subsidiary invests more in R&D activities that reflect its economic responsibility in the host country, local philanthropy can be evaluated more positively by local stakeholders, leading to improved performance. Moreover, since advertising activity represents a firm's visibility, a subsidiary that investsmore in advertising can enhance the positive effect of philanthropy by raising awareness of its philanthropic activities to local stakeholders, thereby improving its performance. The overall result suggests that the effect of local philanthropy on performance is contingent on the subsidiary's strategic factors.

목차 (Table of Contents)

• 요약
• I. 서론
• II. 이론적 배경 및 연구가설
• 1. 현지 자선활동과 기업성과
• 2. 자회사 부가가치활동 현지화의 조절효과
• III. 연구 방법론
• 1. 자료의 수집
• 2. 변수의 측정
• IV. 분석결과
• 1. 기초 분석
• 2. 실증분석
• 3. 강건성 분석
• V. 결론
• 1. 논의
• 2. 연구의 한계 및 향후 연구방향
• 참고문헌
• Abstract

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