earticle

영어

Bridging the resource-based view and the interorganizational network perspective, this study examines the relationships among resource complementarity, trust, and joint venture (JV) performance, based on examples of international JVs in Korea. It has not been fully tested whether the resource complementarity continues to be a source of JV performance. Additionally, the relationship between resource complementarity and JV performance has been more accepted than empirically tested in past studies. Furthermore, the effect of trust on the relationship has not been taken into enough consideration. Therefore, the purpose of this paper is to empirically examine this relationship, which is not fully verified yet, in the context of international JVs in Korea. In particular, we attempted to gain deeper insight into resource complementarity in the context of JVs formed between developed market firms and local Korean firms. Resource complementarity is conceptualized as both partners’ sharing of non-redundant resources of their complementary resources’ strengths. Most previous research used different measurements of resource complementarity with each concept, This paper measures resource complementarity as the interaction of both partners’ complementary resources to capture synergy through resource complementarity. Specifically, developed market partners’ technology-related resources and emerging market partners’ local knowledge-related resources are regarded as complementary resources. Most foreign JV partners in Korea are from developed markets such as US, Japan and the EU. Whereas Korean local firms contribute local knowledge-related resources, developed market firms customarily contribute products and technologies to JVs. Hypotheses concerning main effects, interaction effect of complementary resources and moderate effects of trust are developed and then tested using 72 manufacturing international JVs in Korea. Empirical results suggests that both technology-related resources and local knowledge-related resources affected JV performance independently and simultaneously. The reuslts shows that both resources (technology-related- and local knowledge-related resources) were found to be positively related to JV performance. In addition, it also reveals that resource complementarity tended to enhance JV performance through synergies between technology- and local knowledge-related resources. Moreover, our study presents that an trust moderates the effectiveness of resource complementarity and JV performance. Further analysis indicates that stronger resource complementarity led to greater trust. This study also provides the following practical implications: firms carefully evaluate resource complementarity when choosing their partners; once a JV is established, elaborate efforts should be made to enhance the trust level between the JV partners to prevent their opportunistic behavior.

한국어

본 연구는 한국 내에서 설립된 선진국 파트너와의 합작투자기업 72개를 대상으로 경영자원의 상호 보완성이 합작투자 경영성과에 미치는 영향을 검증하고, 이들 관계에 있어 신뢰가 미치는 영향을 실증적으로 분석하였다. 이러한 시도는 합작투자 관련 기존 문헌에서 부족한 실증결과에 비해 일반적으로 긍정적으로 가정되어 왔던 경영자원의 상호보완성과 경영성과 간 관계를 실증하고 이들 관계에 있어 신뢰의 역할에 대한 추가적인 설명을 제공하여 기존 연구를 보완한다는 차원에서 의의가 있다. 실증분석결과, 선진국 파트너가 제공하는 기술관련 자원 및 한국 파트너가 제공하는 현지지식관련 자원 및 이들 자원의 상호작용은 각기 합작투자기업의 경영성과에 통계적으로 유의한 정의 영향을 미치는 것으로 나타났다. 또한 신뢰를 기준으로 한 분할그룹 회귀분석결과, 경영자원의 상호보완성과 합작투자 기업의 경영성과 간 관계에 있어 신뢰의 조절효과를 확인하였다. 이러한 결과는 합작파트너 선정 시에 있어서는 파트너 간 경영자원 보완 수준에 대한 고려가 선행되어야 한다는 점과 합작투자가 성립된 후에는 상호 신뢰수준을 높임으로써 파트너 간 기회주의적 행동 발생을 사전에 방지해야 한다는 점을 시사하고 있다.