초록
본 연구는 벤처기업의 국제화와 재무적 성과 간의 관계를 분석하기 위해, 한국 코스피 및 코스닥에 상장된 299개 벤처기업들을 대상으로 2011년부터 2015년까지의 패널데이터를 활용하여 Hausman & Taylor 모형 분석을 수행하였다. 실증분석 결과, 벤처기업의 국제화와 재무적 성과 간에는 ‘U자’형 관계가 있는 것으로 확인되었다. 이러한 ‘U자’형 관계는 벤처기업의 경우 해외진출 초기에는 외국인 비용으로 인해 국제화가 재무적 성과에 부(-)의 영향을 미치나, 일정 수준 이상으로 국제화가 진행되면 지식과 경험이 축적되어 재무적 성과에 미치는 영향이 정(+)으로 전환된다는 것을 시사한다. 한편으로는 벤처기업 CEO가 해외경험이 있는 경우 국제화와 재무적 성과간의 관계가 정(+)의 방향으로 조절되는 것으로 나타났다. 이러한 결과는 벤처기업에서는 CEO의 해외경험이 국제화에 필요한 지식과 경험, 그리고 네트워크 등을 보완해주고 있음을 의미한다.
키워드
벤처, 국제화, 재무적 성과, 수출, 해외직접투자, CEO, 해외경험
참고문헌(87)
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