신흥시장 현지 기업의 기술 혁신 활동과 학습 경로에 관한 연구 = Institutionally Advantaged Learners: How Emerging-Market Innovators Follow Others to the Technology Frontier?

다국어 초록 (Multilingual Abstract)

The purpose of this study was to verify how the ripple effects of inward foreign direct investment and outward foreign direct investment can affect the technological innovation of emerging market firms and to analyze the joint effects and interactions between the ripple effects of foreign direct investment and other characteristics (e.g., corporate, industrial, and ownership-based institutional characteristics). This study set China, the world’s largest emerging market, as the subject of the study, and it empirically verified the subject of this study by examining longitudinal data at the level of Chinese domestic firms. As a result of the analysis, it was found that the inflow of foreign direct investment positively contributes to the technological innovation of firms, while the outflow of foreign direct investment tends to have a negative competitive effect on the technological innovation of firms. In addition, both corporate age and foreign ownership were found to have a negative effect on the ripple effect of foreign direct investment in technological innovation by domestic firms, but the type of industry positively controls the outflow effect of foreign direct investment in technological innovation. Finally, it was found that CEO ownership positively controls the ripple effect of both foreign direct investment and foreign direct investment on corporate technological innovation. Our findings will provide important guidance for working managers of emerging-economy firms, including South Korea, to better understand the role of internal and external FDI ripple effects in shaping the technological innovation of domestic firms.

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