글로벌화에 따른 장벽요인이 해외직접투자 기업의 수익성에 미치는 영향

• 영문명: The Effects of Barriers in Globalization on the Profitability of Foreign Direct Investment Firms
• 발행기관: 한국무역연구원
• 저자명: 하호남(Ho-Nam Ha) 도연우(Yeon-Woo Do) 김성환(Sung-Hwan Kim)
• 간행물 정보: 『무역연구』제16권 제3호, 225~244쪽, 전체 20쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2020.06.30

영문 초록

Purpose - We investigate the effects of barriers in globalization on the financial performance of foreign direct investment (FDI) firms with 164,354 firm-year data for the period from 2006 to 2017 using data abstracted from Microdata Integrated Service (MDIS) of the Korean Bureau of Statistics, UNCTAD and other sources. Design/Methodology/Approach - We particularly in this study adopt the theory of the gravity model to try to analyze how economic and non-economic factors affects financial performance. Fixed effects panel regressions are selected as the best fit models over others like random effects regressions and ordinary linear squares regressions, after implementing a model selection process. Findings - First, FDI negatively affects the profitability of firm while exports positively affect the firm’s performance. Second, gravity factors like geographical proximity such as distance show negative effects on the profitability of firms while population does not show any statistically clear effects for both global and non-global firms. Third, non-gravity factors such as tariff rates, exchange rates, per capita GDP have negative effects on the profitability of FDI firms. Fourth, similarity in cultural or language factors shows distinctly consistent effects, with positive effects of Chinese as one of the global languages for firms, and USA and EU member countries as the host of FDIs. Research Implications - Korean FDI firms do not achieve higher financial performance, while firms enhance their profitability through exports. Firms have to decide whether they desire to improve their profitability through exports or take risks through FDIs to overcome other barriers in trade.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구가설 및 모형 설정

Ⅳ. 실증분석

Ⅴ. 결론 및 시사점

References

키워드

Barriers Exports FDI Fixed Effects Model Globalization ROA