은행의 국제화와 성과 간 관계에 대한 탐색적 고찰: 동태적 내부화 우위 관점에서 = The multinationality-performance relationship of banks: exploring the effects of dynamic internalization-specific advantages

다국어 초록 (Multilingual Abstract)

This article is an exploratory study of factors affecting the relationship between internationalization of banks and their performances. Firm-specific and internalization-specific advantages are comprehensively analyzed and the primary focuses are on the identification of the relationship between multinationality and performance. In addition, the additional attention is paid to the dynamic effects of internalization-specific advantages on performance and its inertia, i.e. its impact on performance that may not be apparent immediately. In doing this, specifically (1) the direct effect of internalization-specific advantages on the sequential performance from internationalization is explored and (2) the one- and two-year time lagged value(t-1 and t-2) of internalization-specific advantages takes account for the inertia of individual factors to exert influence on the performance. This research was conducted with 1,520 commercial banks from 75 countries in the world, and with the time frame of 1990∼2007. As for an empirical analysis concerned, a random effects model, which is finally verified through validity test among pooled OLS, fixed-effect, and random-effect models, is applied. As a result, it is found that multinational activities of banks incur transaction costs and governance costs, and moreover, they increase according to each bank`s range of operation. Therefore, the performance, as the internationalization of banks expands, predicts an inverted U-shaped graph in which it increases by the moderate level then decreases after that. In addition, it is confirmed that an internalization-specific advantage such as cost efficiency exerts an direct influence on performance; and that the one or two-year lagged values of internalization-specific advantages, as an internalization-specific advantage, do not have inertia in its impact on the current performance of international banks.

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