Journal of Venture Innovation (벤처혁신연구)

Korean Academy of Venture Innovation (한국벤처혁신학회)
권호 표지
DOI QR코드

DOI QR Code

Operational Spillover Effects within Business Groups : Evidence of Korean Chaebols

대규모 기업집단 내에서 운영관리 성과의 전이효과 : 한국 재벌 구조를 중심으로

  • 나재석 (덕성여자대학교 글로벌융합대학 경영학전공)
  • Received : 2024.03.08
  • Accepted : 2024.03.20
  • Published : 2024.03.31
Download PDF
⟨ Previous Next ⟩

Abstract

The aim of this study is to empirically explore the operational spillover effect among companies within chaebol groups, prominent corporate conglomerates in South Korea. Chaebols are known for their horizontal and vertical integration, fostering close collaboration among their constituent companies from a supply chain standpoint. Existing literature highlights the sharing of tangible and intangible resources within chaebol structures, leading to increased efficiency by minimizing transaction costs through resource sharing. This research investigates whether operational management performance within chaebol structures can be transmitted through cooperative resource utilization. To achieve this objective, we categorize leading companies and affiliate companies within chaebols and examine whether the operational management performance of leading companies significantly influences that of affiliate companies. Data on conglomerates, as defined by the Korea Fair Trade Commission, were collected, along with information on companies within these groups. Subsequently, the company with the highest revenue within each group was identified as the leading company, while the remaining companies were designated as affiliate companies. Our analysis reveals a significant positive relationship between the performance of inventory and facility resource management of leading companies and that of affiliate companies. This study sheds light on the transfer of operational management performance within conglomerates from a managerial perspective, underscoring the importance of reinforcing cooperation systems within the chaebol group. Furthermore, this research contributes to the academic discourse by delineating conglomerates from an operational management perspective and empirically demonstrating the transfer effect of operational management performance.

본 연구는 한국의 대규모 기업집단 형태인 재벌 구조를 중심으로 그룹 내의 기업들 사이에서 운영관리 성과의 전이가 발생하는지를 실증적으로 분석하는 것을 목표로 한다. 공급사슬 관점에서 재벌 그룹은 수평·수직적으로 통합되어 그룹 내 기업들끼리 긴밀한 협력이 가능한 구조로 고려할 수 있는데, 기존 문헌들에서도 재벌 그룹 내 기업들 간 유형·무형의 자원들이 공유되고 있음을 언급하고 있다. 이러한 관점에 기인하여, 본 연구에서는 자원의 협력적 활용이라는 측면에서 재벌 그룹 내 기업들간의 운영관리 성과가 전이될 수 있음을 살펴보고자 하였다. 이를 위해 한국의 공정거래위원회에서 정의한 대규모 기업집단, 즉 재벌에 대한 정보를 수집한 뒤 그룹 내 기업들에 대한 자료를 수집하였다. 이후 매출액을 기준으로 그룹 내에서 가장 매출액이 큰 기업을 선도 기업, 그리고 그 외의 기업들을 소속 기업으로 정의한 뒤 선도 기업의 재고 및 설비 관리의 성과와 소속 기업의 재고 및 설비 관리의 성과간에는 유의미한 양의 연관성이 있음을 알 수 있었다. 이를 통해 본 연구는 경영학적으로 재벌 그룹 내에서 운영관리 성과가 전이된다는 것을 실증적으로 확인하였으며, 본 연구의 결과를 바탕으로 기업들에게 그룹 내 기업들간의 협력체계를 강화해야 한다는 것을 실질적으로 제언할 수 있다. 또한, 운영관리 관점에서 재벌 그룹을 규명하고 운영관리 성과의 전이효과를 실증적으로 제시했다는 점에서 학문적인 시사점을 제안할 수 있을 것으로 기대한다.

Keywords

Acknowledgement

이 논문은 2021년 대한민국 교육부와 한국연구재단의 지원을 받아 수행된 연구임 (NRF-2021S1A5A8061505)

References

  1. 권세원, 최세라, 김범준, 이문영(2018). 재벌기업의 연구개발투자 비대칭성에 대한 연구, 세무와 회계저널, 19(2), 209-230.
  2. Azadegan, A., Patel, P. C., Zangoueinezhad, A., and Linderman, K. (2013). The effect of environmental complexity and environmental dynamism on lean practices. Journal of Operations Management, 31(4), 193-212.
  3. Bae, K. H., Kang, J. K., and Kim, J. M. (2002). Tunneling or value added? Evidence from mergers by Korean business groups. The Journal of Finance, 57(6), 2695-2740.
  4. Baek, J. S., Kang, J. K., and Lee, I. (2006). Business groups and tunneling: Evidence from private securities offerings by Korean chaebols. The Journal of Finance, 61(5), 2415-2449.
  5. Bendig, D., Brettel, M., and Downar, B. (2018). Inventory component volatility and its relation to returns. International Journal of Production Economics, 200, 37-49.
  6. Bendig, D., Strese, S., and Brettel, M. (2017). The link between operational leanness and credit ratings. Journal of Operations Management, 52, 46-55.
  7. Buguk, C., Hudson, D., and Hanson, T. (2003). Price volatility spillover in agricultural markets: an ex- amination of US catfish markets. Journal of Agricultural and Resource Economics, 86-99.
  8. Chang, S. J. (2003). Financial crisis and transformation of Korean business groups: The rise and fall of chaebols. Cambridge university press.
  9. Chang, S. J., and Hong, J. (2000). Economic performance of group-affiliated companies in Korea: Intragroup resource sharing and internal business transactions. Academy of Management Journal, 43(3), 429-448.
  10. Chen, X., Wang, X., and Zhou, M. (2019). Firms' green R&D cooperation behaviour in a supply chain: Technological spillover, power and coordination. International Journal of Production Economics, 218, 118-134.
  11. Cheng, Z. and Nault, B. R. (2007). Industry level supplier-driven IT spillovers. Management Science, 53(8), 1199-1216.
  12. Costantino, F., Di Gravio, G., Shaban, A., and Tronci, M. (2016). Smoothing inventory decision rules in seasonal supply chains. Expert Systems with Applications, 44, 304-319.
  13. Dyer, J. H., Cho, D. S., and Cgu, W. (1998). Strategic supplier segmentation: The next "best practice" in supply chain management. California Management Review, 40(2), 57-77.
  14. Eroglu, C., and Hofer, C. (2011). Lean, leaner, too lean? The inventory-performance link revisited. Journal of Operations Management, 29(4), 356-369.
  15. Hyland, D. C. and J. D. Diltz, (2002), Why Firms Diversify: An Empirical Examination," Financial Management, 31(1), 51-81.
  16. Jaffe, A. B. (1998). The importance of "spillovers" in the policy mission of the advanced technology program. The Journal of Technology Transfer, 23(2), 11-19.
  17. Joe, D. Y., and Oh, F. D. (2018). Spillover effects within business groups: the case of Korean chaebols. Management Science, 64(3), 1396-1412.
  18. Joh, S. W. (2003). Corporate governance and firm profitability: evidence from Korea before the economic crisis. Journal of Financial Economics, 68(2), 287-322.
  19. Johnson, S., La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. (2000). Tunneling. American Economic Review, 90(2), 22-27.
  20. Khanna, T., and Palepu, K. (2000). The future of business groups in emerging markets: Long-run evi- dence from Chile. Academy of Management Journal, 43(3), 268-285.
  21. Khanna, T. and Y. Yafeh (2005), Business Groups and Risk Sharing around the World, Journal of Business, 78(1), 301-340.
  22. Kim, B. (2018). Supply chain management: A learning perspective. Cambridge University Press.
  23. Knott, A. M. (2008). R&D/returns causality: Absorptive capacity or organizational IQ. Management Science, 54(12), 2054-2067.
  24. Kroes, J. R., Manikas, A. S., and Gattiker, T. F. (2018). Operational leanness and retail firm performance since 1980. International Journal of Production Economics, 197, 262-274.
  25. Modi, S. B., and Mishra, S. (2011). What drives financial performance-resource efficiency or resource slack?: Evidence from US based manufacturing firms from 1991 to 2006. Journal of Operations Management, 29(3), 254-273.
  26. Nichols, B. S., Stolze, H., and Kirchoff, J. F. (2019). Spillover effects of supply chain news on consumers' perceptions of product quality: An examination within the triple bottom line. Journal of Operations Management, 65(6), 536-559.
  27. Park, S. R., and Yuhn, K. H. (2012). Has the Korean chaebol model succeeded?. Journal of Economic Studies, 39(2), 260-274.
  28. Piercy, N., and Rich, N. (2015). The relationship between lean operations and sustainable operations. International Journal of Operations & Production Management, 35(2), 282-315. 
  29. Ried, L., Eckerd, S., Kaufmann, L., and Carter, C. (2020). Spillover effects of information leakages in buyer-supplier-supplier triads. Journal of Operations Management, 67(3), 280-306.
  30. Shin, D. Y. and Kwon, K. H. (1999). Demystifying Asian business networks: The hierarchical core of interfirm relations in Korean chaebols. Business networks in Asia: Premises, doubts, and perspectives, 113-146.
  31. Singhal, C. (2017). The Contextual Impact Of Innovation And Operational Spillovers On Firm Performance. Doctoral dissertation, University of South Carolina).
  32. Song, J., Almeida, P., and Wu, G. (2003). Learning-by-hiring: When is mobility more likely to facilitate interfirm knowledge transfer?. Management Science, 49(4), 351-365.
  33. Thomas, J. K., and Zhang, H. (2002). Inventory changes and future returns. Review of Accounting Studies, 7(2), 163-187.
  34. Williamson, O. E., Markets and Hierarchies: Analysis and Antitrust Implications, Free Press, New York (1975).
  35. Xue, L., Ray, G., and Sambamurthy, V. (2013). The impact of supply-side electronic integration on customer service performance. Journal of Operations Management, 31(6), 363-375.
  36. Yoo, S., and Lee, S. M. (1987). Management style and practice of Korean chaebols. California Management Review, 29(4), 95-110.
  37. Zhang, Y., Li, H., Li, Y., and Zhou, L. A. (2010). FDI spillovers in an emerging market: the role of foreign firms' country origin diversity and domestic firms' absorptive capacity. Strategic Management Journal, 31(9), 969-989.