코스닥 등록 이후 벤처기업의 사업다각화가 기업성과에 미치는 영향 = Impact of Business Diversification Strategy on Firm Performance of Post-IPO Ventures in Korea

다국어 초록 (Multilingual Abstract)

This study analyzes the effects of diversification on business results and enterprise values of KOSDAQ-listed venture companies to inquire into the effective diversification strategies of venture companies after an initial public offering (IPO). In particular, this study used the Berry-Herfindahl index as a proxy variable regarding the level of diversification of venture companies, and categorized the diversification methods into M&As, strategic partnerships and establishment of subsidiaries to analyze the effects of the mutual interaction among such methods. The following is a summary of the results of the analysis. First, diversification did not have any statistically significant effects on business growth. However, it was found that there was an inverted U-shaped relationship between diversification and the profitability of the company. Second, although no statistical significance was found between enterprise values measured based on diversification and market value, a U-shaped relationship or positive relationship was found. Third, M&As were found to moderate the relationship between diversification and business results and enterprise values. Fourth, strategic relationship and establishment of subsidiaries was found to moderate the relationship between diversification and the profit results of the company. Based on the above findings, this study discovered the practical implications regarding the diversification of venture companies after listing on the KOSDAQ.

참고문헌 (Reference)

1 강태구, "한국 제조기업의 국제화 과정 결정요인에 관한 실증적 연구" 한국경영학회 36 (36): 91-112, 2007

2 윤성용, "인적자원의 회계적 접근방법에 관한 연구" 한국상업교육학회 23 (23): 73-93, 2009

3 김종운, "벤처기업의 외부협력이 경영성과에 미치는 영향" 한국벤처창업학회 7 (7): 215-224, 2012

4 이병헌, "벤처기업의 성장단계별 기술혁신 전략과 정부의 R&D 지원 효과" 한국중소기업학회 8 (8): 127-152, 2005

5 이정아, "문화적 거리-해외시장진입방식-성과간의 관계에 관한 실증분석" 한국무역학회 33 (33): 225-252, 2008

6 박성환, "다각화는 벤처기업에게도 유용한 전략인가?" 대한경영학회 22 (22): 129-147, 2009

7 조동성, "다각화 전략과 방법의 상호작용이 경제적 성과에 미치는 효과에 관한 연구 -한국 30대 재벌을 중심으로-" 한국무역학회 27 (27): 309-330, 2002

8 김병곤, "기업다각화가 기업가치에 미치는 영향: 외환위기 회복 이후기간 패널자료분석" 한국경영학회 34 (34): 1535-1554, 2005

9 강원진, "국내 벤처기업의 성장단계별 외부자원 활용이 기술혁신 성과에 미치는 영향" 한국벤처창업학회 7 (7): 35-45, 2012

10 임성준, "공모전 소유구조가 기업공개(IPO)의 성공에 미치는 영향에 관한 연구" 한국전략경영학회 8 (8): 55-79, 2005

11 DaDalt, P., "Will any q do? Firm Characteristics and Divergences in Estimates of Tobin’s q" 24 : 535-551, 2003

12 Gulati, R., "Which Ties Matter When? The Contingent Effects of Inter organizational Partnerships on IPO Success" 24 : 127-144, 2003

13 Choe, S., "What to Shed and What to Keep : Corporate Transformation in Korean Business Groups" 40 : 465-487, 2007

14 Chatterjee, S., "Types of Strategy and Economic Value : The Impact of Acquisitions on Merging and Rival Firms" 7 : 119-139, 1986

15 Chandler, A. D., "The visible hand: The Managerial Revolution in American Business" Belknap Pr 1997

16 Penrose, E. T., "The Theory of the Growth of the Firm" John Wiley 1959

17 Deeds, D., "The Impact of Firm Specific Capabilities on the Amount of Capital Raise in an Initial Public Offering : Evidence from the Biotechnology Industry" 12 : 165-187, 1997

18 Chang, Y., "The Impact of Diversification Strategy on Risk Return Performance" 10 (10): 271-284, 1989

19 Peteraf, M. A., "The Cornerstones of Competitive Advantage : A Resource‐Based View" 14 (14): 179-191, 1993

20 Simmonds, P. G., "The Combined Diversification Breadth and Mode Dimensions and the Performance of Large Diversified Firms" 11 (11): 399-410, 1990

21 Rumelt, R. P., "Strategy, Structure and Economic Performance" Harvard University Press 1974

22 Khanna, T., "Strategies that Fit Emerging Markets" 83 (83): 63-76, 2005

23 Parkhe, A., "Strategic Alliance Structuring, a Game Theoretic and Transaction Cost Examination of Interfirm Cooperation" 36 : 794-829, 1993

24 Seth, A., "Sources of Value Creation in Acquisitions : An Empirical Investigation" 11 : 431-446, 1990

25 Capron, L., "Resource Redeployment Following Horizontal Acquisitions in Europe and North America, 1988-1992" 19 (19): 631-661, 1998

26 Markides, C. C., "Related Diversification, Core Competences and Corporate Performance" 15 : 149-165, 1994

27 Teece, D. J., "Profiting from Technological Innovation" 15 (15): 285-305, 1986

28 Bettis, R. A., "Performance Differences in Related and Unrelated Diversified Firms" 2 (2): 379-393, 1981

29 Nayyar, P., "On the Measurement of Corporate Diversification Strategy : Evidence from Large U. S. Service Firms" 13 (13): 219-235, 2006

30 Makino, S., "National Culture, Transaction Costs, and the Choice between Joint Ventures and Wholly Owned Subsidiary" 31 (31): 705-713, 2000

31 Lubatkin, M., "Mergers and the Performance of the Acquiring Firm" 8 : 218-225, 1983

32 Lubatkin, M., "Merger Strategies and Stockholder Value" 8 : 39-53, 1987

33 Lubatkin, M. H., "Merger Strategies and Capital Market Risk" 30 : 665-684, 1987

34 Stulz, R. M., "Managerial Discretion and Optimal Financing Policies" 26 (26): 3-27, 1990

35 Chen, S. F. S., "Japanese Investors' Choice of Joint Ventures Versus Wholly-Owned Subsidiaries in the Us : the Role of Market Barriers and Firm Capabilities" 33 (33): 1-18, 2002

36 Stuart, T. E., "Interorganizational Endorsements and the Performance of Entrepreneurial Ventures" 44 (44): 315-349, 1999

37 Dollinger, M. J., "Inter Organizational and Collective Strategies in Small Firms : Environmental Effects and Performance" 18 (18): 695-715, 1992

38 Simon, H., "Hidden Champions of the 21st Century : The Successful Strategies of Unknown World Market Leaders" Springer 2009

39 Davidson, William H., "Global Strategic Management" John Wiley 1982

40 Denis, D. J., "Global Diversification, Industrial Diversification, and Firm Value" 57 (57): 1951-1979, 2002

41 Schoar, Antoinette S., "Effects of Corporate Diversification on Productivity" 57 : 2379-2403, 2002

42 Villalonga, B., "Does Diversification Cause the Diversification Discount?" (Summer) : 5-27, 2004

43 Graham, J. R., "Does Corporate Diversification Destroy Value?" 57 (57): 695-720, 2002

44 Ku, M. H., "Does Corporate Diversification Decrease Corporate Value?" 29 (29): 215-243, 2001

45 Palepu, K., "Diversification, Profit Performance, and the Entropy Measure" 6 : 239-255, 1985

46 Montgomery, C. A., "Diversification, Market Structure, and Firm Performance : An Extension of Rumelt's Work" Purdue University 1979

47 Berger, P. G., "Diversification's Effect on Firm Value" 37 (37): 39-65, 1995

48 Varadarajan, P., "Diversification and Performance : Areexamination using a New Two-dimensional Conceptualization of Diversity in Firms" 30 : 380-393, 1987

49 Pandya A. M., "Diversification and Firm Performance : An Empirical Evaluation" 11 (11): 67-81, 1998

50 Keats, B. W., "Diversification and Business Economic Performance Revisited : Issues of Measurement and Causality" 16 : 61-73, 1990

51 Busija, E. C., "Diversification Strategy, Entry Mode, and Performance : Evidence of Choice and Constraints" 18 (18): 321-327, 1997

52 Montgomery, C. A., "Diversification Strategy and Systematic Risk" 5 (5): 181-191, 1984

53 Song, J. H., "Diversification Strategies and the Experience of Top Executives of Large Firms" 3 : 377-380, 1982

54 Collis, D. J., "Corporate Strategy : A Resource-Based View" Irwin/McGraw-Hill 1998

55 Chatterjee, S., "Corporate Mergers, Stockholder Diversification, and Changes in Systematic Risk" 11 : 255-268, 1990

56 Comment, R., "Corporate Focus and Stock Returns" 37 (37): 67-87, 1995

57 Mansi, S., "Corporate Diversification : What Gets Discounted?" 57 : 2167-2183, 2002

58 Singh, H., "Corporate Acquisition Strategies and Economic-Performance" 8 (8): 377-386, 1987

59 Saemundsson, R., "Breaking the Entrepreneurial Growth Barrier: The Role of Venture Capital and Acquisitions for the Emergence of Medium-sized Technology-Intensive Firms, Frontiers of Entrepreneurship Research" Babson College 1999

60 Anand, J., "Asset Redeployment, Acquisitions and Corporate Strategy in Declining Industries" 18 : 99-118, 1997

61 Capron, L., "Asset Divestiture Following Horizontal Acquisitions : A Dynamic View" 22 (22): 817-844, 2001

62 Kusewitt, J. B., "An Exploratory Study of Strategic Acquisition Factors Relating to Performance" 6 : 151-169, 1985

63 Denis, D. J., "Agency Problems, Equity Ownership, and Corporate Diversification" 52 (52): 135-160, 1997

64 Jensen, M. C., "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers" 76 (76): 323-329, 1986

65 Hong, S. C., "A Study on the Effect of Diversification Activities on the Corporate Performance" Seoul University 2002

66 Lee, S. W., "A Study on the Diversification Strategy and Performance of Korean IT Firms" Ajou University 2003

67 Lewellen, W. G., "A Pure Financial Rationale for the Conglomerate Merger" 26 (26): 521-537, 1971

68 McDougall, F. M., "A Comparison of Diversifying and Nondiversifying Australian Industrial Firm’s" 27 : 384-398, 1984