한국기업의 동남아 직접투자유형에 따른 성과분석 및 선진국 진출유형에 따른 성과와의 대비 = FDI Performance in Asia vs. OECD countries

다국어 초록 (Multilingual Abstract)

Since the late 1980`s number of Korean firms launched foreign direct investment(FDI) in Asian countries to avoid the wage hikes and appreciation of local currency in Korea. This research intend to compare the performance of these Korean firms` FDI in Asian countries versus that in OECD countries. The researcher investigated the FDI investment and the stock price performance of the firm engaged in the FDI in Asia as opposed to that in OECD countries in the last ten years. It is found that joint venture in Asian countries brought negative abnormal return in the underlying stock whereas the greenfield investment was received positively in the market. On the other hand, the stock price performance in response to the FDI in OECD countries brought the rather opposite result. This contrast can be interpreted as follows; the Korean stock market consider the Korean firm can gain little synergy effect or help from their local joint venture partner in the less developed Asian countries whereas they can gain a great deal of technical knowledge and market penetration assistance from joint venture partner in the advanced countries. Therefore, it is recommended that Korean firms rather pursue the independent FDI in these less developed economic region in Asia to utilize their competitive advantages, but pursue strategic joint venture relationships to enter the advanced OECD countries.