제도적 환경차이 하에서 지식거리가 해외법인소유구조에 미치는 영향

In our study, we use the data of 2,913 foreign manufacturing subsidiaries of 1,979 Korean multinational corporations (MNCs) in 67 host countries during the period from 1989 to 2013. The effect of knowledge distance under the different institutional environments on the ownership structure of foreign subsidiaries is analyzed. In our empirical model, we use a panel data analysis of binary logistic regression. A dependent variable is the ownership structure of foreign subsidiaries of Korean MNC’s parent company. Independent variables are the roles of knowledge distance in direct investment in technologically advanced countries, and in technologically less developed countries, respectively. When investors undertake direct investments in technologically advanced countries, they undertake investments by 50:50 or minority ownership as the knowledge distance between the home and host countries is farther. However, when investors undertake technologically less developed countries, they enter these countries by majority ownership as the knowledge distance between the home and host countries is farther. Estimated coefficients of control variables, such as the parent and subsidiary size, host country market size, market growth rate, and political stability turn out to be positive and significant. These results mean that majority ownership is more preferred as the sizes of parent company and subsidiary are bigger, market size and market potential growth rates are higher, and business environment is more stable. However, other coefficients such as the parent company’s R&D intensity, advertisement intensity, and international experience are found to be insignificant.