• 제목/요약/키워드: Internationalization Level

검색결과 66건 처리시간 0.022초

Governance, Firm Internationalization, and Stock Liquidity Among Selected Emerging Economies from Asia

  • HUSSAIN, Waleed;KHAN, Muhammad Asif;GEMICI, Eray;OLAH, Judit
    • The Journal of Asian Finance, Economics and Business
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    • 제8권9호
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    • pp.287-300
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    • 2021
  • The study is conducted to find out the impact of the country- and corporate-level governance and firm internationalization on stock liquidity of 120 listed firms in Japan, Hong Kong, Pakistan, and India. Panel data is used in the current study. The annual time span covered in the current study is 10 years. The current study explores results based on secondary data. The findings of the 'robust panel corrected standard error' estimator shows that the internationalization strategy of firms positively influences the stock liquidity. The internationalization strategy of multinational corporations proves to be an effective methodology for improving stock liquidity in the home market as well as abroad. The study also shows that a stronger relationship exists between stock liquidity and internationalization in those countries where the regulatory settings are effective, the judiciary system is efficient and shareholders' rights are protected. Corporate governance and stock liquidity are negatively associated. The study also finds a negative relationship between country-level governance mechanisms and stock liquidity. Whereas the 'robust panel corrected error' estimator shows a positive association between corporate governance mechanisms and firm internationalization. The study depicts that effective corporate governance motivates multinational companies to expand their business abroad.

Intragroup Resource Sharing of Business group in Korea: The Effects on the Internationalization of Group-affiliated companies

  • 김기현;이영우
    • 지식경영연구
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    • 제19권3호
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    • pp.113-134
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    • 2018
  • This study examines the roles of intangible and tangible resources of Korean business groups on internationalization by their member firms. Specifically, we argue that not all affiliates receive same benefit from group-level resource sharing. Instead, the effect of group-level knowledge sharing on affiliates' internationalization depends on individual affiliates' relative financial positions within a business group. Using samples of business groups in Korea, chaebols, hereafter chaebols, we find that foreign market knowledge at the group level has a positive impact on the internationalization of affiliated firms while the product knowledge has no impact. Furthermore, we also find evidences that an affiliate with high level of financial capacity receives internal pressures to stay in domestic market to secure internal capital market and support other sister affiliates' international activities.

신제품개발역량이 벤처기업의 국제화에 미치는 영향: 창업자 인적자본의 조절효과를 중심으로 (The Effect of New Product Development Capabilities on the Internationalization of Venture Firm: Moderation Role of Founder's Human Capitals)

  • 노태우;이기준;김정근;황지연
    • 무역학회지
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    • 제47권6호
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    • pp.97-117
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    • 2022
  • Amid the growing importance and growth potential of venture firms worldwide, this study aimed to figure out the effect of new product development capabilities (NPDC) on the internationalization of Korean venture firms and the moderating impact of founders' human capital. NPDC is a core competency that can cope with the rapidly changing market environment and is required when entering multinational markets. Therefore, we subdivided founders' human capital into professional experience, startup experience, education level, and marketing capacity and examined each moderating effect on a venture firm's internationalization. As a result of empirical analysis of 1,362 Korean venture firms using the Tobit model, this study found that venture firms with excellent NPDC tend to achieve a higher level of internationalization. In addition, among the founder's human capitals, professional experience, education level, and marketing competency moderated the positive relationship between NPDC and internationalization. In contrast, the founder's startup experience was insignificant. The results of this empirical analysis explain the factors that trigger the internationalization performance of venture firms from the perspective of dynamic capabilities and suggest that the founder's human capital played an essential role in the internationalization.

수출중소기업 국제화에 있어 조직의 창의성과 기업가정신의 역할에 관한 실증분석 (An Empirical Study on the Roles of Organizational Creativity and Entrepreneurship in improving the level of Internationalization)

  • 윤정현;이희용
    • 통상정보연구
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    • 제17권2호
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    • pp.285-305
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    • 2015
  • 창의성과 기업가정신을 강조하는 창조경제시대에 살고 있는 한국의 중소기업들은 이들 요인을 간과해서는 안 된다. 특히, 급변하고 불확실한 글로벌 시장에 진출하고 생존하고자 하는 기업들에게 창의성과 기업가정신은 무엇보다 중요하다. 이에 본 연구에서는 수출중소기업을 대상으로 창의성과 기업가정신, 그리고 이들 변수들이 국제화에 얼마만큼의 영향을 주는지 실증적으로 알아보고자 한다. 그 결과, 창의성의 하위변인 모두가 기업가정신에 유의한 정(+)의 영향을 미치고 있어 창의성이 기업가정신의 선행변인임을 알 수 있었다. 더불어, 기업가정신 역시 수출중소기업의 국제화 수준에 유의한 정(+)의 영향을 미쳤으며, 기업가정신은 창의성(독창성과 유창성)과 국제화 수준 간의 관계를 부분적으로 매개하고 있었다. 이러한 결과는 국제화 수준을 결정하는 기업가정신을 고취시키는데 창의성이 반드시 선행되어야 하며, 기업가정신을 통해서 국제화 수준이 향상된다는 점을 시시하고 있다.

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The S-Shaped Relationship Between Internationalization and Performance: Empirical Evidence from Laos

  • PHAN, Tu Anh;NGUYEN, Thuy Thi Kim;PHAN, Triet Minh
    • The Journal of Asian Finance, Economics and Business
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    • 제7권11호
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    • pp.357-366
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    • 2020
  • The purpose of this study is to investigate the impact of internationalization on the business performance of firms in Laos as a transition economy. Using a panel dataset collected by the World Bank for 285 firms during the period 2009, 2012, and 2016 in the service and manufacturing industries, the two-steps Heckman regression results found robust evidence for the fact that the S-curve tie exists between the degree of internationalization and business performance of firms in Laos while controlling other factors. Specifically, if firms have a degree of internationalization lower than 0.4374, they will suffer losses due to the high cost of preparing for phase 1 which is market penetration. Then, when the degree of internationalization continues to increase from 0.4374 to 0.9131, firms will gain benefits from internationalization (phase 2), however, these benefits will deteriorate when the degree of internationalization is greater than 0.9131 (phase 3), meaning that firms will no longer be able to exploit economies of scale or advantages in target markets, or product cycles will fall into a state of decline. Interestingly, we also found that firms with a high concentration level of ownership and internationalization activities may achieve better performance than those with a low concentration of ownership and one which carried out internationalization activities.

CEO Overseas Experience and Firm Internationalization: Before and After the Global Financial Crisis

  • Kim, Jiyoon;Park, Jong-Hun;Kim, Changsu
    • Journal of Korea Trade
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    • 제24권7호
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    • pp.54-72
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    • 2020
  • Purpose - This study explores the contextual factors that affect the relationship between CEO overseas experience and firm internationalization. This study incorporates a wide range of contextual factors, including mega, macro, and micro variables. In particular, this study goes a step further from prior studies by incorporating a higher-order variable i.e., the global financial crisis that can constrain the managerial discretion of a CEO. Design/methodology - To structure the balanced data set before and after the 2008 global financial crisis, we used the data for the years from 2002 to 2014 from a sample of Korean manufacturing firms. Ultimately, 1101 firm-year unbalanced panel observations from 101 firms were used for the analysis. Findings - Our main findings can be summarized as follows. CEO overseas experience is positively related to firm internationalization. However, this relationship varies depending on the CEOs level of managerial discretion. As for the constraining moderation, the global financial crisis weakened the positive relationship between CEO overseas experience and firm internationalization. As for the enabling moderation, the CEOs tenure strengthened the relationship. Originality/value - This study adopted the knowledge, skills, and abilities (KSA) framework to explain the relationship between CEO overseas experience and firm internationalization. Moreover, we argue that the CEO-internationalization relationship depends on the specific context of the managerial discretion, focusing on the 2008 global financial crisis. Empirically, this study adopted the 2SLS procedure to correct endogeneity. Instead of taking the actual value of prior internationalization as a control, we estimated prior internationalization using the instrument variables at an industry level. This procedure made our estimation more robust.

우리나라 수산물가공기업의 국제화전략 (Internationalization Strategy of the Fisheries - Processing Firms of Korea)

  • 하종욱;박영병;어윤양
    • 수산경영론집
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    • 제22권2호
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    • pp.19-51
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    • 1991
  • The objectives of the study are to look into the fisheries processing industry, analyze problems the industry has, and develop strategies for the industry to take care of the problems. The study was performed in two different dimensions : industry level and firm level. Nevertheless, the study focused on the following main problem areas raw material, production, technology development, internationalization, and managerial performance. The secondary data were utilized to analyze problems at the industry level, For analyzing the firm level situation, an empirical study by using a mail survey with a questionnaire was accomplished. The main problems found were as follows : First, difficulty in procuring raw material was the most serious and main problem. It was caused, externally, by the announcement of 200 nautical miles by most of fishery abundant countries and, internally, by drying fishery resources in the nation's coastal areas ; Second, the rate of fishery processing has been continuously increased and the degree of the processing has also been sophisticated, which implies the pattern of demand for the fishery has been changing widely and deeply. The industry, however, seemed to be unable to meet the consumers' satisfaction ; Third, with the importance of technology for ensuring the changing demands in the fishery processing industry, there has been little effort in research and development both at industry level and at the firm level ; Next, the industry has mainly involved in exporting in association with internationalization. Not to mention about foreign direct investment, technology transfer was not active ; Finaliy, most of firms were densely located in a few areas. The managerical performance in terms of main financial ratios still needs to be improved. Thus, strategies, which would take care of the repective problems, were developed. At industry level, the strategies were developed by reasoning mostly based on the findings from the literature survey. A scheme for internationalization of the firms was suggested. This was made by extracting the factors which would differentiate the firms' internationalization stages. In order to achieve this analysis, discriminant approach was employed. Despite the utility of the findings, it was mostly emphasized that harmonious efforts among government, the industry supporting institutions such as banks, and firms are needed for the successful operation of the strategies. Also, a list of areas for further study was provided especially in relation to the validity threatening parts of the study.

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Effects of Agglomeration Economies on Chinese Firms: Internationalization and Learning-by-Exporting

  • Chung, Jaiho;Shin, Jiyoung;Cho, Hyejin;Moon, Jon Jungbien
    • 국제지역연구
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    • 제20권1호
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    • pp.209-234
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    • 2016
  • This study examines the effects of exporter agglomeration on purely local firms' decision to undertake internationalization and the resultant performance enhancement from internationalization using propensity score matching and difference-in-differences approach. We find that the likelihood of starting to export is higher when purely local firms are located in a region with a higher level of exporter agglomeration, as positive externalities allow them to overcome insufficient internal resources and reduce the large initial foreign market entry costs. We also find that newly exporting firms are more likely to experience greater performance enhancement from exporting when they are locate in a region with a lower level of exporter agglomeration.

기업의 국제화가 회계이익의 지속성에 미치는 효과 분석 (The Effect of Firm's Internationalization on Accounting Earnings Persistence)

  • 최유정
    • 한국산학기술학회논문지
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    • 제22권1호
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    • pp.221-230
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    • 2021
  • 본 연구에서는 기업의 국제화 수준을 개별 기업의 매출액 대비 해외매출비중(FSTS)으로 측정하고 Sloan(1996)의 모형을 활용 당기순이익과 차기순이익 간의 1차 자기상관관계를 회계이익 지속성의 대용치로 사용하여 기업의 이익지속성에 영향을 미치는 다수의 통제변수들과 함께 실증분석을 실시하였다. 2011년부터 2016년까지 유가증권 시장에 상장된 12월 말 결산법인을 대상으로 고정효과모형을 이용하여 실증분석을 실시한 결과, 기업의 국제화와 회계이익의 지속성은 1% 유의수준에서 양(+)의 효과를 나타내어 개별 기업의 국제화 수준이 증가할수록 기업의 이익 지속성 또한 증가하는 것을 확인 할 수 있었다. 또한 기업규모, 재무건전성, 현금 수반성, 성장성, 투자성은 예측과 일치하게 국제화와 통계적으로 유의한 양(+)의 관계를 나타내어 이들이 기업 이익의 지속성을 증진하는데 중요한 보완적 요인임을 검증하였다. 이는 기업의 규모가 크고 재무건전성 및 현금 수반성이 우수할수록, 성장기회와 투자성향이 높을수록 기업의 이익지속성이 증가함을 의미하여 기존 선행연구들의 결과와도 일치하였다. 이러한 결과는 기업이 국제화 전략 추진을 통해 새로운 해외 시장을 확보하고 성장을 도모함으로서 기업 가치를 안정적으로 유지·확장시킬 수 있음을 시사한다.

Dynamic Capabilities, Environmental Dynamism and Small and Medium Enterprises' Internationalization Level

  • ALI, Hazem;HAO, Yunhong;AIJUAN, Chen
    • The Journal of Asian Finance, Economics and Business
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    • 제7권9호
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    • pp.527-536
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    • 2020
  • International business research presents a broad consensus on the importance of dynamic capabilities in the internationalization of SMEs. However, there is a lack of research on assessing the impact of dynamic capabilities and the level of SMEs' internationalization operating in a turbulent and dynamic business environment. This study examines the impact of environmental dynamism and three sets of dynamic capabilities, namely, sensing, seizing, and reconfiguring capabilities on internationalized SMEs' geographic scope. In addition, this research examines the association between internationalized SMEs' characteristics: SME's age, size, and SME owner/manager's international experience and SMEs' geographic scope. This study used a quantitative research and employed survey questionnaires to collect data from 305 internationalized Malaysian manufacturing SMEs. Anova tests and Chi Square tests were employed to analyze data collected from respondents using SPSS. Research findings revealed that environmental dynamism and dynamic capabilities have a significant impact on internationalized SMEs' geographic scope, however, none of the internationalized SMEs' characteristics had a significant relationship with their geographic scope. The result of this research suggest internationalized SMEs owner/managers need to possess sensing, seizing and reconfiguring capabilities, and monitor business environmental dynamism to increase their geographic scope. This paper ends with drawing a set of concluding remarks and recommendations.