As the internationalization of Korean firms has advanced, research on this topic has been actively conducted. However, since prior research has focused on explaining the choice of foreign market entry modes, studies explaining the performance of internationalization have been rare. As the internationalization of Korean firms matures, the need for research explaining the performance associated with internationalization is increasing. In this context, the purpose of this paper is to empirically analyze the performance of Korean firms' overseas subsidiaries from a strategic management perspective. Specifically, after classifying the sample firms into low-performance and high-performance groups, this study seeks to identify factors that can explain performance differences by comparing the two groups across five dimensions: ① strategy type, ② strategic fit, ③ internal capabilities, ④ similarity between parent and subsidiary capabilities, and ⑤ motives for foreign direct investment. According to the analysis results, overseas subsidiaries can be divided into four strategic groups (strategy types), and performance differences exist among strategic groups depending on which strategy is employed. Furthermore, differences between the high-performance and low-performance groups were found in internal capabilities and the similarity between parent and subsidiary capabilities, indicating high correlations between these factors and performance. However, the motives for foreign direct investment did not show significant differences between the two groups. Strategic fit showed results contrary to expectations, but caution should be exercised in interpreting the results given that the analysis relied on only one concept among the various concepts of fit and a corresponding testing method.