조직생태학 관점에서 본 해외투자 자회사 사멸 요인에 관한 실증연구

다국어 초록 (Multilingual Abstract)

This research considers organizational ecology factors in examining the rate of failure of overseas investment subsidiaries in China. In order to analyze the influence of the independent variables on the dependent variable of whether or not a business is liquidated, a binary logistics model with time varying covariates is used. For organizational density factors, the numbers of foreign firms, Chinese firms, Korean firms by region or city, industry, and year, and the squares of their values divided by 1,000 are used. Also, subsidiary size and age are used as organizational ecology variables in order to understand the liability of smallness and the liability of newness.The analysis shows that, in the case of density factors, the density level of Korean firms was negatively related to the failure rate of Korean subsidiaries. This is because, the number of Korean firms in the same industry is increasing, the probability of survival for firms in that industry and region is rising. But the density of korean firms has a non monotonic effect. This means that, although at the outset agglomeration of Korean companies has a positive influence, after a certain period of time the density leads to increases in competition (for example, competition for limited resources), which raises the possibility of withdrawal from the market. Although the existence of foreign firms was found to have no influence on the survival of Korean firms, this is because the locations of agglomeration of foreign and Korean firms are different. In general, foreign firms, particularly American, Japanese, Taiwanese, and Singapore firms, focus their investments in Guangdong, Beijing, and Shanghai. On the other hand, Korean investment focuses on the geographically adjacent region, in particular Sandong, Tianjin, Liaoning, and Heilong Jiang. In the case of density of Chinese firms, in all models it is found that this has no effect. Chinese firms, even today, are behind Korean firms in terms of technical know-how and management practices, and so their existence has no impact on the survival of Korean firms.Among other organizational ecology factors, as age increases, the probability of exit also increases, leading to the selection of a hypothesis concerning the liability of aging. In particular, it was found that there is a nonlinear relationship between age and subsidiary exit. For size factors, no relationship was found with subsidiary exit.

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