해외 자회사의 현지화 수준 결정 요인에 관한 연구 - 일본 전자업체의 해외 자회사를 중심으로 - (A Study on the Determinants of Localization of Japanese Multinational)

서지정보

· 발행기관 : 한국경영학회
· 수록지 정보 : 경영학연구 / 35권 / 2호 / 389 ~ 411페이지
· 저자명 : 송재용, 윤채린

초록

본 연구는 다국적 기업의 해외 자회사들이 해외직접투자를 통해 달성하는 현지화 수준의 결정 요인에 관한 기업 역량과진입모드의 효과를 검증하는데 그 목적이 있다. 본 연구의 가설 검증을 위해 1994년 시점에 아시아, 북미, 유럽 지역에진출한 일본 전자업체의 해외 생산법인들을 대상으로 이들이 현지로부터 조달하는 원자재와 부품의 비율을 종속변수로 하는 토빗 회귀분석(Tobit regression)을 실시하였다. 통계분석 결과 자회사가 현지에서 구축한 경험적 역량은 현지화 달성에 긍정적인 영향을 미쳤으나 모기업에 축적된 기술적 역량과 국제화 역량은 이들 자회사들의 독자적인 현지적응을 저해하거나 별다른 영향을 미치지 못하는 것으로 나타났다. 또한 투자 시점에 진입모드로 인수합병의 방식을 선택하는 경우신규설립이나 합작투자 방식에 비해 자회사들이 달성하는 현지화 수준이 높은 것으로 밝혀졌다.

영어초록

One of the key strategic decisions that a multinational corporations face in order to balance conflicting priorities between global integration and local responsiveness is to determine the level of localization in a specific host location. In spite of both academic and practical importance of localization in formulating international strategy of MNCs, the paucity of data prevented scholars from conducting a systematic empirical study of factors influencing the level of subsidiaries’ localization.
This study aims at advancing our understanding about the determinants of localization by investigating factors that influence localization decisions of Japanese electronics MNCs. In this paper, drawing primarily on the capability based view, we argue that firm capabilities embedded in both the overseas subsidiary and the headquarter influence the level of subsidiary’s localization. Focusing on firm capabilities and entry mode, we offer an integrative framework for the determinants of localization and test it empirically.
The sample for this study consists of 241 overseas manufacturing subsidiaries of the 87 member companies of the Electronics Industries Association of Japan (EIAJ). The empirical results from the Tobit regression analysis generally support our main arguments. To sum up major findings from the research, the overseas subsidiaries’ local experience has a positive effect on the level of localization. On the other hand, global capabilities of MNCs turned out to have a negative impact on the level of localization. This results confirm that the overseas subsidiaries accumulate their own operational experiences in a host country and these local capabilities function as an important source of localization. This study’s findings suggest that if MNC’s global capabilities are distinctly high, it could make headquarters’ inertial pressure on their subsidiaries and thus weaken the subsidiaries’ autonomy in key strategic decisions.
Besides the firm capabilities, we investigate the effects of entry mode on the level of overseas subsidiaries’ localization. With regard to entry mode, M&A turned out to be positively related to the level of localization than other entry modes such as joint ventures and greenfield investments. These findings imply that the firms’ initial foreign entry strategies can affect the level of localization they achieve afterwards. The empirical findings of this study may contribute significantly to our understanding about the overseas subsidiaries’ localization strategy.

참고자료

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