• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.905-913
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• 2020

Internationalization of multinational companies in the globalized context is a popular topic in the academic world and it is also a strong concern of CEO/managers. However, this topic has not been well discussed in the academic community in Vietnam that can be contextualized in the typical transition economy. This paper is designed to explore critical success factors (CSF) of internationalization of large Vietnamese companies that have contributed major revenue from the international market. Through interviews with CEO/managers of successful companies geared toward world markets, the CSFs of internationalization have been identified and categorized into groups in which each CSF has interaction with each other, and together have combined impacts on the success of internationalization. The research results provide a conceptual framework to analyze factors affecting internationalization of large Vietnamese companies. Thank to this conceptual framework, further exploratory and/or confirmatory research can be developed to locate more success factors of internationalization. In addition, some particularly critical factors of internationalization success of Vietnamese companies are found to be useful to both CEO/managers and policymakers. CEO/managers can benefit from the research results by concentrate their limited efforts/resources in managing these CSFs, and policymaker may design CSF-based policies to boost the internationalization of domestic companies.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.281-289
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• 2020

This research analyses the challenges facing SMEs in Oman in their quest for internationalization. The study is based on the OECD Model of Internationalization put forward in the report titled "How to Foster the Internationalization of SMEs through the Pacific Alliance Integration Process" which focuses on four factors namely finance, business environment, firm capabilities and market access, which are appropriate for an emerging economy like Oman. This study used a descriptive and quantitative research design in attempting to analyze the challenges being faced by Omani SMEs in their endeavors to internationalize. The research investigates causal relationship between variables using positivist and deductive approach. Data collected from 102 respondents was analysed by Structural Equation Modeling(SEM) using AMOS. It was found that finance availability was the most significant predictor of internationalization challenges followed by market access and business environment, while firm capabilities had no impact. Thus SMEs need easier access to credit and have to develop their international business networks and their marketing capabilities in order to grow internationally. Keeping in mind the contribution made by SMEs the government has to intervene by opening up easy lines of credit to SME exporters and allowing them relaxations in customs and other duties.

• 유통과학연구
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• 제11권4호
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• pp.81-88
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• 2013

Purpose - This paper analyzes the influence of the RMB internationalization on the KRW/dollar exchange rate using an autoregressive distributed lag model. Comparing the parameter estimators from the sample period before and after the global financial crisis, we found that the RMB/dollar exchange rate has increasingly become more influential on the KRW/dollar exchange rate. Moreover, for the past several years, the Chinese government has actively utilized the financial service FTA negotiation as a measure for the RMB internationalization. This paper simultaneously considers RMB internationalization and financial service negotiations in the Korean-Chinese FTA. The purpose of this paper is to explicitly suggest a direction for the financial service negotiations in the Korean-Chinese FTA considering the effects of RMB internationalization. Research design, data, and methodology - The research plan of this paper has two parts. First, for an empirical study, this paper uses the daily exchange rate of the U.S. dollar against the currencies of the ASEAN5, Taiwan,and Korea. By using an autoregressive distributed lag model, this paper studies the influence of the change in the RMB/dollar exchange rate on changes in the local currency/dollar exchange rate in seven economies neighboring China. Our sample periods are 06/2005 - 07/2008 and 06/2010 -02/2013. During these periods, China was under the multi-currency basket system. We exempted the period of 08/2008 - 05/2010 from the analysis because there was nearly no RMB/dollar exchange rate fluctuation during those months. Second, after analyzing the recent financial service liberalizations and deregulations in China, we recommend a direction for the financial service negotiations in the Korean-Chinese FTA. In the past several years,the main Chinese financial policy agenda has surrounded the RMB internationalization. Therefore, it is crucial to understand this in the search for strategies for the financial service negotiations in the Korean-Chinese FTA. This paper employs an existing literature survey and examines the FTA protocols in its research methodology. Results and Conclusions - After the global financial crisis, the Chinese government wanted to break away from the dollar influence and pursued independent RMB internationalization in order to continue the growth and stability of its economy. Hence, every neighboring economy of China has been strategically impacted by RMB internationalization. Nevertheless, there is little empirical study on the influence of RMB internationalization on the KRW/dollar exchange rate. This paper is one of the few studies to analyze this problem comprehensively. By using a relatively simple estimation model, we can confirm that the coefficient of the RMB/dollar exchange rate has become more significant, except in the case of Indonesia. Although Korea is not under the multi-currency basket system but under the weakly controlled floating exchange rate system, its coefficient appears as large as that of the ASEAN5. This is the basis of the currency cooperation that has grown from the expansion of trade between the two countries. These empirical results suggest that the Korean government should specifically consider the RMB internationalization in the Korean-Chinese FTA negotiations.

• 무역학회지
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• 제43권4호
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• pp.177-217
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• 2018

벤처기업이 내부자원의 부족함에도 불구하고 신속한 국제화를 이루는 현상에 대해, 벤처기업의 국제화 전략을 유형화하고 이러한 유형과 국제화 성과 간에 유의한 관계가 있는지를 검토하는 것이 본 연구의 목적이다. 유형화의 기준으로서 국제화를 수행하는 벤처기업의 글로벌 창업가정신과 실현화역량을 설정하고, 이를 기준으로 세 가지 유형이 존재하는 모델이 구성되었다. 그에 대한 유형별 특성과 국제화 전략의 내용에 대해서 설명하며 그에 대한 실증적 분석으로서 군집분석이 행해졌다. 각 유형별로 국제화 성과에서의 유의한 차이가 있는지에 대해서도 실증분석 하였다. 군집분석의 결과 개척자형과 신중한 준비형, 그리고 소극적 반응형의 세 가지 유의한 유형이 존재하는 것으로 결론을 내렸다. 또한 해외지명도와 지식·경험의 제고라는 국제화 성과에서는 각 유형 간에 부분적으로 혹은 완전한 정도로 유의한 차이가 나타났다. 따라서 국제화 전략포지션에 따른 유형별 차이와 성과 차이가 존재함을 의미하며, 벤처기업의 국제화 전략과 지원정책의 수립에서 이를 감안해야 할 것으로 판단된다.

• 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.

• 복식문화연구
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• 제27권1호
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• pp.33-45
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• 2019

This study identified types of online retail internationalization in the fast-fashion context and proposed driving factors of retailers' choices in online-based market entry following the logic of the Uppsala model and the eclectic theory. In particular, this study proposes three types of online-based internationalization: 1) entering a host market with a physical store first, and then expanding with an online store, 2) entering a foreign market with an online store, then expanding to physical stores, and 3) entering only with an online business. In addition, this study investigated the causal factors, ownership-specific and location advantages, that influence the choice of the type of developmental process of online-based internationalization. To develop theoretical and managerial insights into the issue researched, this study employed a qualitative research design involving case studies of three European fast-fashion retailers, H&M, TOPSHOP, and ASOS. This study suggested that fast-fashion retailers that enter a host market with high ownership-specific advantages are likely to choose to enter the market with physical stores and then expand with online stores. On the other hand, when faced with uncertainties attributable to low ownership-specific or location advantages, fast-fashion retailers are likely to choose to enter with an online store first and then expand with physical stores as conditions change. Consequently, this study provides a better understanding for fast-fashion retailers who are willing to expand their businesses to foreign markets via online stores.

• 무역학회지
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• 제46권3호
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• pp.227-245
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• 2021

This study aims to examine how entrepreneurs' international entrepreneurial orientation and digital orientation affect business networks, innovative product development, and internationalization performance in a digital environment. For this purpose, data were collected from the CEOs of 192 domestic start-up venture companies. The causal relationship between the variables was analyzed through confirmatory factor analysis and structural model analysis using AMOS(18.0 version) for the collected data. It was confirmed that international entrepreneurial orientation and digital orientation have a positive effect on business networks. And the business network was found to have a positive effect on innovative product development and internationalization performance

• East Asian Economic Review
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• 제26권2호
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• pp.119-142
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• 2022

This paper uses social network theory and the internationalization process model (IPM) to determine how external network linkages influence the location choices of multinational enterprise from emerging economies (EMNEs); specifically, whether past alliance experience influences location choices and its impact on the subsequent entry of MNEs from emerging economies. This paper applies survival analysis using initial and secondary investments from 2,000 Chinese A-share listed companies that entered 90 countries between 1997 and 2018 to analyze both the initial and subsequent entries of Chinese outward foreign direct investments (OFDIs) in major host countries. The findings indicate that an MNE's previous experience with a company from a particular country will increase the likelihood of an initial investment in that country. Previous alliance experience may accelerate the foreign investment process of EMNE and stimulate firms making a commitment to a position in a foreign network, regardless of cultural distance and stage of internationalization. Alliance before initial investment may increase the likelihood and speed of entering a host country as wholly owned subsidiaries and that network linkages not only significantly influence the internationalization process of small and medium-sized enterprises, as indicated by the IPM, but also that of large listed firms.

• 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.

• 통상정보연구
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• 제15권2호
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• pp.129-162
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• 2013

본 연구는 벤처기업의 다양한 국제화를 야기하는 주된 요인으로서 국제적 창업가정신과 실현화 이론의 역할에 주목하고, 그에 입각한 모델을 구성한 다음 실증분석하였다. 기회의 창출과 활용이라는 창업가정신의 발현이 국제적인 범위로 이루어지는 것으로 기업의 국제화를 해석하는 국제적 창업가정신의 관점과, 그러한 발현이 어떠한 과정을 거쳐 이루어지는지를 보다 현실적으로 설명하는 실현화 이론의 논리를 통합시켜 모델을 구성하였다. 벤처기업의 국제화를 가능하게 하는 역량으로 국제화결과 창출능력을 상정하고 그 구성요인으로 임기응변적 대처능력과 자원기반적 실천능력, 네트워크 구축 활용능력을 설정하였다. 기업의 국제화 성과를 나타내는 해외시장 매출액 비중 성장과 해외시장 지명도 상승 그리고 해외수출 대상국가 다변화 성과에 대해 국제화결과 창출능력이 미치는 영향에 대해 다중회귀분석을 실시하였고, 대상 벤처기업의 본글로벌적 성격이 그 관계에 대해 조절효과를 지니는지도 검증하였다. 검증결과 네트워크 구축 활용능력과 자원기반적 실천능력은 유의한 영향을 미치는 결과를 보였으며, 조절효과에 대한 검증에서는 본글로벌적 성격을 지닌 벤처기업의 임기응변적 대처능력과 여타 기업의 자원기반적 실천능력이 성과에 유의한 영향을 미침으로써 조절효과가 존재하는 것으로 나타났다. 실현화 이론으로써 벤처기업의 다양한 국제화 과정을 설명할 가능성과 국제적 창업가정신의 핵심적 역할을 제시한 것이 본 연구의 의의라 할 수 있다.