• 아태비즈니스연구
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• 제10권3호
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• pp.53-67
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• 2019

Reverse knowledge transfer has been an important research theme in the literature on multinational corporations (MNCs). This paper proposes major determinants of MNC headquarters' willingness to adopt and use marketing knowledge from their subsidiaries. We argue that the willingness will be jointly determined by both the headquarter's absorptive capacity and the focal subsidiary's transfer capacity and willingness to transfer. In addition, we argue that these capability and motivation effects are moderated by (1) institutional distance between home and the focal host country, (2) the need to unlearn existing routines, and (3) types of entry modes. This paper contributes to the reverse knowledge transfer literature by proposing the argument that both motivational and capability factors are likely to determine the MNC parents' willingness to adopt and use marketing knowledge from their subsidiaries.

• Journal of Korea Trade
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• 제24권1호
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• pp.82-98
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• 2020

Purpose - This study aims to overcome the limitations of existing studies, which linearly determine the precedence factors of competency in overseas subsidiaries. The research objectives are as follows. First, what kind of nonlinear effects does the level of control held by Korean headquarters over foreign subsidiaries have in terms of competency in the subsidiaries? Second, what kind of nonlinear effects do the local experiences of overseas subsidiaries have on their competency? Design/methodology - With data on Korean multinational corporations (MNCs), this paper analyzes the effects of control levels of headquarters (HQs) and host-country experiences of foreign subsidiaries regarding competency in overseas subsidiaries. In particular, this study focuses on nonlinear models, differentiating it from previous studies. In order to examine research hypotheses, this study conducted a survey of overseas subsidiaries of Korean corporations. Surveys were conducted through various methods including e-mail, online questionnaires, fax, and telephone calls. Copies of the questionnaire were distributed to a total of 2,246 overseas subsidiaries, and 409 completed responses were collected. Excluding 15 copies that were insufficiently answered, responses from a total of 394 copies were used for analysis. Findings - This study presents the following results. First, there is a U-shaped relationship between levels of HQ control and competency in foreign subsidiaries. This means that higher levels of HQ control negatively impact the competency levels of subsidiaries because strict control undermines autonomy in subsidiaries. However, if the level of HQ control exceeds a certain point, then the transfer of knowledge between HQs and subsidiaries is facilitated. Knowledge transferred from HQs can be used as prior knowledge by foreign subsidiaries to the benefit of all parties. Accordingly, knowledge transfer negates the negative effects of excessive HQ control and positively affects competency in subsidiaries. Second, there is an inverted U-shaped relationship between the local (host-country) experiences of subsidiaries and competency in foreign subsidiaries. This means that foreign subsidiaries can overcome the liabilities of foreignness and contribute to capability building by accumulating unique knowledge about their host countries. However, if local experiences accumulate excessively beyond a certain point, then the host country-specific experiences of foreign subsidiaries will offset the benefits discussed above. Excessive local experiences not only increase organizational inertia, but also create a problem of goal incongruence due to information asymmetry between HQs and subsidiaries. Therefore, excessive local experiences have negative effects on competency in foreign subsidiaries. Originality/value - This study suggests the following implications. First, unlike existing studies based mainly on linear models, this study presents important theoretical implications in its focus on nonlinear models and its analysis of the effects of HQ control and local experiences on competency in foreign subsidiaries from perspectives of organizational learning theory and agency theory. Second, in terms of practical implications, the results of this study suggest that optimally raising levels of HQ control and managing the local experiences of subsidiaries without increasing organizational inertia is important for enhancing competency in foreign subsidiaries.

• 재무관리연구
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• 제21권2호
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• pp.27-63
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• 2004

본 연구는 다국적기업의 해외상장이 장기적으로 기업의 가치 즉, 주가에 미치는 영향과 이러한 해외상장의 장기적 성과에 기업특유의 요인들이 어떠한 영향을 미치는지를 실증분석하였다. 먼저, 다국적기업들의 해외상장의 장기적 성과를 측정한 결과, 특히 상장 이전기간에서는 통계적으로 유의한 정(+)의 누적비정상수익를을 나타낸 반면에, 상장 이후기간에서는 부(-)의 누적비정상수익률을 나타냈다. 이는 주식의 해외상장 이전 본국시장이 분리된 상태에서는 해외상장효과로 인하여 위험이 감소함에 따라 주가가 상승하지만, 상장 이후로는 시장의 통합 등으로 인해 기대수익률은 하락할 수 있을 시사하고 있다. 특히, 본 연구는 미국증권거래소 뿐만 아니라 파리, 동경, 런던 중권거래소에 상장한 외국기업들의 사례를 통해서 상장방향에 따른 분석 즉, 선진자본시장으로서 미국/영국시장에서 일본/프랑스 시장으로의 해외상장과, 역으로 비교적 자본시장이 덜 발달된 국가의 기업들의 미국/영국시장으로의 해외상장간에 성과 차이가 존재하는지 여부를 장기적 관점에서 실증분석하였다. 분석결과는 미국/영국 기업이 일본/프랑스 시장으로 해외상장한 경우의 장기적 성과보다, 역으로 미국/영국 이외의 기업이 미국/영국 시장으로 해외상장한 경우의 장기적 성과가 더 높게 나타났다. 이는 투자장벽, 규제, 불확실성, 낮은 유동성 등으로 인해 미국 이외의 본국시장의 투자자들은 그들 기업이 엄격한 공시 규칙 둥 투자자보호 장치, 높은 유동성 등이 제공되는 미국시장으로 해외상장하면서 더 높은 수익률로 보상받을 수 있음을 시사한다. 해외상장의 장기적인 성과와 유동성간에는 부(-)의 관계가 나타나서, 본국시장의 거래량이 풍부한 기업이 해외상장할 경우에는 오히려 해외상장이 부정적인 영향을 미칠 수 있음을 의미하며, 비교적 본국시장의 유동성이 높은 다국적기업들은 해외상장이 해당 기업에게 가져다주는 여러 측면의 이익과 비용을 종합적으로 고려하여 해외상장 여부를 결정해야 할 것으로 판단된다. 한편, 자기자본수익률이 높을수록 해외상장의 장기적 성과는 높은 것으로 나타났다. 이러한 연구결과는 글로벌 자본조달 결정에 있어서 상장장소의 선택에 있어 다국적기업들이 다양한 조건들을 고려해야 함을 시사해주고 있다.

• 융합경영연구
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• 제12권2호
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• pp.73-81
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• 2024

Purpose: South Korea is a close ally of the US and an important partner of China. Caught between the two most powerful countries, South Korea's strategic directions are critical. This article emphasizes that the deeper core of the US-China trade war is to improve the business environment to attract foreign direct investment (FDI) to boost the economy, rather than engaging in the trade war. Research design, data, and methodology: Considering the complexity of this issue, this article applies a systematic analytical tool, the ABCD (Agility, Benchmarking, Convergence, and Dedication) model, to provide strategic guidance for inducing investments into South Korea in the context of the ongoing US-China trade war. Results: Specifically, South Korea needs to provide a more attractive business environment along the four points: expedite commercial activities through deregulation (Agility); adopt global standards of the flexible labor markets and technological developments (Benchmarking); integrate various industries and connect them to global value chains (Convergence); and create more economy-friendly policies rather than politics-oriented ones such as protectionism (Dedication). Conclusion: This study stands out not just by utilizing the ABCD model but, also by providing more systematic analysis and practical implications, particularly within the context of the escalating US-China competition. Unlike many existing studies that analyze the broader impacts of this geopolitical rivalry, this research delves into specific strategic guidelines for South Korea to attract FDI. The findings also provide implications for multinational corporations (MNCs) in choosing the locations for their overseas operations, particularly in South Korea.