Earticle

이 연구에서는 해외직접투자기업들이 내부거래를 이용해 투자기업과 현지법인 간에 자원을 이동하고 있는가에 대하여 검증하였다. 검증결과 자원이동의 가능성과 함께 한국기업들의 해외직접투자 성과가 좋지 않음을 확인하였다. 유가증권시장 분석에서 투자기업이 대규모기업일 경우, 기술수준이 높은 경우 현지법인과의 내부거래는 기업가치와 음의 관계를 나타내었다. 코스닥시장 분석에서는 신흥시장 투자에서, 대규모기업에서, 저기술업종 투자에서 내부거래와 기업가치 간에 음의 관계가 나타났다. 분석결과를 종합해 보면 현지법인과의 내부거래는 기업가치 감소와 관련이 있으며 내부거래와 기업가치 감소와의 관계는 투자기업의 규모, 투자 대상지역의 경제적 상황, 투자기업의 기술수준 등과 관련이 있다. 특히, 코스닥기업 중에 낮은 수준의 기술을 보유하고 있는 기업들이 수행한 해외직접투자의 성과가 좋지 않은 것으로 분석되었다. 기업들이 장기 이익극대화 관점에서 내부거래를 사용해 자원을 이전하고 있을 수도 있지만 기업들은 시장에서 이러한 기업의 노력을 부정적으로 평가하고 있다는 점에 유의할 필요가 있을 것이다. 이러한 결과는 해외직접투자 기업이 현지법인과의 내부거래를 함에 있어 기업의 가치를 극대화하기 위한 보다 적극적인 노력이 필요하다는 시사점을 주는 것이다.

In this study we test the resource transfer between Korean foreign direct investment(FDI) firms and their local subsidiaries abroad using internal transaction data among them. Test results show some evidences of resource transfer from the FDI firm to their local subsidiary abroad. Those results also could be interpreted as evidence that the Korean firms’ FDI has not well performed. In the analysis of the KOSPI companies we find that internal transaction of a firm with its local subsidiaries abroad decrease firm value. The decrease of firm value is especially significant when firm size is large, and the FDI is occurred in high tech-industry. In case of KOSDAQ companies, however, internal transactions are negatively related with firm value in the low technology industries. In sum, internal transactions with its local subsidiaries abroad decrease firm value and the decrease of firm value is related with the size of investing firms, economic environment of host countries, and the level of technology of FDI firm. This study suggests that firms should notice market response to the internal transaction with local subsidiaries abroad because even though they do internal transaction to maximize their long term firm value, market could react against their intention.

국제 경영 연구들은 다국적 기업(MNEs)의 해외 투자 장소 결정에 있어 성과 피드백의 역할에 점점 더 주목하고 있지만, 대부분의 연구는 전반적인 기업 성과에 기반한 피드백의 영향에 집중해 왔다. 특히, 기존 연구들은 다국적 기업의 입지 선정이 그들이 성과 하 락을 경험한 위치에 따라 달라질 수 있는지에 대해서는 충분히 고려하지 않았다. 이에 본 연구는 기업 행동 이론(BTOF)을 바탕으로 다국적기업들이 개별 진출 국가에서 경험하는 목표 대비 성과 부족이 이들의 해외 투자 입지 선정에 어떻게 영향을 미치는지 탐구하 였다. 구체적으로, 본 연구는 다국적 기업들이 특정 진출 국가에서 성과 부족을 경험할 때 기존의 지식과 역량을 활용하여 빠른 성과 회복을 달성할 수 있는 제도적으로 유사한 국가에 투자할 가능성이 높아진다고 제시하였다. 또한, 본 연구는 성과 하락과 다국적 기업 들의 입지 선정 간 관계가 성과 하락을 경험한 진출 국가의 제도적 특수성이 높을수록 약화된다고 제시하였다. 2017년부터 2021년까 지 189개의 미국 다국적 기업들의 FDI 활동 데이터를 분석한 결과, 이와 같은 가설들이 지지되었다. 본 연구는 성과 하락이 발생한 진 출 국가의 특성이 다국적 기업의 향후 FDI 입지 선정에 영향을 미친다는 점을 강조하며, 성과 피드백과 다국적 기업의 입지 전략 간 관계에 대한 새로운 시각을 제시한다.

International business scholars have increasingly focused on the role of performance feedback in shaping MNEs' foreign investment location decisions, although most research has centered on the impact of feedback related to overall firm performance. Notably, these studies have yet to consider how MNEs' location decisions might vary depending on where they experience performance shortfalls. To address this gap, this study explored how MNEs' location choices are influenced by performance shortfalls relative to aspirations they experience in individual host countries. Specifically, the current research proposed that when MNEs experience performance shortfalls in a host country, they are more inclined to invest in countries with similar institutional characteristics, where they can leverage existing knowledge and capabilities in order to achieve swift performance recovery. Furthermore, the study suggested that the effect of performance shortfalls on MNEs’ location decisions is moderated by the degree of institutional distinctiveness of the focal host country compared to the firms’ existing portfolio of host countries. By analyzing data on 189 U.S. manufacturing MNEs' FDI activities from 2017 to 2021, I found support for the proposed hypotheses, shedding light on the nuanced dynamics of MNEs' strategic behavior. This study underscores that MNEs’ FDI location decisions are shaped by the characteristics of the host countries where they experience underperformance, offering a novel perspective on the relationship between performance feedback and MNEs’ location decisions.

해외투자성과 결정요인은 다양하다. 초기 투자성과는 심리적거리와 투자목적 등의 영향을 받으며, 증액투자는 투자성과와 지사자율성 등의 영향을 받는다. 심리적거리는 의사결정자의 경험과 지식에 의존하기 때문에 시간 비탄력적 특성을 가지고 있어, 투자목적을 조절요인으로 활용 함으로써 투자성과를 제고할 수 있을 것이다. 이러한 투자성과 역시 시간 비탄력적인 특성을 가지고 있어 추가 투자유치를 위해서는 지사자율성 을 조절요인으로 활용할 수 있다. 본 연구는 설문연구를 통하여 확인한 투자목적과 지사자율성의 조절효과를 심층면접을 통하여 검증함으로써 연구분석의 신뢰성을 제고하는 데 기여코자 한다. 한국에 투자진출한 스페인기업의 경우 시장확대를 목적으로 하는 투자진출은 투자성과에 긍정적인 영향을 미치나, 효율증대를 목적으로 하 는 투자진출은 그렇지 못하다. 이는 투자진출 초기에는 효율증대보다 시장확대가 강조되기 때문이다. 이러한 경향은 자동차부품과 같이 수직계 열화가 심화된 업종보다 신재생에너지와 같은 프로젝트형 업종에서 두드러진다. 투자기업의 현지국 자회사 운영전략은 시기별로 상이하다고 할 수 있다. 진출초기에는 시장확대를 위해 투자인센티브 등 제도적인 측면을 강 조하나 현지국 경험이 축적될수록 효율증대와 노사관계 등 문화적인 측면을 강조한다. 따라서 초기투자 유치를 위해서는 시장성과 제도적 지원 을 강화하고, 증액투자 유치를 위해서는 효율성과 문화적 지원을 강화하여야 한다.

The determinants of the performance of Foreign Direct Investment (FDI) are diverse. The performance on the initial investment is affected by the psychic distance and investment purpose, and the additional investment is affected by the FDI performance and subsidiary autonomy. Since psychic distance depends on the experience and knowledge of the decision makers, it has time inelastic characteristics, so it will be possible to improve FDI performance by using the investment purpose as a moderating factor. Such FDI performance also has time-inelastic characteristics, so subsidiary autonomy can be used as amoderating factor to attract additional investment. This study aims to contribute to improving the credibility of the research analysis by verifying the moderating effect of investment purpose and subsidiary autonomy through in-depth interviews confirmed through the questionnaire study. For Spanish companies that have invested in Korea, market-seeking investment has a positive effect on FDI performance, but efficiency-seeking investment does not. This is because market-seeking is emphasized rather than efficiency-seeking in the initial stage of investment. This trend is more pronounced in project-type industries, such as renewable energy, than in industries with deep vertical integration, such as auto parts. It can be said that the strategies for subsidiary operation in local countries differ according to the period. In the initial stage of entry, institutional aspects such as investment incentives to expand themarket are emphasized, but cultural aspects such as improving efficiency and worker-management relations are emphasized as experience is accumulated in the market. Therefore, to attract initial FDI, institutional support for market expansion must be strengthened, and to attract additional investment, efficiency and cultural support must be strengthened.

본 연구는 한국기업의 해외직접투자 경영성과에 영향을 미치는 결정요인을 일반화하기 위해 국내에서 발표된 학회지 논문을 대상으로 메타분석(meta-analysis)을 실시하였다. 이를 위해, 해외직접투자 성과와 관련한 키워드를 선정하여, 국내 3개 학술저널 검색 사이트인 누리 미디어에서 운영한 ‘DBPIA’ 사이트, 학술연구정보서비스인 ‘RISS,’와 한국학술정보원 국내학술 논문 원문서비스인 ‘KISS’를 활용하여 대상 연구들을 추출하였다. 연구목적에 맞게 최종적으 로 추출된 41개 논문을 대상으로 메타분석방법 중에서 종합적 메타분석 방법을 사용하여 분석하였다. 일차적으로 학회지 별, 년도 별 연구현황 등을 분석하였으며, 다음으로 투표식 방법(the voting method)을 통해 설명변수에 대해 분석하였다. 분석한 결과 한국기업의 해외직접투자 경영성과에 영향을 주는 요인으로는 R&D가 6개로 가장 높았으며, 입지우위, 기업특유우위와 마케팅 능력, 기술이 5개로 긍정적인 정(+)의 관계가 있는 것으로 나타났다. 그리고 투자기간, 문화적 유사성, 모기업의 국제화경험관련 연구는 4개, 진출 시기, 현지화, 모기업의 국제화 경험과 최고경영자 특성이 3개 연구에서 기업 성과에 긍정적인 정(+)의 효과가 있는 것으로 나타났다. 연구목적에 맞는 대상논문이 일반화하기에 부족하다는 한계가 있으나, 포괄적인 관점에서 해외직접투자의 경영성과 관련된 연구동향을 파악할 수 있고, 향후 관련분야에서 기초 자료로 사용될 수 있을 것이다.

This study is a meta-analysis of the previous studies on the performance of Korean firms' foreign direct investments(FDIs) published in Korea between 1992 and 2017. To meta-analyze the determinants of Korean firms’ FDI performance, forty one papers were selected. These papers are interested in empirical testing the relationships between various determining factors and FDI performance. To do this, we selected keywords related to foreign direct investment performance and extracted the research through three domestic academic journals, 'DBPIA' site operated by Nuri Media, Research Information Sharing Service, 'RISS' and Koreanstudies Information Service System 'KISS'. First, the research status of each journal and year was analyzed. Next, the voting method was used to analyze the explanatory variables. As a result of meta-analysis, a positive relationship between R&D factor and FDI performance was found in the six papers. It was found that location specific advantages, firm-specific advantages, marketing and technology factors had positive effects on Korean firms’ FDI performance in the 5 studies. In addition, in the four papers a positive relationship between investment period including international experience of parent firms and FDI performance was found. And lastly in the 3 studies, timing of entry, localization advantages, internationalization experience of parent firms and CEO characteristics had positive effects on Korean firms’ FDI performance. Even there are some limitations in generalization due to the small numbers of samples, it is helpful in grasping the current research trends from a comprehensive viewpoint and expected to be used as a guide for the future studies.

본 연구는 중국에 진출한 한국기업의 103개 제조기업을 대상으로 최초투자와 후속투자 경영성과 영향 요인을 실증 분석하였다. 특히 최초투자 시 성과에 영향을 주는 요인과 이에 따른 후속투자 시 성과에 영향을 주는 요인들을 비교하여 실증 분석하고 연구한 점에서 선행 연구와 크게 차별화 된다. 또한 해외대표를 대상으로 설문조사가 주로 이루어졌다는 점에서 더욱 신뢰와 의미가 있다. 여기에 연구 결과를 정리하면 다음과 같다. 첫째, 해외진출 기업들의 최초투자 시에는 현지국내 영업년수가 많으면 많을수록 성과가 높으며, 원자재 조달수준이 높을수록 더 높은 성과를 달성 할 수 있다. 둘째, 후속투자 시에는 모기업의 국제화 경험이 많을수록 성과가 낮고, 시장잠재력이 클수록 성과가 높으며 현지국내 영업년수가 많을수록 성과가 높게 나타났다. 셋째, 입지상의 특성에 따른 투자 동기별 경영성과를 보면 최초투자 시에는 내수시장 개척이 목적인 경우에는 시장잠재력이 클수록 경영성과가 높다. 또한 저렴한 인건비 활용이 동기인 경우에는 인력생산성이 클수록 높은 경영성과를 보이고 있다. 후속투자 시에는 내수시장 개척이 목적인 경우에는 시장잠재력이 클수록 경영성과가 높다. 생산기지 구축이 동기로 작용한 경우에도 시장잠재력이 크고, 인력 생산성이 높을수록 높은 경영성과를 보이고 있다. 본 연구는 최초투자와 후속투자 소유권선택 시 모기업의 특성과 자회사의 특성 그리고 입지 환경상의 특성에 따라 경영성과에 어떠한 영향을 주는지 밝히고, 최초투자 후에 추가적인 해외투자를 시도하는 해외진출 기업들의 성과 향상에 많은 시사점을 줄 것으로 판단된다.

This study aims to analyze the determinants of the FDI performance of Korean 103 manufacturers in China between first foreign investment and sequential foreign investment. This study also differentiates itself from previous studies because this one empirically analyzed and compared the factors which affect the performance between first foreign investment and sequential foreign investment. The survey was done mainly with overseas representatives, so there is more trust and meaning. The results of this study are as follows : First, during the first foreign investment, if overseas investment companies had more experience over the course of several years with a large number of local domestic sales, the better performance was revealed. Also higher levels of procurement of raw materials could achieve high performance. Second, during the sequential foreign investment, if the parent company had more international experience, the performance was lower. If the market potential was higher and the greater experience of local and domestic sales were significant, a higher performance was revealed. Third, in the locational characteristics, during the first foreign investment, as an investment motive, the market potential for planting purposes in the domestic market was higher, a greater business performance was revealed. Also, when taking advantage of cheap labor as an investment motive, labor productivity has shown a higher level of performance. During the sequential foreign investment, as an investment motive, if the market potential for planting purposes in the domestic market was higher, a greater business performance was revealed. Building a manufacturing base acts as a motivation, even when the market potential is large and there is a higher labor productivity, to produce a higher business performance. This study will be helpful to use the sequential foreign investment as an additional FDI after the first foreign investment for improving performance. When they determine ownership between first foreign investment and sequential foreign investment, the study considers how the elements of parent characteristics, characteristics of a subsidiary, and characteristics of the location environment affect the better business performance.

개도국 해외투자 입지 결정 요인을 실증 분석한 뒤 이 모델에 근거해서 지난 20년간 여타 개발도상국들과 비교하여 중국으로의 거대한 해외직접투자 유입이 초과 유입이었는지를 분석하였다. 분석 결과 입지요인인 피투자국 시장규모, 경제 발전 정도, 경제성장율, 인적자본의 질, 경제의 개방도, 현지시장 매력요인의 대위변수인 현재 외국인 투자 유치액등은 해외투자 유치에 정의 영향을 미치는 요인으로 나타났다. 수정된 중력 모형에서 중요변수인 피투자국의 모든 투자국들로 부터의 상대적인 시장가중치를 감안한 원격성은 낮을수록 해외투자 유치가 활발한 것으로 나타나고 있어 거래비용이나 현지시장 친숙도가 중요한 해외투자 고려 요인임을 알 수 있었다. 중국이 상기의 입지요인과 중력모형에서 사용된 원격성 요인을 감안한 모델에 근거하여서도 다른 개발 도상국가 들에 비해 절대적인 해외직접투자 유치액이 제일 큼에도 불구하고 상대적인 초과 해외 유치 정도는 그렇게 크지 않다는 결론을 내릴 수 있었다.

Since the 1990s and especially after China's accession to the WTO in 2001, China has become one of the most favored destinations for FDI. There are increasing concerns that China's FDI success has been excessive, thereby crowding out FDI inflows into other developing countries. This study is designed to investigate and answer three key questions. What are the location determinants of FDI inflows into developing countries? How China's emergence as a destination for FDI is affecting the ability of other countries to attract FDI? Has China really received excessive FDI inflows from the world?To answer this question we proposed and tested empirically a modified gravitiy model that includes host country locational determinants, gravity link variable and home country control variable. This paper has offered answers to this question by testing the hypothesis based on the location advantages of the OLI framework explaining FDI. In introducing the problems that author address, I assert the usefulness of modified gravity model. The basic idea underlying the gravity model is that interaction between two area is a function of the concentration of relavant variables in the two areas, and of the distance between them. The biggest advantage of our modified gravity model is to use remoteness instead of the absolute distance as the distance factor. Remoteness takes account of a country's geographic position relative to the rest of the world. In this study, in presenting the specified determinants of the country distribution of FDI inflows from all source countries into developing host countries, we shall therefore classify the determinants as source country variables, host country variables and linkage variables. The empirical study of the distribution of FDI inflows into developing countries by focusing on the host country location factors has demonstrated that, given the ownership the ownership advantages and the internalization advantages of the source countries, the location advantages of host countries are very important in determining the distribution of the magnitude of FDI inflows among developing countries. The main findings are: countries with a larger market size, faster economic growth, higher per capita income, higher quality of human capital, higher level of foreign stock and more liberalized economic regime attracted relatively more FDI inflows. Finally based upon our empirical model, China's relative performance in attracting FDI inflows was at a level only moderately above its potential. In other words, China received it s fair share of FDI inflows from the world or at most marginally more than its potential for the past two decades. Relatively low crowding out effect of China FDI inflow on the other asian countries implies that host country should enhance environmental location advantages such as investment incentives and competitive market instead of looking for inward FDI enhancement factor outside host country.

본 연구에서는 세계경제가 불확실성과 경기불황으로 인해 무역규모가 감소하고 있는 가운데, 신시장 확장의 기회로서 브릭스(BRICS)국가들에 대한 해외직접투자 성과를 분석하고자 한다. 비록, 최근 원자재가격의 하락과 유가인하로 인하여 성장동력이 감소되었음에도 불구하고, 브라질, 러시아, 중국 그리고 인도는 우리나라의 교역대상으로서 비중이 클 뿐 아니라 우리기업들의 해외진출을 통한 현지시장 구축에 있어서 중요한 입지적 의미를 지니고 있다. 브릭스 국가증에서도 중국은 생산거점으로서의 의미뿐 아니라 시장으로서도 중요한 의미를 지니고 있기 때문에 한국의 중소기업의 해외직접투자의 입지선택에 있어서 최우선적으로 고려 대상이 되고 있는 국가이다. 중국을 제외한 인도, 러시아, 브라질의 경우에는 중소 유통업체들 이 물류망을 구축하고 현지 도소매업에 진출한 형태를 보이고 있는데, 과연 이러한 형태의 해외직접투자가 기업의 경영성과에 영향을 미치는지를 분석하고자 하였다. 분석의 방법은 현지에 진출한 기업들을 대상으로 설문과 간담회를 진행하고 수집된 자료를 토대로 요인분석과 다중회귀분석을 통해, 해외직접투자를 통한 입지요인이 경쟁우위요인으로 서 경영성과에 영향을 미쳤는지를 살펴보고, 해외직접투자가 경영성과에 영향을 미쳤다면, 기업의 내부요인, 외부요인, 제도요인 그리고 경영자의 전략적 요인 중 어떠한 요인들이 투자성과에 유의적인 관련성을 지니는지 살펴보고자 하였다. 결론으로서 입지요인이 경쟁력을 변화 시켜서 경영성과에 영향을 미쳤으며, 해외직접투자 후에는 경영자의 전략적 선택이 경영성과 차이를 가져온다는 것을 밝혔다.

This work has made to analyze the performace related factors as a result of FDI entry into BRICS region. In spite of the decreasing price trend of raw materials and natural resources, BRICS has its importance as a new market opportunity for Korean SMEs in time of global recession. BRICS have got attention from Korean investors, not only as trade partners but also destination of foreign direct investment as a re-location strategy for Korean SMEs to get a new momentun of business growth.Out of 4 countries, China has of greatest importance in respect of market base as well as production base. This is why most of FDI from Korean SMEs has centered apprently on China in terms of both volume and numbers of FDI. Other than China, India, Russia and Brazil has also potentialities for Korean SMEs to make a destination of FDI in the near future. In this repect, as first step, I tried to check the relation of FDI with business performance as a result of FDI as an entry mode of BRICS. If it works better for Korean SMEs to make FDI into BRICS, then I try to find out critical factors affecting on the business performance in BRICS. Factor analysis and multi-variate regression have done to analize the data gathering BRICS regions with the help of KOTRA KTC(Korea Trade Center). As result, I found that there is location advantage of FDI into BRICS region by an large, which can be mirrored by difference of business performance. Then, once location advantage is attained, which factors can vary the business performance of FDI in BRICS. Out of internal factor, external factor, regualtion factors and manager’s strategic factor, manager’s strategic decision making is strongly related to business performance in BRICS region.

본 연구에서는 환경과 경영 성과, 특히 성과요인과의 관계를 살펴보았다. 환경요인으로서는 사회 문화적 변수와 정치 법적 변수의 유의한 내용을 열거하였다. 특히 사회 문화적 변수가 정치 법적인 변수보다 경영전략에 더욱 영향력이 큰 것으로 나타났다. 또한 시장특성요인 중, 시장 잠재력, 국가간 동질성, 그리고 경쟁특성 등이 성과요인으로 유의한 영향력이 있다고 분석하였다. 기업특유요인 중에서는 생산, R&D 및 마케팅 능력이 중요한 변수로서 업무의 현지화와 같은 현지화 특성요인들과 같이 투자성과에 유의한 영향을 미치는 것으로 나타났다.

In this study the relationship between environment and management performance were compared and analyzed. As environmental factors socio-cultural variables and politico-legal variables were analyzed and significant variables were displayed. It was found that management strategies have been held back more by the elements in the socio-cultural environment than the politico-legal situation. On the basis of the performance factors analyzed in this study, the following findings were drawn: The market potential, homogeneity of nations and degree of competition among competitors are significant for positive performance. Of the ownership-specific advantages, productivity and R&D capability, and marketing abilities are as well as localization features significant for positive investment performance.

By reviewing the existing literature on FDI theories and FDI performance determinants, we find the necessity and possibility to develop a synthetic model to measure FDI performance. This model is not a simple combination of existing theories, but a reorganization of those theories arranged into a new theoretical framework. A logical connection between the MNC subsidiary’s ability to realize OLI advantages and the performance of FDI is found and important extensions to the OLI paradigm are made. The synthetic model is a split OLI paradigm by subcategorizing each of OLI into two elements, thereby the total of six elements. An empirical study of 13 FDI cases in China is conducted to test the model and the empirical evidences support the arguments of this new synthetic model.

Purpose - This research explores the effects of foreign direct investment (FDI) linkages on Vietnamese listed firms, focusing on return on assets (ROA) and return on equities (ROE). Design/methodology/approach - By using fixed-effect estimation, the study evaluates the impact on Vietnamese listed firms in service sector from 2008 to 2023. Findings - The findings reveal that FDI backward linkages exert a positive effect on ROA, while horizontal linkages show a positive effect on ROE. These results remain consistent for domestic firms. When ownership is considered, government firms benefit significantly from backward linkages, private firms gain from horizontal linkages. Further analysis on lagged effects proves that FDI spillovers gain significance over time. Research implications or Originality - These findings highlight that the benefits of FDI spillovers in the service sector are not uniform but evolve over time and depend on firm ownership structure, financial characteristics, and the nature of linkage channels.

This paper examines how a host government’s investment promotion agency (IPA) can influence inward foreign direct investment (IFDI) performance. Existing studies have found evidence in positive relationships between the characteristics of leaders, resources of IPAs, and IFDI performance. This paper aims to answer the questions of how and what types of factors in IPA can influence the performance of IFDI. Though resources and characteristics of leaders are important factors of IPA, this paper also argues the importance of “process” of IPA on IFDI performance. Thus, this paper suggests that any country or city, which hopes to promote IFDI, should try to focus on the processes of their IPAs. The empirical results, which analyzed one hundred and six cities in China, showed that not only the characteristics of leaders and levels of resources but also the processes of IPA strongly influenced IFDI performance. Results showed the moderating effects of “evaluation processes” on the relationship between the antecedents (e.g., resource and leader) and IFDI performance.

본 연구는 중국에 진출한 102개 한국기업을 대상으로 해외진출 시기와 진입방식이 자회사의 경영성과에 미치는 영향을 실증분석 하였다. 실증분석에는 본사의 연구개발집중도와 해외사업경험, 그리고 마케팅능력이 활용되었다. 다중회귀분석 결과, 진출시기는 수익성 및 판매증대와 명확한 정의 관계를 보였다. 즉 중국 시장진출이 빨랐던 기업이 늦은 기업에 비해 판매증가율이 현격히 높게 나타났다. 하지만, 진입방식과 관련해서는 단독투자방식에 의한 진출이 합작투자방식에 의한 진출의 경우보다 항상 높은 경영성과를 가져오는 것은 아니라는 결과를 보였다. 또 본사의 국제사업경험이나 마케팅능력과 같은 경쟁적 우위는 국제경영성과와 국제마케팅전략에 결정적인 영향을 미친 것으로 나타났지만, 연구개발집중도는 경영성과에 뚜렷한 영향을 미치지 않는 것으로 분석되었다.

The purpose of this research is to study the impact of timing and mode of entry on subsidiary performance, considering parent firm?related factors, such as R&D intensity, international experience and marketing ability. Total of 102 Korean firms invested in Chinese markets are selected as a sample group in analyzing the relationship with their subsidiary performance using a multiple regression model. The analyses explain that early entrants have significantly and positively higher profitability and sales growth than late entrants. However, wholly owned subsidiaries don’t always get higher subsidiary performance. The results also imply that parents’ specific advantages such as international experience and marketing ability profoundly influence their international marketing strategies and thus international performance, while R&D intensity has no obvious impacts on them.

This study is framed to interpret the connection between foreign direct investment determinants of Korean enterprises and the business performance of Korean businesses in local Russia, where the Korean businesses have been operating since the mid-1990s. Therefore, the main purpose is to determine the cause and effect concerning the investment determinants of competitiveness and business performance. The dependent variables for business performance include sales expansion, profit growth and management satisfaction. Simultaneously,the independent ones are divided and grounded on previous studies with the 3 following factors including ownership-specific advantages, efficient supports from parents and motive of efficiency seekers.The study results reveal that sales expansion, Korean enterprises practically have been implementing the ownership-specific advantages rather than the 2 factors of efficient supports from parents and motive of efficiency seekers. Relative to profit growth, these Korean enterprises have been utilizing parents' management support instead of the other factors of ownership-specific advantages and motive of efficiency seekers. Finally, in the case of management satisfaction, Korean enterprises are revealed to have practiced the all three variables of competitiveness like ownership-specific advantages, parents' management support in effectiveness and efficient seekers.

In this paper, the determinants of foreign production performance as affected by motives for foreign direct investment (FDI) of Korean firms in China were explored. The hypotheses derived from a theoretical framework were tested using a survey data of 103 companies in China. It was found that determinants of performance differ depending on the motive for FDI. First, in cases where FDI is motivated by market-seeking, the most significant determinant of performance in both initial and sequential FDI is market potential. On the other hand, when FDI is motivated by resource-seeking, the most significant determinant of performance for initial FDI is labor productivity. Moreover, if FDI is motivated by efficiency-seeking, the most significant determinants of performance for sequential FDI are market potential and labor productivity.

Purpose: This study delves into the dynamics of work-life balance and its effects on job motivation, engagement, and performance among married employees within Foreign Direct Investment (FDI) enterprises in Vietnam, aiming to uncover the mediating roles of job motivation and engagement. Design/methodology/approach: Employing Structural Equation Modeling (SEM) and Partial Least Squares Structural Equation Modeling (PLS-SEM), this research meticulously analyzes the causal relationships between work-life bal-ance, job motivation, job engagement, and job performance. Findings: The study establishes that an improved work-life balance significantly boosts job motivation and engage-ment among married employees, which subsequently leads to enhanced job performance. These results underscore the critical need for FDI enterprises to implement and uphold supportive work-life balance policies. Research limitations/implications: While offering valuable insights, this research is primarily focused on married employees in FDI enterprises in Vietnam, which may limit the generalizability of the findings to other contexts or demographics. Future studies could broaden the scope to include diverse employee groups and organizational settings. Originality/value: This investigation enriches the literature by offering a deeper understanding of the dynamics between work-life balance and employee performance, especially in the context of FDI enterprises in Vietnam, and presents practical guidance for enhancing organizational practices.

Objectives: The present study aimed to evaluate the survival rate and clinical performance of class 1 composite restorations restored with the Filtek Bulk Fill composite material using either the bulk fill technique or the incremental technique at baseline (1 week) and at 3, 6 and 12 months of follow-up. Materials and Methods: Forty-two patients with at least 2 carious teeth were selected. Following randomization, one tooth was restored with the Filtek Bulk Fill composite using the incremental fill technique, and the other tooth was restored with the same material using the bulk fill technique. Patients were recalled for follow-up at baseline (1 week) and 3, 6, and 12 months and evaluated using the FDI criteria. Results: The data were analyzed using the McNemar χ² test. No statistically significant differences were found between the scores of teeth restored with either technique. At baseline and at 3, 6, and 12 months of follow-up; there were no significant difference in the clinical status of both groups of restorations. Conclusions: Within the limitations of this study, using the bulk fill technique for restorations with the Filtek Bulk Fill material seems to be equally efficient to using the incremental fill technique.

Purpose - The purpose of this study is to investigate the types of FDI determinants that affect FDI performance in the case of Spanish companies in Korea and to examine whether the FDI performance and the subsidiary autonomy contribute positively to additional investment in the host country. Design/Methodology/Approach - The dependent variable is additional investment and the independent variables are FDI objectives and country distances such as institutional and cultural differences. For this empirical study, a survey was conducted of 41 Spanish companies in Korea. Regression analysis inclusive of mediating and moderating variables were adapted to verify the hypotheses. Findings - The multiple regression analyses confirmed that FDI determinants such as market-seeking, efficiency-seeking, institutional distance and cultural distance have significant relationships with FDI performance. In addition, FDI performance contributes positively to increasing additional FDI inflow. Finally, it was confirmed that there is a moderating effect of subsidiary autonomy on FDI performance and on additional FDI, and such effect was significant. Research Implications - Spanish outward FDI depends to a large extent on FDI objectives and not on institutional distance. Therefore, FDI promotion activities should be focused on assisting in achieving their objectives. In the case of invested companies in Korea, it is recommended that their autonomy be fostered even more to gain additional FDI in the future.