신흥시장에 진출한 한국기업들의 동적역량 결정요인 및 성과에 미치는 영향 = Determinants of dynamic capability and its effects on performance of Korean MNE subsidiaries in emerging markets

다국어 초록 (Multilingual Abstract)

The influence of firm’s dynamic capability on performance has been received much attention and well developed in the strategy literature in the last decade. However, the effort to find determinants of dynamic capability and empirically assess their effects in case of multinational enterprise (MNE) subsidiaries in the emerging markets being full of dynamism is scarce. To fill the gap, I have endeavoured to identify determinants of dynamic capability of MNE subsidiaries in emerging markets by reviewing a vast range of available literatures on this subject. The determinants identified are market orientation, entrepreneurial orientation and learning orientation (subsidiary’s corporate culture factors), business network and government network (subsidiary’s external factors), and parent firm’s resource transfer to subsidiaries (MNE related factor). I have examined the effects of these determinants on both dynamic capability and performance of subsidiaries. Further, I have tested whether these factors cast any indirect influence on the performance through dynamic capability. I have conducted an e-mail questionnaire survey of Korean manufacturing MNE subsidiaries operating in China, India and Vietnam and have tested hypotheses through a structural equation model using 168 samples.
I have found following empirical results. Firstly, determinants like entrepreneurial orientation, learning orientation, business network and parent firm’s resource transfer cast strong and positive influence on dynamic capability. Market orientation does cast statistically significant influence but its direction turns out to be negative. Secondly, market orientation, learning orientation and government network have strong and positive influence on performance. Interestingly, parent firm’s resource transfer doesn’t significantly influence the performance. Moreover, its direction of the influence is negative. Thirdly, dynamic capability casts strong and positive influence on performance as expected. Finally, entrepreneurial orientation, learning orientation, business network and parent firm’s resource transfer other than market orientation and government network do have indirect influence on performance through dynamic capability.
This study contributes to the MNE subsidiary performance literature in the respect that it has attempted to demonstrate complementarities between dynamic capability view and resource-based view for explaining the subsidiary performance in emerging markets. Meantime, results of this study suggests that managers should realize how important dynamic capabilities which are built and developed by determinants like entrepreneurial orientation, learning orientation, business network and parent firm’s resource transfer are for the subsidiary performance in emerging markets.

국문 초록 (Abstract)

지난 10 여년 동안 동적역량(dynamic capability)이 기업 성과에 미치는 영향에 대한 연구가 경영전략 분야를 중심으로 활발히 진행되었다. 그러나 제도와 관습, 인프라 면에서 기업환경이 이질적인 신흥시장에 진출한 다국적기업의 자회사 차원에서 동적역량의 결정요인을 찾아내어 실증 분석한 사례가 극히 드물다. 이러한 한계점을 보완하기 위해 본 연구는 선행연구 고찰을 통해 동적역량 결정요인들을 기업문화 요인(현지시장지향성, 기업가정신지향성, 학습지향성), 외부네트워크 요인(현지비즈니스, 현지정부), 본사 요인(본사자원이전)으로 구분하여 찾아내고 동적역량과 성과에 미치는 영향을 살펴 보았다. 또한 이 요인들이 동적역량을 매개하여 성과에 영향을 미치는 간접효과도 분석하였다. 중국, 인도, 베트남에서 제조업 생산법인을 운영하고 있는 한국기업들을 대상으로 설문조사를 하였으며, 최종표본 168개를 사용하여 구조방정식모형을 통해 분석하였다.
주요 실증분석 결과는 다음과 같다. 첫째, 기업가정신지향성, 학습지향성, 현지비즈니스네트워크, 본사자원이전은 자회사 동적역량에 통계적으로 유의하게 정(+)의 영향을 미치는 것으로 나타났다. 반면, 현지시장지향성은 통계적으로 유의하게 나왔지만 가설과는 반대 방향으로 나타났다. 둘째, 현지시장지향성, 학습지향성, 현지정부네트워크는 자회사 성과에 직접적으로 정(+)의 영향을 미치는 것으로 나타났다. 흥미롭게도 본사자원이전은 통계적으로 유의하지 않게 나왔으며, 방향도 부(-)로 나타났다. 셋째, 동적역량의 성과에 대한 영향은 예상대로 긍정적으로 나타났다. 넷째, 동적역량을 매개하여 성과에 미치는 간접효과에서는 기업가정신지향성, 학습지향성, 현지비즈니스네트워크, 본사자원이전이 정(+)의 영향을 미치는 것으로 나타났다. 반면, 현지시장지향성은 통계적인 유의성에도 불구하고 가설과는 반대 방향으로 나왔다.
본 논문은 역동적인 신흥시장에 진출한 자회사의 성과는 자원기반관점 이외에 동적역량관점이 보완될 때 더 잘 설명될 수 있음을 실증적으로 입증했다는 점에서 학문적인 기여점을 찾을 수 있다. 실무적으로는 내수시장을 공략하기 위해 신흥시장에 진출한 자회사들에게 충분히 본사자원을 이전하는 이외 자율성을 부여하여 기업가정신지향성, 학습지향성을 함양하게 하고 현지에서 비즈니스 네트워크를 강화하여 동적역량을 구축해야 좋은 성과를 확보할 수 있다는 시사점을 제공할 수 있다.

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