제휴 시 양 기업의 산업 및 지리적 유사성에 따른 협력 프레임: 지분 기반 합작투자와 반복제휴형성의 조절효과를 중심으로 = Adequate Cooperation Frame of Alliance for Firm Similarity: Moderation Effect of Joint Venture and Repeated Partnership

다국어 초록 (Multilingual Abstract)

International alliances and inter-industry alliances are forming actively in order to acquire diverse knowledge and resource in the competitive market. Nonetheless more than half of the cases fail to meet their goal of partnership. To avoid failure and attain successful result, adopting appropriate cooperation frame is important which takes product market and geographical similarity into account. Despite such importance, the study on proper cooperation frame for alliance partners depending on industrial and national similarity is insufficient, and further, studies concerning similarity and partnership show varying results. These incoherent results are caused by failure to recognize that alliance performance is decided by the fit of similarity between partners and cooperation frame. Therefore, this study focuses on two methods of cooperation frame namely equity joint venture and repeated partnership which will restrict opportunism and promote sharing of resource. This study conducted empirical analysis on alliance cases in high-tech industry from 2000 to 2009 and measured firm performance with the abnormal stock return of the focal firm. As a result, when national similarity was low, in other words, when both firms were geographically distant from each other, establishing equity joint venture to restrict partner’s opportunism increased the firm performance, while it did not affect the performance when product market similarity was high. On the other hand, when product market similarity was high, repeated partnership rather decreased the firm performance. This study provides an in-depth implication to effectively control the transaction cost which accrues during alliance by suggesting appropriate cooperation frame depending on the similarity of both alliance partners. Furthermore, it offers guidelines for selecting cooperation frame which can reduce the risk of failure of an alliance for managers as well.

국문 초록 (Abstract)

경쟁적인 시장에서 다양한 지식 및 자원을 획득하기 위하여 국제적 제휴와 다른 산업간의 제휴가 활발하게 나타나고 있다. 그러나 협력활동의 목적을 달성하지 못하며 실패를 하는 경우가 과반수 이상으로 나타나고 있는 실정이다. 제휴가 성공적인 결과를 얻기 위해서는 제휴의 목적을 달성하도록 제품시장 및 국가지리적 유사성을 고려한 적합한 협력 프레임을 갖추는 것이 무엇보다 중요하다. 그러나 이러한 중요성에도 불구하고 유사성에 따른 제휴 파트너 사이의 적절한 협력관계의 프레임에 관한 연구는 국내외적으로 많지 않으며 심지어 유사성 및 협력관계에 관한 연구들은 혼재된 결과들을 보이고 있다. 따라서 본 연구는 제휴에서 파트너의 기회주의를 통제하고 자원의 공유를 촉진시킬 협업 프레임으로 지분기반 합작투자와 반복된 파트너십을 두 기준으로 삼아 연구를 진행하였다.
본 연구는 제품시장 및 지리적 유사성에 따른 제휴형태의 선택이 기업 성과에 미치는 영향력에 대한 가설들을 검증하기 위하여 하이테크 산업에서의 2000년부터 2009년도 사이 기업들의 제휴사례를 실증 분석하였으며 자사의 비정상주식수익률로 기업 성과를 측정하였다. 연구결과 국가적 유사성이 낮은 경우, 지분 기반 합작기업 만들어 상대의 기회주의적 행동을 통제하는 것이 기업 성과를 높였으나 제품 시장 유사성이 높은 경쟁환경에서는 지분기반 합작기업의 여부는 성과에 영향을 미치지 않았다. 반면 제품시장 유사성이 높을 때 반복된 제휴는 오히려 기업 성과를 더 낮추었다. 본 연구의 결과를 통해서 제휴 시 양 기업간 유사성에 따른 적절한 협업 프레임을 제시하여 제휴 시 발생하는 거래비용을 효과적으로 통제하는 역할에 대한 깊은 이해를 제공했다. 뿐만 아니라 실무자에게도 양 기업의 관계적 특성에 따라 제휴의 실패를 줄일 수 있는 협력 프레임을 설정하는 가이드라인을 제공하는데 도움이 되고자 한다.

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