국제다각화가 기업의 경영성과와 가치에 미치는 영향

정신순,노희천,박경호 한국기업경영학회 2016 기업경영연구 Vol.23 No.1

Global competition is the services or products provided by competing companies that serve international customers. Global competition has allowed companies to buy and sell their services internationally, which opens the door to increased profits and flattens the playing field in business. In the process of market globalization, many Korean firms have been utilizing international diversification strategies to increase sales in oversea markets or to reduce risks based on business diversification strategies. The result of successfully competing in a global market has its benefits, but it's not without its challenges. Companies are seeing that what works domestically, doesn't necessarily work internationally. Cultural differences play a large role in the global market, and there are a couple factors that companies must consider. Therefore, there are mixed empirical results in prior research on globalization effect or diversification effect. Does international diversification affect firm's performance and value of firm? The effect of diversification on firm's performance and value is empirical issue. This study analyzes the effect of international diversification on firm’s performance and value of Korean companies. Domestic companies have actively advanced into global markets to overcome the limitations of domestic market. Corporate international diversification of this kind not only has positive as aspects such as economy of scale and economy of range but negative aspects such as uncertainty of business environment and information asymmetry as well. Therefore, the purpose of this study is to analyze the effect of international diversification on firm’s performance and value of Korean firms. This study investigates the relationship between international diversification and firm’s performance and corporate value, and the effect of international diversification on corporate value based on the corporate profitability and growth potential for Korean companies which are listed on stock market from the year 2004 through 2013. As the results of empirical analyses, it turns out that the higher the level of corporate international diversification is, the better the corporate performance is. On the other hand, international diversification has no general relationship with corporate value. And yet, as the results of analyses only on companies with high level of international diversification, international diversification has positive relationship with corporate value. In addition, it is revealed that the better the firm’s performance and higher the growth potential is, the more positive relationship international diversification has with corporate value. This result implies that international diversification has positive effect on the corporate value of companies with better performance and higher growth potential. This study has its meaning in that while prior studies only presented relationship between international diversification and corporate value, this study conducts in-depth analyses on the relationship between international diversification and corporate performance and the relationship between international diversification and firm characteristics in the effect of international diversification on corporate value. However, this study has some limitations. First, we just focus on listed firms. So the results of this study could not be applied to unlisted firms. Second, Tobin’s Q, the proxy of corporate value, could has measurement error. Third, we measure firm’s international diversification level based on the level of foreign sales and foreign assets. However, these measures could miss some aspects of international diversification. 본 연구는 한국기업을 대상으로 국제다각화가 기업의 경영성과와 기업 가치에 미치는 영향을 분석하였다. 국내기업은 내수시장의 한계를 극복하기 위하여 활발히 해외시장으로 진출하고 있다. 이러한 기업의 국제다각화는 규모의 경제와 범위의 경제효과 등 긍정적인 측면을 예상하여 진행되고 있으나 영업환경의 불확실성과 정보비대칭성 등 부정적인 측면도 존재한다. 이에 따라 본 연구에서는 국내기업을 대상으로 기업의 국제다각화가 기업의 경영성과와 기업의 시장가치에 미치는 실제 영향에 대해 실증분석을 하였다. 본 연구는 유가증권시장에 상장된 기업들을 대상으로 하고 2004년부터 2013년을 연구기간으로 설정하여 국제다각화와 기업의 경영성과 및 기업가치의 관련성, 그리고 기업의 수익성과 성장성에 따라 국제다각화가 기업 가치에 미치는 영향에 차이가 존재하는지에 대하여 분석하였다. 실증분석 결과 기업의 국제다각화 수준이 높을수록 기업의 경영성과도 높게 나타났다. 반면, 국제다각화 수준과 기업 가치는 일반적으로 유의적인 상관관계가 없는 것으로 나타났다. 그러나 국제다각화 수준이 높은 기업집단을 대상으로 실시한 분석에서는 국제다각화와 기업 가치는 유의적인 양(+)의 상관관계가 있는 것으로 나타났다. 또한 기업의 경영성과와 성장성이 높은 기업일수록 국제다각화가 기업 가치에 긍정적인 영향을 미치는 것으로 나타났다. 이러한 결과는 국제다각화가 기업의 수익성 측면에서 긍정적인 영향을 미치며, 이로 인해 자본시장에서는 국제다각화를 통해 미래 성장 잠재력과 수익성이 높을 것으로 예상되는 기업일수록 기업 가치를 높게 평가한다는 것을 의미한다. 본 연구는 선행연구에서 제시한 국제다각화와 기업가치의 관련성 여부를 확장하여 기업의 국제다각화가 기업 가치에 영향을 미치는 이유를 경영성과 측면과 기업특성 측면에서 설명하고자 하였다는데 공헌점이 있다.

한국 기업의 소유구조와 국제 다각화

이상노(Lee Sang-no),박소담(Park So-dam),김민호(Kim Min-ho) 한국국제회계학회 2017 국제회계연구 Vol.0 No.73

본 연구는 우리나라 기업의 소유구조가 기업의 국제 다각화에 미치는 영향을 살펴보고 소유구조가 국제 다각화와 기업성과 관계에 어떠한 조절효과를 갖는지 살펴보기 위한 것이다. 본 연구에서는 기업의 소유구조를 최대주주 지분율과 재벌로 나누어 소유구조를 측정하였다. 연구결과, 최대주주 지분율은 국제 다각화와 음의 유의한 관련성을 갖고 있는 것으로 나타났다. 이 결과는 최대주주 지분율이 높을수록 국제 다각화가 낮아진다는 것을 의미한다. 최대주주 지분율과 마찬가지로 재벌도 국제 다각화와 음의 유의한 관련성을 보이는 것으로 나타났다. 기업성과와 국제다각화에 대한 소유구조의 조절효과에서 최대주주 지분율은 양의 유의한 관련성을 보이는 것으로 나타났다. 이는 최대주주 지분율이 높을수록 국제 다각화를 통하여 기업성과가 높아짐을 보여준다. 그러나 재벌기업의 경우는 국제 다각화와 기업성과에 대하여 음의 조절효과를 보이는 것으로 나타났다. 즉, 재벌기업에 속해 있는 기업의 경우 국제 다각화를 통하여 기업성과가 하락하는 결과를 보였다. 결론적으로 최대주주 지분율이 높은 기업은 국제 다각화를 통하여 기업성과를 향상시키고 있는 반면, 재벌그룹에 속해 있는 기업은 국제 다각화를 통하여 기업성과를 향상시키지 못하고 있다. 이러한 결과는 터널링 가설을 지지하는 것으로서 재벌의 경우 비주력회사의 국제 다각화를 제한하고, 상당부분의 국제 다각화의 이익을 재벌 그룹의 주력회사의 이익에 중점을 두어 전체적인 그룹의 기업이익과 관련성이 줄어든다고 볼 수 있다. The purpose of this study is not only to investigate the relationship between ownership structure and international diversification, but also to investigate the moderate role of ownership structure between international diversification and firm performance. The ownership structure is measured with majority shareholders equity ratio and Chaebol dummy. The results show that majority shareholder equity ratio has a negative and significant relationship with international diversification. This implies that as the majority shareholders equity ratio increases, the level of international diversification decreases. Consistent with the result of majority shareholders, the Chaebol variable has a negative and significant relationship with international diversification. In addition, we find a positive moderate role of majority shareholders equity ratio between international diversification and firm performance. This result indicates that as the majority shareholders equity ratio increases, firms enhance their performance with international diversification. However, Chaebol shows a negative moderate role between international diversification and firm performance. This result indicates that firms within Chaebol group deteriorate their performance with international diversification. In summary the results suggest that firms with high majority shareholders equtiy ratio enhance their performance with international diversification, but firms within Chaebol group do not enhance their performance with international diversification. We provide evidence in favor of the tunneling hypothesis that because only some main firms within Chaebol elicit their operating income with international diversification by suppressing other firm’s international diversification, the relevance of the overall firm performance of Chaebol is reduced.

International Diversification, Tax Avoidance, and Chaebol: Evidence from Korea

Jeong-Yeon Kang,Jin-Soo Kim 한국무역학회 2021 Journal of Korea trade Vol.25 No.5

Purpose – Utilizing a large sample of Korean firms, this study examines international diversification impacts on corporate tax avoidance and whether firms affiliated with large business groups (known in Korean as “chaebol”) reinforce the relationship between international diversification and tax avoidance. Design/methodology – This paper hypothesizes that 1) international diversification is likely to increase tax avoidance, 2) the positive effect of international diversification on tax avoidance is likely to be more pronounced for chaebol firms. We examine the hypotheses by using Korean firms listed in the Korean stock market between 2011 and 2016. We employ the number of foreign subsidiaries and the entropy index as proxies for international diversification and CASH ETR and GAAP ETR as proxies for tax avoidance. Findings – Our findings are summarized as follows. First, we have found that as firms are more internationally diversified, tax avoidance increases. It means that international diversification can be employed as a method of reducing the tax burden. Second, firms affiliated with chaebol are strengthened by the positive relation between international diversification and tax avoidance. It is interpreted that chaebol firms have more effective opportunities to reduce taxes than other firms. When entering foreign markets, they can share experience and resources to decrease taxation within the large business group. Originality/value – This study provides empirical evidence regarding the tax effect of international diversification. Unlike prior studies, international diversification is positively related to tax avoidance in Korea. In addition, we present additional evidence on the chaebol effects of international diversification on tax avoidance, in which they have an advantage to reduce taxes using transfer pricing through related party transactions, income shifting to low tax rate countries, and establishing subsidiaries in tax havens.

K-IFRS 도입이 국제다각화와 재무제표 비교가능성의 관계에 미치는 영향

홍준용,이동헌,허광복 한국세무학회 2020 세무와 회계저널 Vol.21 No.3

This study analyzes the relationship between international diversification and financial statement comparability, and studies the impact of the adoption of K-IFRS on that relationship. International diversification is measured by the proportion of foreign assets and the proportion of foreign sales, and the comparability of financial statements is based on a measure derived from the relationship between stock returns and earnings introduced in De Franco et al.(2011). By using Korean firms listed on KOSPI and KOSDAQ from 2003 to 2015, we find that the level of international diversification is negatively correlated with comparability of financial statements. In other words, it can be interpreted that as the level of international diversification increases, the comparability of financial statements is deteriorating. We also find that the adoption of K-IFRS has positive effect on the relationship between international diversification and financial statement comparability. This is due to the K-IFRS’ effect improving financial statement comparability through the improvement of accounting uniformity and financial reporting quality, and it is interpreted that the adoption of K-IFRS alleviates the loss of comparability of financial statements due to international diversification. The contribution of this study is as follow. Prior research on the relationship between the international diversification and the financial reporting quality have mainly used accrual-based or real earnings management as a proxy for financial reporting quality. However, this study is contributing to the expansion of research on international diversification by presenting the empirical evidence of the impact of international diversification on corporate environment using financial statement comparability as a proxy for the quality of accounting information. Moreover, the financial statement comparability is one of the determinants of accounting information quality emphasized by the FASB’s conceptual framework. Therefore, it seems to be meaningful that this study analyzed the effect of international diversification, which is being accelerated by industrial development, on the financial statement comparability.

개별기업의 국제다각화가 조세회피성향에 미치는 영향

전홍민 한국세무학회 2013 세무와 회계저널 Vol.14 No.2

This paper examines the association between corporate international diversification and tax avoidance in Korean evidence. Prior papers suggest that corporate international diversification is mixed result with the firm value as well as accrual earnings management. Prior research has documented that there can be mixed result with positive(+)(Agency conflict hypotheses) or negative(-)(earnings volatility hypotheses) association between corporate international diversification and accrual earnings management. However recent studies suggest that tax avoidance decrease earnings quality and complementary with manager's diversion behavior (Balakrishnan et al. 2010;Kang 2012). However there is no research has been done regarding the corporate international diversification and the tax avoidance in Korea. Using Korean firm-year observations between 2002 to 2010, corporate international diversification is negatively associated with the tax avoidance. This empirical analysis shows that complex international tax law can make manager hardly use specific tax avoidance. Also corporate international diversification firms more focusing on financial income which can be important determinant to lower cost of equity or debt financing. So they are focusing on financial income than tax income on the process of international diversification. As far as I know, there can be limited study has been done on these issues so this paper can be the first empirical paper which can shed some lights on related accounting and tax literatures. I expect that this study help investors to understand that the association between corporate international diversification and tax avoidance. 본 연구는 개별기업의 국제다각화가 조세회피성향에 미치는 영향에 대해서 한국기업을 대상으로 실증분석을 실시하였다. 선행연구는 개별기업의 국제다각화가 경영자의 기회주의적인 회계적 이익조정에 미칠 수 있는 영향에 대해서 실증분석을 실시하여 정(+) 혹은 부(-)의 혼재된 실증결과를 나타내고 있다. 반면 최근의 선행연구는 경영자의 조세회피성향은 경영자의 대리인 가설 즉 경영자의 기회주의적인 행위와 보완적인 관계가 있음을 보고하고 있다. 따라서 본 연구는 개별기업의 국제다각화가 회계적 이익조정에 미칠 수 있는 영향에 대한 선행연구를 확장하여 조세회피성향에 미칠 수 있는 영향에 대해서 실증분석을 실시하였다. 한국기업을 대상으로 2002년부터 2010년까지 4,517개 기업/연도를 대상으로 실증분석을 실시한 결과는 다음과 같다. 개별기업의 국제다각화가 증가할수록 경영자의 조세회피성향은 감소하는 소극적 조세회피성향을 가지는 것으로 보고되었다. 즉 국제다각화 정도가 증가할수록 해당기업의 조세회피와는 부(-)의 상관관계를 나타내는 것으로 보고되고 있는 것으로 나타났다. 이는 다양한 국가로 진출하면서 각 국가에 적합한 적극적인 조세전략을 추구하지 못했을 가능성이 있고 더불어 재무이익과 세무이익이 같은 방향으로 움직이는 조세구조 하에서 국제다각화를 적극적으로 추구하는 기업의 경우 자본조달을 보다 원활히 수행하기 위해서 재무이익에 보다 초점을 맞추었을 가능성도 배제할 수 없다. 본 연구는 국내외 최초로 국제다각화가 조세회피성향에 미칠 수 있는 영향에 대해서 실증분석을 실시하여 관련 연구에 추가적인 시사점을 줄 수 있을 것으로 판단된다. 특히 국내외의 선행연구를 참조해 보면 국제다각화와 조세회피성향의 상관관계에 대해서 직접적으로 실증분석을 실시한 연구가 제한적이므로 이에 대해서 실증분석을 실시하는 것은 관련 연구에 추가적인 시사점을 줄 수 있을 것으로 판단된다.

International Diversification Effects on Korean Information Service Firms

Kihyun KIM 한국4차산업학회 2021 4차산업연구 Vol.1 No.2

Purpose - International diversification, a critical issue in research and practice, undoubtedly represents a growth strategy with great potential impact on firm performance. Although the literature has widely examined the relationship between international diversification and firm performance in international business and strategic management research, it remains unconfirmed. This study, therefore, aims to clarify the relationship as it relates to information service firms. Research design, data and methodology - To examine the international diversification-performance relationship, this study uses a sample of major Korean service firms spread over four industries spanning a period of five years between 2005 and 2009. In this study. generalized least square was used to analyze the relationship between international diversification and performance of service firms. Result - The result showed the U-shaped curvilinear form between international diversification and performance in service firms. Especially, IT service firms may differ from other service firms that the negative effect of internationality may have weaker than other types of service firm. Conclusion - Based on the empirical results, the U-shape relationship between international diversification and performance is confirmed in Korea service firms. Furthermore, information service firm may reduce the initial internationalization cost by transferring codified and digitized information using information and communication technology, so that gain benefit from early international expansion.

International Diversification Effects on Korean Information Service Firms

KIM, Kihyun Korea Fourth Industrial Association 2021 Fourth industrial review Vol.1 No.2

Purpose - International diversification, a critical issue in research and practice, undoubtedly represents a growth strategy with great potential impact on firm performance. Although the literature has widely examined the relationship between international diversification and firm performance in international business and strategic management research, it remains unconfirmed. This study, therefore, aims to clarify the relationship as it relates to information service firms. Research design, data and methodology - To examine the international diversification-performance relationship, this study uses a sample of major Korean service firms spread over four industries spanning a period of five years between 2005 and 2009. In this study. generalized least square was used to analyze the relationship between international diversification and performance of service firms. Result - The result showed the U-shaped curvilinear form between international diversification and performance in service firms. Especially, IT service firms may differ from other service firms that the negative effect of internationality may have weaker than other types of service firm. Conclusion - Based on the empirical results, the U-shape relationship between international diversification and performance is confirmed in Korea service firms. Furthermore, information service firm may reduce the initial internationalization cost by transferring codified and digitized information using information and communication technology, so that gain benefit from early international expansion.

기업의 국제 다각화는 지분율 괴리도에 의한 주가급락 위험을 완화할 수 있는가?

김나연 한국경영컨설팅학회 2023 경영컨설팅연구 Vol.23 No.6

In modern corporate management, international diversification of business activities is also actively taking place with the spread of globalization trends and the development of technology. Since different countries have different cultures and business environments, international diversification of companies plays a role in dispersing the risks of corporate management decision-making. Therefore, this study was conducted by noting that it has the effect of mitigating the risks faced by corporate international diversification due to management decision-making. In order to verify the effect of the above-described international diversification, the management decision-making problems that may arise due to the high-share gap, which is a characteristic of corporate governance of large domestic corporate groups, were first examined. More specifically, it was empirically analyzed whether excessive intervention of major shareholders in management decision-making causes a sharp decline in corporate value, and as a result, it was confirmed that the risk of a stock price plunge is relatively high in companies with a high gap in equity ratio, where major shareholders have high influence. Based on the above analysis results, an empirical analysis was conducted to see whether international diversification of companies can alleviate side effects caused by subjective decision-making by major shareholders, and as a result, it was possible to empirically confirm the risk diversification effect of international diversification.

The Relationship between Degree of International Diversification and Financial Performance in Restaurant Service Industry: Evidence from U.S.

Akhmedov Armigon(아르미곤),Jellna Chung(정젤나),Jeong-Gil Choi(최정길) 대한경영학회 2016 大韓經營學會誌 Vol.29 No.2

국제다각화는 수많은 레스토랑 기업들이 널리 적용하는 전략적으로 중요한 전략이다. 기존 연구 문헌에 따르면, 연구자들은 국제다각화가 기업 재무성과에 미치는 영향에 대한 상반된 관점을 가지고 있다. 즉, 일부 연구자들은 국제다각화가 기업 재무성과에 긍정적인 효과를 미친다고 주장하는 반면에 다른 연구자들은 국제다각화가 부정적인 영향을 미친다고 주장한다. 일관성이 결여된 결과물과 결론에 이르지 못한 연구 결과의 원인은 기존 연구의 방법론적인 오류와 잘못 적용된 이론 때문일 수 있다. 전략적 경영 분야에서 가장 중요한 연구 주제 중의 하나인 국제다각화와 기업 재무성과와의 연관관계는 광범위하게 탐구되어왔다. 그러나, 기존 연구에서 국제다각화가 레스토랑 기업의 재무성과에 미치는 영향을 조사하는 연구와 그 연관관계의 특정패턴을 규명하고자 시도하는 연구는 상당히 결여되어 있다. 또한, 기존에 이루어졌던 대부분의 연구에서는 제조 기업이나 다양한 혼합 산업 회사들을 표본으로 사용했다. 이 연구는 여러 관련 이론과 레스토랑 기업의 특징을 기반으로 국제다각화와 재무성과 사이의 연관관계의 형식에 있어서 레스토랑 분야는 다른 산업과 다르다는 점을 주장한다. 연구의 목적을 달성하기 위해서 피어슨 상관관계 분석 및 다중회귀 분석이 사용되었다. 본 연구의 표본은 미국을 근거지로 한 45개의 상장 MNRCs(multinational restaurant companies, 다국적 레스토랑 기업)이고 2008년부터 2012년에 걸쳐 204회의 관찰된 수(number of observations)로 구성되어 있다. 분석 결과는 예상된 것과 달랐다. 본 연구 결과에서 국제다각화는 레스토랑 기업 재무성과와 음의 선형관계(negative linear relationship)를 갖는다는 것으로 나타났다. 이러한 연구 결과는 레스토랑 기업 경영진은 국제다각화 전략을 실행할 때, 더 정교하고 신중한 의사결정이 필요하다는 점을 시사하고 있다. 미국 다국적 레스토랑 기업 경영진이 사업을 국제다각화를 통한 확장을 결정할 때 이 결정에 대한 진지한 고민과 철저한 시장 조사는 반드시 선행되어야 한다. 본 연구의 결과는 이 분야 연구자들의 더 깊은 이해와 연구뿐만 아니라 레스토랑 기업인들의 실무에도 도움이 될 수 있다. International diversification is a prevalent and strategically important strategy applied by numerous restaurant companies. According to previous research literature on the subject, researchers have contradictory perspectives regarding the effects of international diversification on company performance. That is while some argue that it has positive effects on company performance, others argue that it has negative impacts on it. This lack of consistent findings and inconclusive results might be due to potential methodological and theoretical causes. Being one of the most significant topics for research, international diversification-performance relationship has been extensively explored in strategic management literature. Nevertheless, a major void in the literature has been the scarcity of studies that have investigated the effect of international diversification on performance of restaurant companies and attempted to find the particular patterns of the relationships between these variables. Moreover, most of the previous studies that investigated this topic were based extensively on the sample of manufacturing companies or firms from various mixed industries. Based on the theories and distinct differences of restaurant companies this study argues that the form of the relationship between internationalization and performance is different from other industries. To accomplish research purposes, this study applied Pearson’s correlation and multiple regression analysis. The sample of this study consists of 45 U.S. based public multinational restaurant companies (MNRCs) with 204 observations over the period of 2008~2012. The outputs of the analysis are different from what they were expected. The results of this study indicate that international diversification has a negative linear relationship with restaurant company performance. Based on the findings, it is suggested that restaurant company managers need more elaborate and prudent decision making, when implementing international diversification strategy. It is strongly advised that managers of the U.S. MNRCs should conduct rigorous market research and not rush when making a decision to expand company operations internationally. The results of this study can be used not only for the further understanding and research by academicians, but also in practice by industry professionals.

국제다각화와 보수주의 회계와의 관련성

이보미(Bo-Mi Lee),박보영(Bo-Young Park) 대한경영학회 2015 大韓經營學會誌 Vol.28 No.8