Earticle

본 연구는 영업헤지와 불확실성에 대한 이론을 바탕으로 글로벌 은행의 환노출 수준을 결정하는 요인을 고찰하였다. 실증 분석을 위한 표본은 2005년부터 2017년 기간 동안 브라질, 멕시코, 말레이시아, 인도네시아, 폴란드, 터키 등 총 6개국 출신 102개 글로벌은행을 대상으로 수집되었다. 해당 은행의 일반 재무 관련 자료는 Thomson Reuters Datastream 자료와 뷰로반다익 Bankscope 자료 및 Osiris 자료를 사용하였고, 환노출 값은 Jorion(1990)의 식을 사용하여 필자들이 계산하였다. 불확실성과 영업헤지 전략의 직접효과를 고찰하는 기본모델과 불확실성의 조절효과를 고찰하는 확장모델로 구분하여 고찰하였다. 분석 결과, 국제다각화는 환노출을 감소시키는 직접효과가 있는 것으로 나타났다(가설 1). 또한 기업이 보유한 기업특유속성 가운데 기업규모는 환노출 수준에 유의한 음(-)의 영향을 미치며(가설 2), 특히 글로벌 네트워크 역량은 환노출에 대해 통계적으로 유의한 양(+)의 영향을 미치는 것으로 나타났다(가설 3). 또한 영업헤지 전략은 진출국가 수와 진출대륙 수 모두 환노출을 증가시키는 직접효과를 지니며(가설 4), 이 두 전략을 동시에 사용할 경우 진출대륙 수는 환노출을 증가시키고 진출국가 수는 환노출을 감소시키는 것으로 나타났다(가설 4). 이로써 글로벌은행의 환노출 수준은 기업특유속성에 의해 통제되는 가운데 영업헤지 전략을 통해 양(+)과 음(-)의 효과를 동시에 발생시킴을 확인할 수 있다. 또한 환노출 수준을 결정하는 정도에 있어서 진출국가 전략보다 진출대륙 전략의 효과가 더 큰 것으로 나타났다(가설 5). 한편 불확실성은 글로벌은행의 환노출 수준에 대해 통계적으로 유의한 직접효과가 없으며(가설 6), 조절효과 역시 없는 것으로 나타나(가설 7), 환노출은 불확실성에 따른 통제영역에 속하지 않음을 알 수 있다.

This study aims to examine the determinants of global banks’ foreign exchange exposure(FEE) based on the theories of operational hedging and uncertainty. Samples for an empirical analysis have been collected to cover 102 global banks from 6 emerging markets such as Brazil, Mexico, Malaysia, Indonesia, Poland and Turkey for the year of 2005 to 2017. Their financial data came from Thomson Reuters Datastream and Bureau van Dijk Bankscope and OSIRIS, while the value of FEE has been estimated by Jorion’s(1990) two-factor model. The research covers the basic model to explore the direct effect of uncertainty and the operational hedging strategy and the extended mode to examine the moderating effect of uncertainty. As a result, the global diversification showed the direct effect to diminish the FEE(H 1). The firm size among the firm-specific advantages revealed the significant negative effect on the FEE(H 2) and the capability of global network showed significnat positive effect on the FEE(H 3). In addition, in terms of the operational hedging strategy tboth he number of entry countries and that of entry continents revealed the direct effect leading to the increase in the FEE(H 4). The simultaneous strategy of them resulted in the fact that the latter had the positive relation with the FEE, while the former had the negative relation with it(H 4). As such, the FEE controlled by the firm-specific attributes had simultaneously the positive and negative relations with the operational hedging(H 5). Meanwhile uncertainty had no significant direct relation with the FEE(H 6), while it showed no moderating effect(H 6) saying that the FEE is free from the control of uncertainty.

본 연구의 목적은 글로벌기업의 국제다각화 수준의 증가가 경영자의 재량적 회계선택에 미치는 영향을 분석하고 이들의 관계가 기업가치에 어떠한 영향을 미치는지를 분석한다.. 이를 위해 본 연구는 2012년부터 2015년까지 금융업을 제외한 유가증권 상장기업인 2,139 기업-연도를 표본으로 선정하여 분석을 실시하였다. 본 연구의 분석결과는 다음과 같이 요약된다. 첫째, 국제다각화 수준이 증가할수록 경영자의 재량적 회계선택의 대리변수인 재량적 발생액(discretionary accruals)이 증가하는 것을 발견하였다. 그리고 기업 내 정보비대칭과 경영자의 재량적 회계선택이 양(＋)의 관련성을 가진다는 선행연구((배종길과 김진태, 2012)를 바탕으로 국제다각화 수준과 정보비대칭의 상호작용이 경영자의 재량적 회계선택에 미치는 영향을 분석하였다. 분석결과, 국제다각화 수준 및 정보비대칭 정도가 높을수록 경영자의 재량적 회계선택의 대리변수인 재량적 발생액이 증가한다는 것을 발견하였다. 이러한 결과는 국제다각화 수준과 재량적 회계선택의 양(＋)의 관련성은 경영자와 이해관계자 사이의 정보비대칭에서 기인한 결과로 해석된다. 마지막으로 국제다각화로 인한 경영자의 재량적 회계선택의 증가가 기업가치를 감소시킨다는 실증적 증거를 발견하였다. 이는 국제다각화로 인한 경영자의 재량적 회계선택이 주주 부가 아닌 경영자 자신의 사적 부(보상극대화 등)를 위한 기회주의적 목적으로 활용되었고 그 결과 기업가치의 감소를 가져온 것이라 분석된다. 본 연구를 통해 해외매출 현황에 대한 공시규정을 조속히 개선해야 한다는 점과, 글로벌 기업에 대한 회계정보이용자들의 의사결정 과정에서 신중을 기해야 한다는 점에서 정책입안자 및 정보이해관계자들에게 중요한 시사점을 제공해 줄 수 있을 것이다.

This study analyzes the effects of global diversification level on discretion accruals and firm value. In order to verify the hypothesis of this study, the sample of securities companies was selected from 2012 to 2015, and the final sample is 2,139 firm-year. The results of this paper are as follows : First, discretionary accruals increased as the diversification level increased. We conducted an additional analysis as to whether the increase in information asymmetry due to international diversification affects discretionary accruals. As a result, the increase of information asymmetry due to international diversification increased discretionary accruals. This analysis is consistent with EI Mehdi and Seboui(2001)'s study. Second, we analyze the impact of international diversification on corporate value. In previous studies, there was no consistent conclusion about the relationship between international diversification and firm value(Christophe and Pfeiffer, 2002; Denis and Vost, 2002; Bodnar and Wenintrop, 1997; Bodnar et al., 2003). Therefore, this study hypothesizes that the increase in discretionary accruals, which have been driven by international diversification, will have an impact on firm value. Aa a result of the analysis, we found that the increase in discretionary accruals due to diversification declines the firm value. This means that the increase in discretionary accruals due to diversification is utilized as and opportunistic means by taking individual gain of managers.

글로벌 공급 사슬 관리는 최근 기업의 생존과 지속가능 경쟁우위를 획득하는데 중요한 요소로 자리매김하였다. COVID-19 팬데믹으로 인하여 글로벌 공급 사슬 관리의 취약점이 부각되었고, 지리적 긴장과 국가의 산업정책 등의 변화도 기업의 글로벌 공급사슬 관리 전략에 대한 변화를 요구하였다. 이 연구는 COVID-19 이후 4개의 다국적 기업의 사례를 통해, 글로벌 공급 사슬 관리의 변화 양상을 리쇼어링, 니어쇼어링, 프렌드쇼어링, 그리고 다각화 같은 전략이 지속 가능한 성장과 글로벌 경쟁력에 어떻게 기여하는지 탐구한다. 문헌 검토와 사례 연구를 통해 오프쇼어링으로부터 공급망의 근접화 및 다각화로의 전환을 분석한다. 그 결과 기업의 글로벌 공급 관리 전략의 변화는 비용 우위뿐만 아니라 시장접근성, 리스크관리, 정부의 정책과의 일치성 등 보다 다양한 동기가 작용하는 것을 알 수 있다. 따라서 본 연구는 점점 더 복잡해지고 예측 불가능한 글로벌 시장 환경에서 기업의 전략적 변화가 기업의 생존과 성장에 미치는 영향을 분석함으로써, 기업인 및 정책입안자 등 관련인들에게 인사이트를 제공할 수 있다.

Purpose : This study aims to investigate changes in the global supply chain in the wake of the COVID-19 pandemic and explore how changed strategies can contribute to sustainable growth and strengthening global competitiveness of the firm. Research design, data, methodology : We explain the evolution of global supply chain management in terms of academic perspectives and investigate the effects of COVID-19 pandemic, geographical tensions, and national policies on the global supply chain. Next, we introduce the concepts of reshoring, nearshoring, friend-shoring, and supply chain diversification, and learn about the impact of these strategies on firm performance in previous studies. Finally, we examine what factors currently affect global supply chain strategies through in-depth case studies using four multinational enterprises. Results : Companies are restructuring their global supply chain to have sustainable competitive advantage by considering various factors such as reduced dependence on a single supplier, geopolitical risk management, market accessibility, and alignment with national policy directions, in addition to cost advantages that were previously focused on in global supply management strategies. Conclusions : The existing global supply chain strategy, represented by offshoring, has revealed its vulnerabilities through external environment changes. Therefore, in the global value chain allocation, companies are now considering survival and competitiveness by addressing various factors in addition to cost reduction. Accordingly, managers should strive to expand more flexible and resilience supply chain strategies, and policymakers should take into account policies aligning the nation's strategic sectors with the company's global supply chain strategy, benefiting both the companies and the country. Purpose : This study aims to investigate changes in the global supply chain in the wake of the COVID-19 pandemic and explore how changed strategies can contribute to sustainable growth and strengthening global competitiveness of the firm. Research design, data, methodology : We explain the evolution of global supply chain management in terms of academic perspectives and investigate the effects of COVID-19 pandemic, geographical tensions, and national policies on the global supply chain. Next, we introduce the concepts of reshoring, nearshoring, friend-shoring, and supply chain diversification, and learn about the impact of these strategies on firm performance in previous studies. Finally, we examine what factors currently affect global supply chain strategies through in-depth case studies using four multinational enterprises. Results : Companies are restructuring their global supply chain to have sustainable competitive advantage by considering various factors such as reduced dependence on a single supplier, geopolitical risk management, market accessibility, and alignment with national policy directions, in addition to cost advantages that were previously focused on in global supply management strategies. Conclusions : The existing global supply chain strategy, represented by offshoring, has revealed its vulnerabilities through external environment changes. Therefore, in the global value chain allocation, companies are now considering survival and competitiveness by addressing various factors in addition to cost reduction. Accordingly, managers should strive to expand more flexible and resilience supply chain strategies, and policymakers should take into account policies aligning the nation's strategic sectors with the company's global supply chain strategy, benefiting both the companies and the country.

본 연구는 한국 다국적기업(MNEs)를 대상으로 글로벌 금융위기 기간 동안 지리적다각화가 기업의 성과에 미치는 영향을 조사하였다. 지리 적 다각화에 대한 대리 변수(proxy)로 진출국가 수 외에 선진 4개 지역과 개발도상 4개 지역으로 구분하여 각각 지역에 진출한 국가 수를 사용하 였다. 조사결과, 위기기간 동안 글로벌 관점에서 지리적 다각화는 기업성과에 유의한 영향을 미치지 않는 것으로 나타났고 R&D 변수는 기업성 과에 유의한 음(-)의 효과를 보여주고 있다. 그러나 선진/개발도상 지역으로 구분하였을 때 지리적다각화는 R&D 강도와 상호작용하여 기업성 과에 대하여 유의한 관계를 보이고 있다. 선진지역 진출 국가 수와 R&D 상호작용 변수의 경우 유의한 음(-)의 관계를 보이는 반면, 개발도상지역 진출국가 수와 R&D 상호작용 변수는 유의한 양(+)의 관계를 나타내었다. 이는 위기기간 동안 R&D 강도는 기업의 성과에 부(-)의 관계를 보이는 경향이 있으나 지역과 상호작용 효과를 고려한 경우 선진지역의 많은 국가에 진출하고 R&D 비중이 높은 경우 기업성과에 부정적인 것으로 나 타나고 있다. 반면, 개발도상지역의 많은 국가에 진출하면서 R&D 비중이 높은 경우 기업성과에 긍정적인 영향을 보여주고 있다. 이러한 결과는 국제다각화와 기업성과의 관계에 대한 이전 연구에 이어 위기상황 하에 기업의 지리적 다각화전략과 R&D 투자에 대한 유용한 시사점을 제시하여 주고 있다.

This study examines the effect of geographic diversification(GD) on the firm’s performance(FP, ROS) from the perspective of Korean MNEs when the global financial crisis takes place. As proxy for the degree of geographic diversification, the number of foreign countries the firm enters and the region variables are used. That is, following Pantzalis(2001) and classifying into the two regions such as the advanced region and the developing region, the number of foreign countries of each region(advanced or developing) the firmenters. In addition, ROS of previous year, R&D intensity, export ratio, firm age, leverage, firm size are considered. Considering the impact of foreign exchange rate movement on Korean firm’s performance, the models of this study include the control variables of foreign exchange risk management like the use of financial derivatives and net exposure ratio. The results show that geographic diversification , in terms of global multinationality, is not significantly related to firm’s performance in all models. On the other hand, R&D intensity is shown to be significantly negative to firm performance in all the models except for one. After considering the interaction effect of GD and R&D intensity, however, the interaction term between the number of countries in developing regions and R&D intensity is shown to be significantly positive to firm performance. On the other hand, the interaction term between the number of countries in the advanced region and R&D intensity is significantly negative to firm performance. It means it is more advantageous to firm performance for firms with higher level of R&D intensity to diversify more in developing regions during the crisis period by way of making use of their intangible asset. In case of diversifying in the advanced regions, it is likely to be negative to firm performance during the crisis period in that R&D in the advanced region tends to be related to searching for intangible asset. The results provide the implications on geographic diversification and R&Dinvestment under the crisis situation. Therefore, if a firm consider the unexpected economic downturn in its geographic diversification related decision making, the characteristics of the region the firmis entering, itsmotivation of entry, interaction effects of GDand other investment activities like R&Dshould beweighed on.

본 연구는 Born Global 기업의 수출성과에 영향을 주는 선행요인을 확인하고자 자원준거관점, 동적역량 관점, 공급사슬 파트너십 관점 및 사 업 다각화 측면에서 기존 문헌들을 고찰하여 잠재변인을 선정하고 연구모형을 구축하였다. 4개의 잠재변인은 기업 내부요인, 공급사슬 민첩성, 사업 다각화, 그리고 수출성과이며, 각 변인 간 인과관계와 사업 다각화의 매개효과를 포함하여 총 7개의 가설을 수립하였다. 분석대상은 총 159 개 Born Global 기업으로 PLS(Partial Least Squares) 구조방정식 모형을 이용하여 실증분석을 실시하였다. 분석결과 기업 내부요인과 공급사슬 민첩성은 각각 사업 다각화와 수출성과에 긍정적인 영향을 주었다. 하지만, 사업 다각화는 수출성과에 유의한 영향을 미치지 못했으며, 기업 내 부요인 및 공급사슬 민첩성과 수출성과 사이에서 사업 다각화의 매개효과 역시 유의한 결과가 나오지 않았다. 이러한 연구결과를 바탕으로 기존 연구들과의 이론적 차이점을 제시하였고, BornGlobal 기업 뿐 아니라 수출을 지향하는 중소기업이나 벤처기업에 실무적 시사점을 제안하였다.

This study selected potential variables and built a research model by examining existing literature from Resource-based View, Dynamic capabilities View, Supply Chain Partnership View, and Business Diversification View in order to identify antecedent factors that affect the export performance of Born Global firms. The four potential variables are firm internal factors, supply chain agility, business diversification, and export performance, and a total of seven hypotheses were established including the causal relationship between each variable and the mediating effect of business diversification. A total of 159 Born Global firms were analyzed and empirical analysis was conducted using the PLS(Partial Least Squares) structural equation model. As a result of the analysis, firm internal factors and supply chain agility had a positive effect on business diversification and export performance, respectively. However, business diversification did not have a significant effect on export performance, and the mediating effect of business diversification between firm internal factors and supply chain agility and export performance did not show any significant results either. Based on these research results, theoretical differences from previous studies were presented, and practical implications were proposed not only for Born Global firms, but also for export-oriented SMEs and venture companies.

This paper examines the impact of geographic diversification on firm value over twenty-three years from 1984 to 2006. The results indicate that (1) firms have been and continue to globally diversify by every measure tested, (2) agency theory does not appear to account for this diversification trend, (3) the impact on firm value for global diversification changes over time from value destructive to value enhancing, and (4) that the impact of global diversification varies widely by industry segment. This paper shows the varying effects of global diversification on firm value using a sample of firms starting in 1984 and examines those 1984 firms over the twenty-three year period tested

This paper examines the operational hedging strategies of high technology firms and how they are related to financial hedging. We use a sample of 216 firms, consisting of 108 operationally-hedged high technology firms and a size and industry matched sample of 108 non-operationally-hedged firms. We find that derivatives users are larger and are more R&D intensive than non-derivative users. Our regression analysis results show that operational hedging and financial hedging are complementary. However, firms that use financial hedging are able to significantly lower their exchange rate exposure. Finally, our results show that financial hedging adds value for our sample of high technology firms, while operational hedging does not.

Over the years, the potential benefit of international diversification have been well-documented in the fiinance literature. However with the recently accelerated trend towards global integration. offinancial markets, the positive effects ofsuch international divers!fication efforts may have diminished. To address this issue, this study proFicles updated evidence on rhe benefits of international diversification and the consistency of correlations be- t\\leen the U.S. and other countries. While there is e1?idence of movements towards greater integration of some financial markets, a sufficient degree ofdiversity is still inherent inforeign stock markets, creating opportunitiesfor significant benefits.from international portfolio diversification.

In this brief report, alternative time-varying diversification rate models were fitted onto the phylogeny of global amphibians by considering one-constant-rate (OCR), one-continuous-shift (OCS) and multiple-discrete- shifts (MDS) situations. The OCS diversification model was rejected by ${\gamma}$ statistic (${\gamma}=-5.556$, p<0.001), implying the existence of shifting diversification rates for global amphibian phylogeny. Through model selection, MDS diversification model outperformed OCS and OCR models using "laser" package under R environment. Moreover, MDS models, implemented using another R package "MEDUSA", indicated that there were sixteen shifts over the internal nodes for amphibian phylogeny. Conclusively, both OCS and MDS models are recommended to compare so as to better quantify rate-shifting trends of species diversification. MDS diversification models should be preferential for large phylogenies using "MEDUSA" package in which any arbitrary numbers of shifts are allowed to model.

Jn this paper, we study the impact ofthe September 11, 2001 terrorist attacks in the U.S. and the ensuing war against terrorism during the post-September-]] period on the co-movements of the U.S., Japanese, Australian, UK., and German stock markets. Our rolling correlation analysis results indicate that correlation between the U.S. stock market and the worlds other major stock markets increased substantially, and therefore, the benefit of global portfolio diversification to U.S. investors with these markets decreased considerably after September 11, 2001. Our Granger causality test results indicate that there is a closer linkage between the U.S. stock market and the worlds other major stock markets in the post-September-]] period than in the pre-September-]] period.

The objective ofthis paper is to reexamine the widespread recommendation that a por(folio ofrelativelyfew global stocks provides efficient diversification. This prescription which is quoted in textbooks and popular press is generatedfrom the pioneering research ofSolnik on the diversification effects ofglobal investing. This articlefirst reexamines the logical basis.for this widespread prescription, and then, by analyzing stock returns in Japan, UK and USA, this article reaches the conclusion that the minimum number of stocks in an efficiently diversified global portfolio should be dramatically Larger than is commonly prescribed - possibly as high as JOO stocks, depending upon how close to average risk the individual investor desires to be.

This study explores the relationship between international diversification and corporate risk-taking, and the moderating role of independent directors’ duties. Using a sample of Chinese manufacturing firms from 2008 to 2021, we employ ordinary least squares regression models to analyze how foreign sales to total sales ratio (FSTS) impacts risk, measured by the standard deviation of daily and weekly stock returns. To address endogeneity concerns, we utilize the manufacturing industry-specific average internationalization (MFSTS) as an instrumental variable. The findings indicate that international diversification significantly increases corporate risk-taking, confirming that expanding into foreign markets heightens operational complexities and uncertainties. Furthermore, the presence and diligence of independent directors mitigate these risks, as evidenced by negative interaction terms between FSTS and measures of independent directors’ duties. These results underscore the critical role of independent directors in corporate governance, particularly in firms with high international exposure. This study contributes to the literature by providing empirical evidence from the Chinese market, emphasizing the importance of robust governance mechanisms in managing global business operations. The findings have significant implications for policymakers and practitioners, highlighting the need for effective oversight to mitigate the risks associated with international diversification.

This paper examines the effect of global value chain (GVC) participation on export diversification using a dataset covering 134 countries from 2002 to 2018. Applying the two-step System GMM estimator, we find that GVC participation contributes to the diversification of both export products and export partners. Our empirical results further reveal that this positive effect powerfully works through backward GVC participation, while the impact of forward GVC participation on export product diversification varies among countries with different levels of trade liberalization and policy stability.

본 논문에서는 기업의 세계화를 설명하는 기존 모델과 지수들의 단점을 수정, 보완하는 Dynamic Diversification-Coordination(DDC) 모델을 소개하고 이를 최근 미국 앨라배마에 자동차 생산 공장을 준공한 현대자동차의 사례에 적용하여 현대자동차를 포함한 자동차 생산 기업들의 세계화 수준을 분석하고 금번 투자의 전략적 동기와 그 타당성을 분석하였다. 분석 결과 현대 자동차는 생산 부문에서 마케팅 부분보다 낮은 세계화 지수를 보였으며 특히 생산 코디네이션(Coordination)의 수준이 상대적으로 낮았다. 또한, DDC 모델 분석 결과에 GCP 이론을 적용한 결과, 현대자동차가 미국에 투자한 동기는 현대자동차가 보유한 국가 포트폴리오(Country Portfolio)를 효율적으로 활용하여 생산 코디네이션(Coordination)을 증진시키기 위함이라는 사실이 입증되었다.

This article introduces the Dynamic Diversification-Coordination (DDC) model as a new model for the explanation of the global expansion of a firm, correcting the flaws of and complementing the previous indices and models. The DDC model is employed to measure the status and the degree of global expansion of firms in the motor industry and analyze the strategic motivation and the adequacy of Hyundai Motor's investment in Alabama, U.S. The results show that Hyundai Motor has lower transnationality in the production function than the marketing function, and in the production function, the level of Production Coordination is relatively low compared with Production Diversification. The application of the GCP theory to the results of the DDC model analysis clearly proves that the strategic motivation of Hyundai Motor's investment in the United States is to enhance Production Coordination by efficient utilization of county portfolio.

This paper analyzes how product and geographic diversification affected the export performance of firms during the 2008-2009 trade collapse and the trade slowdown since 2012. Detailed transaction-level customs data from Taiwan over the period 2005-2014 indicate that product diversification during the pre-crisis stage significantly helped to mitigate the effect of the trade collapse on exports. Strong evidence also points to the important role of geographic diversification in mitigating the effect of the trade slowdown on exports. Based on these results, this study recommends the diversification of the export structure in terms of products and market destinations to attenuate the impact of global trade shocks. However, the effectiveness of a particular type of diversification remains dependent on the nature of the shock.

Purpose: This study investigates the relationship between various risk factors specifically, underwriting risk, reinsurance, diversification risk, and external risk and the financial soundness of insurance companies in selected countries. Design/methodology/approach: Using a comprehensive dataset of 400 insurance companies with 4,400 observations from 2012 to 2022, this research employs a linear regression model with Feasible Generalized Least Squares (FGLS) to address autocorrelation and heteroscedasticity in the data, ensuring robust results. Findings: The findings reveal that underwriting risk and diversification are positively correlated with financial soundness, while reinsurance shows a negative correlation. Additionally, external risk does not have a significant impact on financial soundness. Research limitations/implications: The study's findings are based on data from 71 countries, which may limit the generalizability to regions not covered in the sample. Future research could explore the role of governance and regulatory environments in moderating these risk factors. Originality/value: This paper provides new insights into the determinants of financial soundness in the global insurance industry, emphasizing the importance of risk management strategies that balance underwriting and reinsurance activities while promoting diversification.

기업의 지리적 다각화 특성과 효과를 1990년부터 2015년까지의 39개 국 기업을 대상으로 분석하였다. 기업의 매출성장을 고려하면서 지리적 다각화가 기업가치에 미치는 효과를 산업 다각화와 비교분석하였다. 분석 기간에 지속적으로 감소하고 있는 산업 다각화와는 달리 지리적 다각화는 지속적으로증가하고 있었다. 지리적 다각화에서도 산업 다각화에서처럼 다각화 할인을 확인할 수 있었다. 그러나산업조정성장률이 높은 분위에 속한 기업의 지리적 다각화는 기업가치에 긍정적인 영향을 주는 것을확인할 수 있었으며, 매출이 감소하는 상황에서 지리적 다각화를 감소시키는 지리적 재집중화를 하고있는 기업의 경우 지리적 다각화는 기업가치를 증가시키는 다각화 할증이 있는 것으로 나타났다. 이러한산업조정매출성장과 다각화 효과의 관계는 산업 다각화 효과 분석에서 나타난 특성과 유사하다. 이연구는 지리적 다각화의 경우에도 평균적으로는 다각화 할인이 존재하지만 기업의 상황에 따라서는다각화 할증이 존재할 수 있음을 보여주어 지리적 다각화 결정에 기업의 상황을 고려할 필요가 있음을지지하고 있다.

We examine the characteristics and valuation effects of global diversification for thirty-nine countries using firm level data for the period of 1990~2015. In particular, we test how the global diversification effects are related to firms’ industry-adjusted sales growth. Our data show that while product diversification steadily declines, global diversification increases continuously during the sample period. We find that there is on average a diversification discount in global diversification whose evidence is similar to that for product diversification. However, we also find a diversification premium in global diversification in two circumstances: when the global diversification is conducted by firms with high industry-adjusted sales growth; and when firms refocus by reducing global diversification in the face of declining sales. The results of our paper suggest that firm characteristics such as sales growth need to be considered before making a diversification decision in order to get a positive effect from global diversification.

This paper examines two research questions. First question relates to the association between global diversification and the firm value and the second question relates to the foreign investors’ monitoring effect on the association between global diversification and the firm value. To date, the empirical evidence on the valuation effects of global diversification has produced mixed findings. This paper investigates whether global diversification can actually decrease firm value, using wide spread proxy, tobin’s Q. In addition, this paper conjectures that if global diversification actually reduce firm value by managerial opportunism of global diversification, I further examine whether this relation varies with the external monitoring mechanisms such as foreign investors. The empirical result is as follows. Using from 2001 to 2010 Korean firms’ annual observations, global diversification is, on average, negatively (-) associated with the firm value. As expected from above prediction, investors take value discount on global diversification because of managerial opportunism. Another key findings of this study is the significantly different valuation effects of global diversification by Korean firms with foreign investors. This paper has several contributions to the prior literature. First, this is the first study to examine, global diversification, foreign investors and firm value in Korea. Prior literatures just focus on global diversification and firm value in 1990s or focusing on developed countries such as U.S. (Denis et al., 2002; Gande et al., 2009) or corporate diversification and firm value in Korea. This paper intend to fill this gap by examining global diversification, foreign investors affect the market value of Korean firms using recent data from 2001 to 2010 to examine recent trend toward global diversification with moderating role in foreign investors.

냉전종식 이후, 역사의 종언이라는 유토피아적 기대와는 달리 세계는 지금 안보, 경제, 기후와 환경 등 전 영역에 걸친 큰 위기에 봉착해 있다. 본고는 지난 4세기 동안 세계질서의 근간으로 지속되어온 ‘국가-주권 시스템(State-Sovereignty System)’이 지구공동체의 공존과 번영에 커다란 도전이되고 있다고 진단한다. 이기적 혹은 경쟁적 국가이익의 규범화를 조장하는 ‘국가-주권 시스템’이 전 지구적 공동체의 공동이익과 번영을 지속적으로 달성하는데 있어 장애물이 되고 있기 때문이다. 1980년대 이후 계속된 글로벌리제이션은 국가의 개별이익과 지구공동체의 집단적 이익 사이의 간극을 증폭시켜왔으며, ‘국가-주권 시스템’에 기반한 자기조절 장치, 즉 다양한 형태의 국가 간 양자 및 다자 협력은 문제해결 방법으로서 그 한계를 한층 분명하게 노정하였다. 따라서 본고는 경험적 분석을 바탕으로 안보, 경제, 기후, 환경 등 지구공동체의 생존과 번영을 위협하는 문제에 대한 해결책을 찾고자 하였다. 그 해답은 ‘국가-주권시스템’에 내재하고 있는 모순에 대한 근본적인 성찰과 개혁이다. 더불어 전 지구적 문제를 증폭시키는 원인이자 해결책으로서 중국의 역할을 상기시키고자 한다.

Contrary to what we expected from the end of the Cold War, world politics is far from peace and stability. Rather, it is filled with traditional and nontraditional security challenges, economic crises and downturns, and catastrophic climate and environmental problems. This article attributes the predicaments of world politics to the rigidity of state-sovereignty system, which preserves and facilitates the norm of narrowly defined national interests. Globalization has further exasperated the existing fissures of state-sovereignty system by widening the gap between global needs and national prerogatives. More to the point, the clash between national interests and global needs contributes to the perennial undersupply of global public goods that help stabilize global security and economic relations. On the basis of the detailed data analysis of current status of global security and economic affairs, this article argues that peace and prosperity of world politics should be better guaranteed when we critically recast the nature of state-sovereignty system in a way to ameliorate the embedded contradiction and fragmentation. With the rise of China in mind, this article also notes how China could be a force to reshape world politics.

글로벌 해운산업은 경기순환성과 높은 시장 변동성, 전염병·무역분쟁·지정학적 리스크 등 외부 요인으로 인해 불확실성이 심화되고 있다. 이에 글로벌 해운기업들은 단일 해상운송업 중심의 구조에서 벗어나 다양한 사업부문으로 포트폴리오를 확장하며 지속가능한 성장을 모색하고 있다. 본 연구는 글로벌 해운기업의 사업다각화 전략이 기업경영성과에 미치는 영향을 실증적으로 규명하고자 하였다. 연구 표본은 2025년 기준 글로벌 해운기업 상위 30개사 중 재무데이터 확보가 가능한 13개사이며, 분석기간은 2016~2023년으로 설정하였다. 사업다각화 수준은 엔트로피 지수를 활용해 총다각화(TE), 관련다각화(RE), 비관련다각화(UE)로 구분하였으며, 패널회귀분석을 통해 이들과 자본수익성(ROE) 간의 관계를 분석하였다. 분석 결과, 단순한 사업 확장은 성과로 이어지지 않았으며, 관련다각화는 부정적 영향을 미쳤다. 반면 비관련다각화는 수익성 제고와 연계되었고, S자형 비선형 관계가 확인되어 투자 수준의 관리 필요성이 제기되었다. 본 연구는 글로벌 해운기업의 다각화 효과를 실증적으로 규명함으로써, 다각화 수준별 전략적 접근 필요성을 강조하고 국내 해운기업 및 정책적 지원 방향에 시사점을 제공한다.

The global shipping industry is increasingly facing uncertainty due to cyclical market characteristics, high volatility, and external factors such as pandemics, trade disputes, and geopolitical risks. To address these challenges, major shipping companies have transitioned from a single, shipping-centered structure to diversified portfolios in pursuit of sustainable growth. This study empirically investigates the relationship between business diversification and corporate performance within the global shipping industry. The sample comprises 13 of the world's top 30 shipping companies in 2025 that have available financial data, covering the period from 2016 to 2023. Diversification is measured using the entropy index and categorized into total diversification (TE), related diversification (RE), and unrelated diversification (UE). Panel regression analysis is utilized to evaluate their effects on return on equity (ROE). The results indicate that simple business expansion does not enhance performance, while related diversification negatively impacts profitability. In contrast, unrelated diversification improves profitability, exhibiting an S-shaped nonlinear relationship that emphasizes the importance of managing investment thresholds. These findings illuminate the structural dynamics of diversification in shipping and of er strategic insights for both global and domestic shipping firms.