한국제조기업의 해외시장진입방식 결정요인과 경영성과 = Determinants of Foreign Market Entry Modes and Its Performance

다국어 초록 (Multilingual Abstract)

This study is aimed at providing an integrated model about foreign market entry modes which can be applied to Korean manufacturing firms. The research is theoretically based on the resource-based view, structure-conduct-performance framework and SD approach of Uppsala school. The theoretical variables from the resource-based view are technological resources, financial resources and marketing resources while cultural distance is one of external environment variables considered to be critical in foreign market entry strategy. Additionally, the international experience factor is from the SD approach. Furthermore, this study includes the investment tendency factor which has not been examined as an explanation variable in the previous research on foreign market entries. This is an attempt of taking the increasing importance of the investment tendency in foreign market entry decision-makings into consideration. It can be seen as a variable representing the characteristics Japanese and Korean firms usually have but US and other Western firms don't. Other variables are firm size, risk factor and so on.
The research model also includes foreign market entry modes, investment equity ratio and firm performance indicated by total sales, ROS, Tobin's q as the endogenous variables.
The model built upon the above-mentioned theoretical variables was empirically tested through path analysis of AMOS 4.0. In addition, ANOVA was used to examine the effects of strategy on firm performance. As this study measured the variables included in the research model with the secondary data, it protected the problem of common method bias that is a statistically serious problem occurring when using primary data.
The research results are as follows.
First, the marketing capability of Korean manufacturing firms was hypothesized to influence the foreign market entry modes. However, the analysis results didn't support the effect. It implies that the marketing capability can be the internal resources enabling to provide differentiated products or services but does not act as a critical factor in the foreign market entry mode choice.
Second, the technological capability was found not to affect the foreign market entry mode choice but to be significantly and negatively related to the foreign investment equity ratio. It means that the Korean firms with the superior technological capability prefer the foreign investment in which they commit the technological resources and its local partners provide the financial or human resources.
Next, this research proposed that the financial capability of Korean manufacturing firms is one of the internal resources and analyzed its relationship with the foreign market entry modes. However, the financial capability was not evidenced to affect both the foreign market entry modes and foreign investment equity ratio.
Fourth, the cultural distance was found to have a statistically significant effect on the MNEs' foreign market entry modes. It indicates that the more distant regarding culture, the more committed Korean manufacturing firms are to the foreign market.
Fifth, the international experience of a firm was not shown to influence the foreign market entry mode choice. That is, Korean manufacturing firms seem to implement the foreign market entry strategies without regard to their international business experience.
Also, firms which have the more aggressive investment tendency were found to prefer the wholly-owned subsidiary(WOS) mode.
Seventh, firms exposed to greater risks were reported to prefer the joint venture mode to the wholly-owned subsidiary(WOS) mode. It supports the fact that such firms have the stronger tendency to avoid additional risks which can stem from choosing the wholly-owned subsidiary(WOS) mode.
Finally, the results of ANOVA to analyze the effect of strategic fit on firm performance showed that greater strategic fit between the internal resources(marketing and financial capability) and the foreign market entry strategy contributes to higher firm performance.

목차 (Table of Contents)

• 제 1 장 서론 1
• 제 1 절 연구의 목적 1
• 제 2 절 연구의 방법 3
• 제 3 절 연구의 구성 5
• 제 2 장 선행연구 7
• 제 1 절 해외시장 진입방식 연구의 내용 분석 7
• 1. 이론변수 8
• 2. 연구방법론 15
• 제 2 절 선행연구에 대한 비판적 논의 20
• 1. 상충된 결론 20
• 2. 해외시장 진입방식 연구의 방향 23
• 제 3 절 본 연구의 이론적 배경 27
• 1. 자원기반시각 27
• 2. 불확실성 30
• 3. 웁살라시각 36
• 4. 본 연구의 차별성 40
• 제 3 장 연구모형과 연구방법 42
• 제 1 절 연구가설 42
• 1. 내부자원과 해외시장 진입방식 가설 42
• 2. 문화적거리와 해외시장 진입방식 가설 50
• 3. 국제경영경험과 해외시장 진입방식 가설 52
• 4. 투자성향과 해외시장 진입방식 가설 53
• 5. 해외시장진입방식과 성과 가설 55
• 제 2 절 연구모형 57
• 제 3 절 변수의 정의 58
• 제 4 장 실증분석 66
• 제 1 절 표본의 선정 및 자료수집 66
• 제 2 절 기술통계량 및 상관관계 68
• 제 3 절 경로분석 및 분산분석 결과 71
• 제 5 장 결론 94
• 제 1 절 연구의 요약 및 함의 94
• 제 2 절 연구의 한계 및 미래 연구방향 101
• 참고문헌 104