Born Global Strategies and the Corporate Performance of Korean Firms

• 영문명: Born Global Strategies and the Corporate Performance of Korean Firms
• 발행기관: 한국무역학회
• 저자명: 강채영 김민호
• 간행물 정보: 『Journal of Korea Trade (JKT)』Vol.27 No.1, 159~175쪽, 전체 17쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2023.02.28

영문 초록

Purpose - This paper empirically investigates the relationship between born global strategy and the accounting- and market- based financial performance of Korean firms. Further, this study identifies the characteristics of born global firms (BGs) in comparison with non-BG counterparts in terms of size, R&D, and liability. Design/methodology - Using a database of listed Korean SMEs in the manufacturing sector from 2010 to 2020, this study applies panel generalized least squares (GLS) estimation and logistic regression techniques. Findings - This study finds that BG strategy is negatively related to the firm’s accounting-based financial performance, while it is positively related to the market-based financial performance. This study also finds that BGs have higher sales volume and more total assets compared to their non-BG counterparts. In addition, Korean BGs spend more on R&D, and at the same time have higher liability. Originality/value - BGs, by definition, are firms that are actively penetrating foreign markets from the early stages of their establishment. Previous studies of Korean BGs have tried to identify the determinants of BGs' rapid internationalization and their superior performance. However, most of these studies have utilized either qualitative case- or survey-based analyses with relatively limited numbers of observations. From a different perspective, this study provides more objective evidence by investigating how the BG strategy affects the financial and market performance of firms, and by characterizing BGs in terms of financial data.

목차

1. Introduction

2. Hypotheses

3. Methodology

4. Results

5. Discussion and Conclusion

References

키워드

Accounting- and Market- Based Financial Performance Born Global Strategy Firm Size Korean Firms Liability R&D Expenses