해외진입시장의 지역특성과 제품차별화전략의 상호작용이 환노출에 미치는 영향 = The effect of the interaction between FDI Location and product differentiation on the foreign exchange exposure

다국어 초록 (Multilingual Abstract)

This study examines the effect of the interaction between the firm`s strategy and the local characteristics on the foreign exchange exposure for Korean manufacturing MNEs. Geographic diversification strategy and product differentiation strategy on its own respectively seem not to affect the foreign exchange exposure or to have a positive effect on the foreign exchange exposure when the two strategies are considered. Product differentiation strategy through interacting with local characteristics, however, is shown to affect differently the foreign exchange exposure depending on the location overseas the firm enters. The higher R&D intensity and the higher involvement of entering advanced area, which shows a significant effect on reducing the foreign exchange exposure. On the other hand, in case of the higher R&D intensity and the higher involvement of entering developing area, however, which shows a significant effect on increasing the foreign exchange exposure. The results support the notion that the local characteristics interacting with the firm`s strategy should affect the foreign exchange exposure, which could shed light on the management of the foreign exchange exposure in the process of international expansion.

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