The Emergence of Institution-based Strategy of International Business and the Implications for U.S. Multinational Enterprises

Wonchan Ra(나원찬) 한국외국어대학교 영미연구소 2008 영미연구 Vol.19 No.-

Formal and informal institutions have seriously affected MNEs' activities and their performance in foreign countries, but they have not been adequately considered in the existing research. Recently the institution-based view of strategy focusing on the institutional contexts of different countries has emerged. This paper attempts to integrate the existing approaches in international business strategy, the industrial approach and the resource-based view with the institution-based view, suggesting that an explicit consideration of institutional variables in international strategy formulation be essential. Then we compare the institutional differences between the U.S. and emerging economies and draw important implications for U.S. MNEs.

국내 외국인직접투자기업의 철수요인 분석

나원찬 ( Ra Wonchan ),최순승 ( Choi Sun-seung ) 국제지역학회 2017 국제지역학회 춘계학술대회 Vol.2017 No.-

제2차 세계대전 이후 지속적으로 증가하여 온 다국적기업의 해외직접투자가 1980년대에 성숙기에 접어들면서 그 반대 현상인 해외직접투자철수(foreign direct divestment) 도 본격적으로 주목 받기 시작하였다. 그러나 투자철수에 대한 부정적 인식과 관련 자료의 부족으로 인하여, 해외는 물론 국내에서도 이에 대한 연구는 매우 저조한 실정이다. 이러한 맥락에서 본 연구는 국내 외국인투자기업을 대상으로 해외직접투자철수에 영향을 미치는 요인을 분석하고 있다. 본 연구는 J.H. Dunning(1981)의 절충 패러다임(Eclectic Paradigm)에 기초하여 기존문헌 고찰을 실시하고, 해외직접투자철수에 영향을 미치는 요인으로서 소유권 우위와 입지 우위, 내부화 우위 변수들에 관한 연구가설을 설정하였으며, 우리나라 외국인직접투자기업과 철수기업에 관한 2차 자료를 수집하여 실증분석을 실시하였다. 실증분석 결과, 소유권 우위 중 국내 외국인투자기업이 합작투자 기업이고 기업규모가 작을수록 투자철수 가능성이 높아지는 것으로 나타났으며, 입지 우위에서는 제도적 거리가 멀고 인건비 상승률이 높을수록 투자철수 가능성이 높아지는 것으로 나타났다. 또한 내부화 우위 요인으로는 기업집단에 소속되지 않고 관계사 간의 내부거래가 적을수록 투자철수의 가능성이 증가하는 것으로 나타났다. 이 외에 독점적 우위와 철수장벽은 투자철수 가능성에 통계적으로 영향을 미치지 않는 요인으로 분석되었다. 이러한 실증분석 결과는 이론적으로 해외직접투자 및 철수 연구의 발전에, 실무적으로는 기업의 전략적 의사결정과 정부의 관련 정책 수립에 다소나마 기여할 것으로 기대된다. As foreign direct investment by MNEs has entered into a maturity stage since the 1980s, foreign direct divestment(FDD) also started to attract attention from both academia and business. However, due to negative recognition of divestment among businesses and lack of relevant data, determinants of foreign direct divestment have not been fully investigated by scholars. The purpose of this study is to analyze the determinants of divestment of foreign firms in Korea. Through literature review, this study set hypotheses related to ownership, location and internalization (OLI) advantage factors affecting foreign direct divestment based on J.H. Dunning`s (1981) eclectic paradigm. This study conducted empirical analysis with secondary data on divested and operating foreign firms in Korea. Empirical analysis results show that the most significant determinants of FDD by foreign firms in Korea are ownership equity and firm size as ownership factors, institutional distance and wage growth rate as location factors, and business group and intra-firm business as internalization factors. It turned out that foreign firms with lower ownership, smaller size, farther institutional distance from home country, higher growth rate of wage in Korea, none affiliation with a business group and a lower level of intra-firm activities are more likely to divest from Korea. However, ownership specific advantage and exit barriers were analyzed as insignificant variables. This study may contribute to advancing theoretical FDD research as well as supporting decision making of MNEs and policy making of the government.

한국 진출 다국적기업의 CSR 전략 결정요인: 제도적 환경과 최고경영자 특성 분석을 중심으로

박무성(Mu-Seong Park),나원찬(Wonchan Ra) 한국무역연구원 2016 무역연구 Vol.12 No.6

In recent years, multinational enterprises (MNEs) have actively developed corporate social responsibility (CSR) strategies to obtain a sustainable competitive advantage in the global market. Up to now a large number of studies have investigated CSR-related issues, but most of them have narrowly focused on the dimensions of interested parties and domestic enterprises. Thus, we analyzed determinants of CSR strategy of MNEs in South Korea, focusing on the institutional environment and the characteristics of their CEOs. We established related hypotheses through literature research and conducted an empirical analysis using the multiple-regression method over the data collected from 100 foreign MNE subsidiaries in South Korea. We found that major relevant determinants of CSR strategy are formal institutions (government policy) and the characteristics of the CEO (religion and academic major). One major implication of this study for academics and policy makers is that both local institutions and CEO characteristics may affect MNE subsidiaries’ CSR strategy.

한국 진출 미국 다국적기업 자회사의 역량이 현지화와 그 성과에 미치는 영향에 관한 실증연구: 본사 국제화 역량과 자회사 업종의 조절효과를 중심으로

김대섭 ( Dae Sup Kim ),나원찬 ( Wonchan Ra ) 한국국제경영학회 2021 國際經營硏究 Vol.32 No.4

In the era of globalization today, the localization strategy of subsidiaries has become increasingly essential for multinationals to improve their performance in foreign markets. From the perspective of the resource-based view and capability-based view, this study investigated how the capabilities of multinationals’ foreign subsidiaries affect their localization strategy and how the internationalization capability of the headquarters and the industry type of the subsidiary moderate such relationship, and then examined how the localization strategies of subsidiaries influence their performance. We proposed and empirically tested 14 hypotheses, using panel data of S&P 1000 and Russell 3000 companies of the U.S., operating their subsidiaries in Korea between 2000 and 2018. Our results show that the positive relationships between the technological and marketing capabilities, and the level of localization of subsidiaries in procurement and sales were confirmed, and that the relationship between subsidiaries’ marketing capabilities and their localization level in procurement and sales were weakened by the headquarters’ internationalization capabilities and the industry type of the subsidiary. In terms of performance effect, subsidiaries’ procurement localization turned out to have a positive impact on their performance(ROA) in the manufacturing industry. We hope that this study will contribute to the literature on the relationships among subsidiary capabilities, localization and market performance.

국제 전략적제휴가 기업성과에 미치는 영향: 회계적 변수를 기반으로 한 제휴유형간 차이 분석을 중심으로

류두원 ( Doowon Ryu ),나원찬 ( Wonchan Ra ) 한국국제경영학회 2017 國際經營硏究 Vol.28 No.1

This paper investigates whether international strategic alliances have a different effect on firm performance by alliance type. Specifically, this paper focused on typical alliances such as equity alliances, non-equity alliances, joint ventures, R&D alliances and licensing. Four hypotheses were established regarding the differences of their effects on firm performance between equity and non-equity alliances, between joint ventures and R&D alliances, between joint ventures and licensing, and between R&D alliances and licensing. An empirical test of these hypotheses was conducted using data on the alliances between Korean and foreign firms. In doing so, this paper utilized accounting-based independent and dependent variables which Christoffersen (2013) and Christoffersen et al. (2014) have suggested were most relevant. The test results indicate that contrary to conventional belief, equity-based alliances have not shown a larger effect on firm performance than non-equity based ones and that R&D alliances had the most significantly positive effect on firm performance among diverse types of alliances.

미국의 국가경쟁력과 다국적기업

나원찬 한국외국어대학교 외국학종합연구센터 1997 국제지역연구 Vol.7 No.4

오늘날 글로벌화하고 있는 세계경제의 주역으로 활동하는 다국적기업들은 국경을 넘어 전세계를 대상으로 사업을 벌이기 때문에 생산요소의 국제적인 불이동을 전제로 하는 고전적인 무역이론으로는 설명이 거의 불가능하다. 다국적기업들은 생산요소 지식자산 등 외국의 우월한 국가특유의 비교우위를 활용하여 자신들의 경쟁우위를 제고하려고 노력한다. 한 국가의 경쟁력은 경제적 측면에서는 무역성과로 측정할 수 있는데, 그 지표의 하나로서 전통적 방식의 경상수지가 있다. 이 지표는 기업이 활동하고 있는 입지(location)를 기준으로 산정되는 것이나, 최근 전세계적으로 다국적기업의 활동이 활발히 전개됨에 따라 그 입지에 관계없이 기업의 소유권(ownership)을 기준으로 무역성과를 측정하는 방식이 유용하게 되었다. 이 논문은 단국적기업의 활동과 관련하여 최근 논란이 되고 있는 국가경쟁력의 개념에 대해서 고찰하고 무역성과가 국가경쟁력의 측정지표로 적절히 활용될 수 있음을 보인다. 이어 전통적인 방식의 무역성과의 한계점을 지적하고 국가경쟁력의 지표로서 입지가 아닌 소유권을 기준으로 하는 경상수지의 유용성을 밝히고 이 방식에 의거. 미국 자료를 중심으로 다국적기업의 해외 관계회사(affiliates) 및 외국 다국적기업의 자국내 관계회사의 활동이 자국의 무역성과에 미치는 영향에 대해 분석하고 있다. One of the most significant characteristics in the world economy today is considered the globalization of national markets accelerated by multinational companies(MNCs) operating beyond national boundaries. Traditional trade theories cannot explain MNCs' activities mainly because they are based on the assumption that production factors are internationally immobile. MNCs attempt to enhance their competitiveness in the world by exploiting superior country-specific comparative advantages such as low labor and material costs and knowledge in other nations. Therefore, in the era of globalization the competitiveness of a country and that of firms are very closely related to each other regardless of their location, and national competitiveness can be more properly measured by the trade performance based on the firm ownership, not on the location of firms. An analysis of the 0.5. data reveals that in recent years the chronic U.S. current account deficit based on ownership has turned out to be 25~30 percent less than that based other traditional system reflecting that the national competitiveness of the U.S. has been bolstered by its MNCs' overseas activities.