• Management & Information Systems Review
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• v.34 no.3
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• pp.61-78
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• 2015

The purpose of this study is to analyze the impact of cash holdings on internationalization of listed manufacturing firms. We explore moderating effect of managerial ownership between cash holdings and internationalization of firms. We analysed cross-sectional data of 645 listed companies from 2000 to 2013 using the fixed effects estimation. Empirical results showed that the there was a positive significant relation between cash holdings and internationalization of firms This study also found that managerial ownership have a significant negative moderating effects in the pathway between cash holdings and internationalization Cash liquidities can be rapidly induced internationalization. Managerial ownership increase agency cost, therefore, it might have a negative effects on internationalization These results suggest that agency cost with cash holdings is very important for cash management.

• Journal of Venture Innovation
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• v.6 no.2
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• pp.21-39
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• 2023

The study investigates the impact of family ownership heterogeneity on the internationalization decisions of family-owned enterprises from ICT sectors in South Korea. The study uses prospect theory to explore the relationship between ownership structure and internationalization. The study finds that as performance improves, the ultimate owner (CEO) is negatively related to internationalization, while other family members are positively related, demonstrating the heterogeneous behavior of family members. The study suggests that the ultimate owner (CEO) tends to avoid risks associated with internationalization, while other family members are willing to take risks. To better understand the various risk behaviors of family firms regarding internationalization, the inherent heterogeneity of family firms, particularly in light of different risk behaviors between the ultimate owner (CEO) and other family members, may explain the inconsistent results in studies on the effect of family ownership on internationalization.

• The Journal of Fisheries Business Administration
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• v.22 no.2
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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.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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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.

• International Area Studies Review
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• v.12 no.3
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• pp.293-319
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• 2008

Medium and small-sized venture firms as well as multinational companies pay liabilities of foreignness. We defined these costs as three different factors which are liability of handicaps(deficit of time, money, experience and, increase of financial risk), overseas market entry costs(information gathering costs, network building costs, marketing costs, channelling costs, monitoring costs), internationalization preparing costs(forecasting and market research of local markets, ex-ante cooperation with local firms), and then empirically tested how each of these factors affects on their business performances. The more important both Taiwanese and Korean firms consider liability of handicaps, the more bigger they pay overseas market entry costs(H1). On the contrary, the more important they consider overseas entry costs, the more they focus on internationalization preparation(H4) and get the better business performances(H5). The more important Korean firms consider liability of handicaps, the bigger they focus on internationalization preparation, on the contrary, the less Taiwanese firms do this(H2). Taiwanese firms as well as Korean firms rejected Hypothesis 3 and 6 which mean both liability of handicaps and internationalization preparation are no relation with their own business performances.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.10 no.3
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• pp.1344-1361
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• 2016

ICT contents market is globally considered as an industry of high added value, where sustainability is accomplished through stories that cover wide range of consumers. However, the need for long-term internationalization strategy is growing as countless number of applications and games has pushed the local market to its limit. Thus, this research explored on the industrial characteristics and the internationalization of ICT contents firms through acquisition of competency. Based on Resource Dependence theory, the authors studied how pursuit of legitimacy and autonomy functioned in the expansion process of ICT contents firms. A survey analysis of 212 key decision makers of Korean ICT content firms were performed, to reveal that resource environment and interdependence must undergo a thorough consideration.

• Journal of Korea Port Economic Association
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• v.22 no.1
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• pp.105-124
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• 2006

We, in this paper, suggest the Yeosu internationalization strategy for holding the 2012 World EXPO in Yeosu successfully, First of all, we analyze some problems that hinder the internationalization of Yeosu. Our analysis, also, provides several strategic solutions to those problems by foreign direct investment, international trade, hub port development, and international tourism. first strategy is to create a more favorable business environment for foreign investors. Foreign direct investment is the most effective way to internationalize the specific district. Second strategy is to expand the export of small and medium-sized firms in Yeosu. Especially, local firms with agricultural/fishery products have to develop various new products and introduce the effective international marketing strategy. Final strategy is to develop the hub port in Yeosu and the new tourist resources to attract foreign tourists.

• International Commerce and Information Review
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• v.14 no.2
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• pp.55-79
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• 2012

The previous studies based on a resource-based view of firm highlighted the role of resources within a firm in creating and sustaining competitive advantage. Recent research, however, the relational view points to the importance of inter-firm sources(or relational capital) in creating firm competitiveness. In international business field, the studies on born-global firms also states that when firms are lack of ownership-specific advantages in their internationalization process, they resort to the external partners and social networks to complement their resource scarcity. By adopting the relational view and born-global firms concept, a network-based approach needs to be applied to explain the international strategy of Korean service firms. This is because most of Korean service firms own less ownership-specific advantages than global competitors. This study proposes Korean firms' global network building and exploiting strategy to enhance their international stages of development. The network, for example, Global Korean Tourism Network, enables network members access to the valuable resources and capabilities they are lack of when undergoing internationalization process. This study's contribution is along two dimension. First, even global Korean network is emerging as a major issue in recent years, we could not figure out how to build global Korean network for service firms. This studies gives an answer. Second, we derived what benefits can be gained from the network if Global Korean Tourism Network is developed for hotel, tourism, convention firms' internationalization.

• Korea Trade Review
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• v.43 no.1
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• pp.199-221
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• 2018

The internationalization of venture firms is of importance resulting from the increased opportunities as well as the entry barriers faced in this process. This study is to investigate barrier factors affecting Korean venture firms' internationalization. Among these factors, we measured relative weights using Analytic Hierarchy Process (AHP). Literatures regarding global firm's internationalization was reviewed, and barriers were classified environment, corporate and CEO barriers. Multiple variables were used in order to measure their relative significance. We surveyed executives of venture firms comprising two groups: first, 15 global venture firms, and secondly, gradually internationalizing firms. The two groups show contradictory results as environment barriers are the primary for born-global ventures and corporate barriers are the primary for gradually internationalizing ventures. Concerning corporate barriers, the lack of marketing capability is the highest barrier for both groups. The CEO barrier is the lowest for both groups. Regarding corporate barriers, gradually internationalizing ventures considers the risk of business as highest, whereas born-global ventures features the lack of R&D capacity as highest Results of this paper imply that firms should consider priority and sequential approaches in facing environment, corporate and CEO barriers.

• Korea Trade Review
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• v.44 no.1
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• pp.321-336
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• 2019

The purpose of this research is to identify the global capability of international entrepreneurship, categorize internationalization opportunities into different types, and propose international entrepreneurship and the fit of opportunities. To do so, this study reviewed seven prominent business journals between 1996 and 2015 reflected the international business activities of entrepreneur and identified 6 attributes of international entrepreneurship. Second, this study analyzed researches using internationalization motivation as a keyword, categorized the researches into 4 types of internationalization opportunity according to the exploration and exploitation of resources. Third, this study developed conceptual models based on them to identify international entrepreneurship and fit of opportunities and gave a hypothesis on the relationship between international entrepreneurship, internationalization opportunity, and internationalization performance. By clarifying which capability of an international entrepreneur is needed in an internationalization opportunity, this study is expected to provide theoretical and practical implications to the internationalization performance of firms.