• 국제지역연구
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• 제21권1호
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• pp.59-77
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• 2017

지속적인 경쟁우위를 확보하기 위해 기업은 다각화 전략을 선택한다. 그러나 다각화 전략은 언제나 성공하는 것이 아니며, 다각화 전략의 종류, 수준에 따라 상이하다. 본 연구는 다각화 전략을 제품다각화 수준과 국제다각화 수준으로 구분하고 각각 기업경영성과에 미치는 영향을 분석하였다. 이를 위하여 중국 88개 상장기업을 대상으로 2008년부터 2013년까지의 재무 데이터를 활용하였으며, 고정효과모형으로 실증분석을 하였다. 실증분석결과에 따르면 제품다각화 전략수준과 국제다각화 전략수준이 높으면 높을수록 다각화 당시의 기업 가치는 높아지지만, 수익성에는 영향을 미치지 않는 것으로 나타났다. 또한 다각화 전략이 이윤을 창출하기까지 시간이 필요한 것을 감안하여 다각화 전략이 1년 뒤의 수익성에 영향을 미치는 지를 살펴보았다. 그 결과, 제품다각화 수준은 여전히 기업 수익성에 영향을 주지 않는 것으로 나타났고, 국제다각화 수준은 기업의 수익성에 부의 영향을 미치는 것으로 나타났다.

• Journal of Korea Trade
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• 제25권5호
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• pp.74-92
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• 2021

Purpose - Utilizing a large sample of Korean firms, this study examines international diversification impacts on corporate tax avoidance and whether firms affiliated with large business groups (known in Korean as "chaebol") reinforce the relationship between international diversification and tax avoidance. Design/methodology - This paper hypothesizes that 1) international diversification is likely to increase tax avoidance, 2) the positive effect of international diversification on tax avoidance is likely to be more pronounced for chaebol firms. We examine the hypotheses by using Korean firms listed in the Korean stock market between 2011 and 2016. We employ the number of foreign subsidiaries and the entropy index as proxies for international diversification and CASH ETR and GAAP ETR as proxies for tax avoidance. Findings - Our findings are summarized as follows. First, we have found that as firms are more internationally diversified, tax avoidance increases. It means that international diversification can be employed as a method of reducing the tax burden. Second, firms affiliated with chaebol are strengthened by the positive relation between international diversification and tax avoidance. It is interpreted that chaebol firms have more effective opportunities to reduce taxes than other firms. When entering foreign markets, they can share experience and resources to decrease taxation within the large business group. Originality/value - This study provides empirical evidence regarding the tax effect of international diversification. Unlike prior studies, international diversification is positively related to tax avoidance in Korea. In addition, we present additional evidence on the chaebol effects of international diversification on tax avoidance, in which they have an advantage to reduce taxes using transfer pricing through related party transactions, income shifting to low tax rate countries, and establishing subsidiaries in tax havens.

• 4차산업연구
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• 제1권2호
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• pp.21-32
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• 2021

Purpose - International diversification, a critical issue in research and practice, undoubtedly represents a growth strategy with great potential impact on firm performance. Although the literature has widely examined the relationship between international diversification and firm performance in international business and strategic management research, it remains unconfirmed. This study, therefore, aims to clarify the relationship as it relates to information service firms. Research design, data and methodology - To examine the international diversification-performance relationship, this study uses a sample of major Korean service firms spread over four industries spanning a period of five years between 2005 and 2009. In this study. generalized least square was used to analyze the relationship between international diversification and performance of service firms. Result - The result showed the U-shaped curvilinear form between international diversification and performance in service firms. Especially, IT service firms may differ from other service firms that the negative effect of internationality may have weaker than other types of service firm. Conclusion - Based on the empirical results, the U-shape relationship between international diversification and performance is confirmed in Korea service firms. Furthermore, information service firm may reduce the initial internationalization cost by transferring codified and digitized information using information and communication technology, so that gain benefit from early international expansion.

• International Journal of Advanced Culture Technology
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• 제10권3호
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• pp.202-209
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• 2022

This study investigates the association between corporate international diversification and audit fees and audit hours. Korean firms' overseas investment has rapidly increased in recent years and the trend of international diversification is expected to accelerate in the future. Thus, it is important to investigate how auditors respond to globally diversified firms. Our empirical findings show that internationally diversified firms incur higher audit fees and audit hours. This suggests that auditors perceive global diversification as being a higher business risk and require higher external audit fees so that they can decrease audit risk arising from inherent organizational complexity. Further, auditors expand audit procedures to collect more audit evidences, exerting increased audit effort. This study provides empirical evidences that corporate global diversification results in higher audit fees and audit hours. Auditors may refer to these results when planning their audit and determining audit fees and audit hours.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2007년도 추계학술대회 논문집
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• pp.1951-1966
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• 2007

This research attempts to examine the effects of import penetration in an industry on the firms' decision of business diversification and provide an integrative framework including the determinants and results of the business diversification. The research results are as follows. First, the import penetration doesn't affect the degree of business diversification. Second, the more profitable their core business industry, the lower the degree of business diversification against the import penetration. In addition, both technology-related assets and marketing-related assets are necessary for business diversification when faced with the import penetration. Finally, the inverted U-shaped relationship is supported between the degree of business diversification and firm performance.

• International Commerce and Information Review
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• 제1권1호
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• pp.3-24
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• 2008

This paper examines the corporate parent effect on the diversification strategies of triad and Asian subsidiaries in the ASEAN region. I find that triad subsidiaries tend to participate in high technology intensive industries, and are more likely to diversify. In addition, I also find that the subsidiary diversification strategy is significantly affected by the number of affiliations under the same corporate parent that perform the same or different activities in the region. These results shed light on the influence of corporate parent on subsidiary-level strategy and the role of the subsidiary within an economically integrated region. Various implications are discussed.

• 한국융합학회논문지
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• 제11권12호
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• pp.187-197
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• 2020

본 연구에서는 국내 기업들의 국제적 다각화가 기업 이익을 증대시킴과 동시에 이익 분배 과정에서 기업 영업활동의 토대를 제공한 납입자본 출자자들의 배당수익 또한 증가시키는지와 국제다각화 수준 증가가 기업의 배당정책에 어떠한 영향을 미치는지를 알아보고자 하였다. 이를 위하여 2011년에서 2018년까지 국내 유가증권 시장에 상장된 12월 말 결산법인을 대상으로 고정효과모형을 이용하여 실증분석을 실시하였다. 그 결과 개별 기업의 국제적 다각화 수준이 높아질수록 기업의 배당성향 및 배당수익률 또한 증가하는 것을 확인 할 수 있었다. 이는 기업이 국제적 다각화를 통하여 새로운 해외 시장을 확보하고 기업의 성장을 도모함으로서 기업 이익 및 주주의 배당수익률을 안정적으로 확대시킬 수 있음을 말해준다. 또한 기업의 국제적 다각화 전략은 배당가능이익을 증진시킴으로서 기업의 배당성향 또한 증가시켜 기업 가치 증대에 기여할 수 있음을 알 수 있다.

• 경영과정보연구
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• 제36권1호
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• pp.291-307
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• 2017

본 연구의 목적은 글로벌기업의 국제다각화 수준의 증가가 경영자의 재량적 회계선택에 미치는 영향을 분석하고 이들의 관계가 기업가치에 어떠한 영향을 미치는지를 분석한다. 이를 위해 본 연구는 2012년부터 2015년까지 금융업을 제외한 유가증권 상장기업인 2,139 기업-연도를 표본으로 선정하여 분석을 실시하였다. 본 연구의 분석결과는 다음과 같이 요약된다. 첫째, 국제다각화 수준이 증가할수록 경영자의 재량적 회계선택의 대리변수인 재량적 발생액(discretionary accruals)이 증가하는 것을 발견하였다. 그리고 기업 내 정보비대칭과 경영자의 재량적 회계 선택이 양(+)의 관련성을 가진다는 선행연구((배종길과 김진태, 2012)를 바탕으로 국제다각화 수준과 정보비대칭의 상호작용이 경영자의 재량적 회계선택에 미치는 영향을 분석하였다. 분석결과, 국제다각화 수준 및 정보비대칭 정도가 높을수록 경영자의 재량적 회계선택의 대리변수인 재량적 발생액이 증가한다는 것을 발견하였다. 이러한 결과는 국제다각화 수준과 재량적 회계선택의 양(+)의 관련성은 경영자와 이해관계자 사이의 정보비대칭에서 기인한 결과로 해석된다. 마지막으로 국제다각화로 인한 경영자의 재량적 회계선택의 증가가 기업가치를 감소시킨다는 실증적 증거를 발견하였다. 이는 국제다각화로 인한 경영자의 재량적 회계선택이 주주 부가 아닌 경영자 자신의 사적부(보상극대화 등)를 위한 기회주의적 목적으로 활용되었고 그 결과 기업가치의 감소를 가져온 것이라 분석된다. 본 연구를 통해 해외매출 현황에 대한 공시규정을 조속히 개선해야 한다는 점과, 글로벌 기업에 대한 회계정보이용자들의 의사결정 과정에서 신중을 기해야 한다는 점에서 정책입안자 및 정보이해관계자들에게 중요한 시사점을 제공해 줄 수 있을 것이다.

• Journal of Contemporary Eastern Asia
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• 제20권2호
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• pp.237-258
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• 2021

The COVID-19 pandemic has highlighted the risks of an over-concentration of supply chains in one country. It has motivated stakeholders to pursue diversification strategies. However, a paradox exists. Stakeholders have shied away from a complete decoupling and preferring to selectively enhance economic ties with China. This article explores this paradox by examining supply chain concentration in China as a form of asymmetric interdependence and the countermeasures from the U.S., Japan, Australia, and India to minimize vulnerabilities. It argues that while the COVID-19 disruptions have brought to light the risk of supply chain overconcentration in China, countermeasures are also driven by coercive diplomacy and the deepening U.S.-China rivalry. The paper also examines the feasibility of diversification efforts by focusing on the capacity and capabilities of alternative supply chain hubs. It finds that while states are actively seeking ways to prevent China from using asymmetric interdependence of supply chains and trade to gain political leverage, there are structural limits to the degree of diversification in the short to mid-term.

• 아태비즈니스연구
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• 제9권3호
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• pp.37-50
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• 2018

This paper examines the relationship between diversification and financial performance of community credit unions in Korea from 2011 to 2017. To do so, I employ fixed-effects panel analyses using credit union level panel data collected from the National Credit Union Federation of Korea. This study finds evidence that business diversification is likely to lower the ratio of troubled loans, which means improving asset quality of credit unions. However, the relationship between diversification and asset quality is not linear but nonlinear, which means over-diversification would have negative effects on asset quality. Next, diversification tends to increase profitability. Specifically, although diversification results in a rise in expenditures, an increase in profits made by diversification outweighs the rise in expenditures, which contributes to profitability. Put together, diversification would be a good business strategy to improve both profitability and asset quality. Given a result that fast loan growth deteriorates asset quality, credit unions' managers might adopt the diversification strategy to enhance asset quality, and not to pursue their own objectives motivated by moral hazards.