중소기업의 해외자화사 경영성과 결정요인에 관한 연구 = The Determinants of Foreign Subsidiary Performance of Korean Small - Medium Firms

다국어 초록 (Multilingual Abstract)

This paper examines the effects of ownership-based entry mode, parent firm-related and foreign subsidiary-related factors on the performance of foreign subsidiary of Korean small-medium firms. The results show a higher performance for the wholly owned subsidiaries by greenfield investment than for joint venture subsidiaries, thereby indicating that the positive sides of full ownership, on average, outweigh its negative aspects compared to joint venture. This study also finds that the parent firm`s R&D intensity and the subsidiary`s export ratio have positive influence on the performance of foreign subsidiaries. To further understand the specific relationship between those significant variables and performance of foreign subsidiaries according to ownership-based entry mode, the entire sample is divided into the full ownership and joint venture subsamples. The performance of foreign subsidiaries in the full ownership subsample is positively associated with the subsidiary`s export ratio as well as the parent`s export experience before direct investment in the host country. In the joint venture subsample, however, the parent`s R&D intensity is the significant factor that has a positive impact on the foreign subsidiary performance.