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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 47, No. 6, pp.1285-1317
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2018
Received 12 Feb 2018 Revised 17 Jul 2018 Accepted 18 Jul 2018
DOI: https://doi.org/10.17287/kmr.2018.47.6.1285

SME Internationalization and Performance: The Role of Ownership Structure

Jaeyoung Cho* ; Jangwoo Lee**
*Cho(First Author) Kyungpook National University kylu2080@knu.ac.kr
**(Corresponding Author) Kyungpook National University antonio@knu.ac.kr
중소기업 국제화와 성과: 소유구조의 역할
조재영* ; 이장우**
*경북대학교 경영학부, 주저자
**경북대학교 경영학부, 교신저자

Abstract

This study aims to explore the effects of the degree of internationalization (DOI) on the performance of small- and medium- sized enterprises (SMEs), and the moderating effects of ownership structure. Using data from 232 listed Korean SMEs in manufacturing sectors during the 2003–2013 period, we reveal that there is a U-shaped curvilinear relationship between DOI and performance. In addition, that link varies by ownership type. Family ownership, foreign ownership, and domestic institutional ownership moderate the U-shaped relationship between DOI and performance such that the negative side of the U-shape becomes weaker and the positive side becomes stronger. However, both foreign ownership and domestic institutional ownership negatively influence the joint effects of DOI and family ownership on performance such that the negative side of the U-shape becomes stronger and the positive side becomes weaker for SMEs with higher family ownership. The implications of these findings for research and managerial practice are discussed.

초록

본 연구는 국제화 수준이 중소기업의 재무적 성과에 미치는 영향과 이들 간의 관계에 있어서 가족 소유 지분율, 외국인 투자가 소유 지분율과 기관투자가 소유 지분율의 역할을 탐구하였다. 소유 지분율의 균형이 국제화 수준과 장기적인 성과에 있어 중요하다는 이론적인 논의에도 불구하고, 기존 연구들은 국제화 수준과 성과 간에 관계에 있어서 소유구조의 역할을 간과하였다. 이에 본 연구는 2003년부터 2013년까지 한국증권거래소에 상장되었던 232개의 국제화를 하는 제조업 중소기업을 대상기업으로, (1) 국제화 수준에 따라 중소기업의 재무적 성과에 어떠한 영향을 미치는지, (2) 소유구조에 따라 국제화 수준과 중소기업의 재무적 성과가 어떻게 달라지는지를 규명하기 위해 연구모형을 개발하고 검증하였다. 연구결과, 국제화 수준은 중소기업의 재무적 성과와 U자 형태의 곡선관계를 가지는 것으로 나타났으며, 가족 소유 지분율, 외국인 투자가 소유 지분율과 기관투자가 소유 지분율은 각각 U자 형태의 국제화 수준과 재무적 성과간의 곡선관계를 긍정적으로 조절하는 것으로 나타났다. 그러나 가족 소유 지분율이 높은 중소기업에서 외국인 투자가 지분율과 기관 투자가 소유 지분율이 증가하면 오히려 국제화와 재무적 성과간의 관계에 있어서 부정적인 영향을 끼치는 것으로 나타났다. 연구의 결과를 바탕으로 학문적, 실무적 기여와 한계 및 향후 연구 과제를 제시하였다.

Keywords:

Degree of Internationalization, Ownership Structure, Performance of Korean SMEs, A Three-Way Interaction Approach

키워드:

국제화 수준, 소유구조, 한국 중소기업 성과, 삼원 작용 효과

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• 저자 조재영은 현재 경북대학교 경영학부 전략 및 조직관리 전공 박사과정으로 재학 중이다. 경영전략 분야를 주로 연구하며, 구체적인 연구 대상은 가족기업, 중소기업, IT관련 산업 등이다.

• 저자 이장우는 현재 경북대학교 경영학부 전략 및 조직관리 전공 정교수로 재직 중이다. 서울대학교 경영학과를 졸업하였으며, 한국과학기술원(KAIST)에서 산업공학 석사 및 경영과학 박사를 취득하였다. 미국 퍼듀 대학과 스탠포드 대학에서 방문학자로 연구하였다. 주요연구분야는 기업가정신과 벤처창업, 경영전략, 강소기업 경쟁력 등이다.