Earticle

초록

한국어

본 연구는 외환위기후 한국기업의 성과를 내외부 측면에서 검토하고 특히 성과지표의 패턴과 빠른 성과회복에 영향을 미친 중점 요인들을 식별하고자 하였다. 연구결과에 따르면 ODI는 본국내 침체된 매출을 보상하기 위해 해외시장개척의 주요수단인 것으로 나타났으나 중소기업의 역외투자는 외환위기가 촉발한 현지시장에서의 생산효율성을 획득하기 위한 동기가 주요하였던 것으로 조사되었다. 성과회복에 영향을 미친 요인으로 지목된 R&D와 마케팅 지출의 경우 주가수익률 측면에서 한정된 중장기적 효과가 관측된 경우를 제외하고, 가치와 성과의 관점에서 측정했을 때 기업의 상대적 경쟁우위에 미친 영향은 미미했던 것으로 나타났다. 본 연구에서 제시한 분석의 틀은 기업의 외부적 위기 상황을 벗어나 성과를 회복하는 과정의 유효한 변수를 식별하는 효과적 도구로서 유용할 것이다

영어

This study examined the endogenous and exogenous dimensions of the post-crisis performance of South Korean firms and attempts to identify patterns and determinants significantly helped the rapid recovery. This study was motivated by the fact that firm level recoveries external and internal aspects were comparatively faster than other Asian countries similarly affected by the 1997~1998 economic crisis. In particular South Korean outward direct investment (ODI) remained at approximately the same level as it had been at before the crisis. In addition, overall internal performance of South Korean firms recovered sooner than expectations. This study therefore asks the research questions related to the rapid recovery and performance of South Korean firms. Firstly, questions related to exogenous aspects includes; what were the reasons behind the continued outward flows of Korean FDI after the crisis? What were the motivations of outward FDI at the period of time? Are these motivations differentiated by the size of firms? Secondly, questions related to endogenous aspects include particular issues if marketing expenditure or R&D investment changed during the crisis, and if marketing expenditure or R&D investment is responsible for the growing firm value after the crisis. Theses questions are based on the following arguments. One may suggest that a firm might be benefited by increasing financial stability as it avoids investments at the time of crisis in order to reduce further risks. Controversy, the other may claim that aggressive investment might result in differentiation when other firms or competitors hesitate the expansion of their capacity and this will create unique competitiveness. This study employs two different methodologies for the examination of both ODI strategies and firm level performance. Firstly, in order to test the hypothesis regarding differential ODI strategies by South Korean firms in the wake of the crisis, we undertook the difficult task of examining FDI flows at the firm level. UNCTAD’s data on FDI is obtained through the manipulation of IMF balance-of-payments statistics. The OECD uses data taken from national central banks. These measures, however, provide only national-level data and are difficult to use for inference about national economic sectors or specific firms. Instead of looking at export figures, we compare actual business dealings in the period before the crisis and the period following the crisis. This firm-level data provides the type of information necessary for discerning the differing reactions of various types of firms in the face of crisis. Using the SDC Platinum databases of joint ventures and mergers and acquisitions, we look at foreign investment behavior in the period 1991~1996 and in the period 1998-2003. The year 1997 is excluded, since it is the year of the outbreak of the crisis and therefore is likely to be a period of transition for South Korean firms from one ODI strategy to another. To get a sense of the differences in behavior, we compare the ODI strategies of the 5 largest chaebols; Daewoo, Hyundai, LG, Samsung and SK, with other firm behavior recorded in the database. Secondly, firm level performance is examined to assess endogenous dimension by utilizing data including KOSDAQ listed firms with 3 years time span between 1998 and 2000. At this time of the crisis, firms were unable to fully recover from the impact of the crisis. A part of variables are derived from the financial statements and samples are limited to 99 manufacturing firms listed during the period of the crisis. As the exogenous aspect of corporate performance, this article, firstly, posits a specific explanation, which is contingent on the size of the firm involved in ODI. The findings of this study implies that outward foreign direct investment was found out to be a way of opening markets to compensate for declining sales at home, whereas small and medium-sized firms used foreign investment to take advantage of production efficiencies made available by the crisis. This study, secondly, distinguishes R&D and marketing expenditures as responsible determinants that generated a comparative advantage allowing firms to accumulate potential capabilities and to improve performance during the economic crisis. Using OLS regression analysis, the results suggest neither R&D nor marketing expenditures are identified as significant determinants affecting the firms’comparative advantage measured by value and performance except for a specific period. Nevertheless, the analytical framework suggested in this study may provide effective facilities for finding potential variables explaining expedited recovery of South Korean firms from the crisis.

목차

국문 요약
 I. Introduction
 II. Literature Review
  2.1 Determinants of Outward FDI and Environmental Changes
  2.2 Firm Level Performance and the Types of Investment
 III. Methodology
 IV. Analysis
  4.1 External Performance: Market Seeking vs. Efficiency Gains
  4.2 Internal Performance: Marketing Expenditure vs. R&D Investment
 V. Conclusion
 References
 Abstract

저자

• Hyun, Jae-Hoon [ 현재훈 | Assistant Professor, Dept. of International Business, Hankuk University of Foreign Studies ]
• Kym, Moon- Hyun [ 김문현 | Associate Professor, Dept. of International Business, Hankuk University of Foreign Studies ]

참고문헌