earticle

영어

High levels of information asymmetry among market participants create an environment for managers to engage in earnings management. The purpose of this study is to analyze the factors that determine the management sustainability for the foreign subsidiaries that entered the Korean market. The factors were segmentalized into general characteristic factors of the enterprise, specific factors of the subsidiary and strategic CSR activity to review the effect to the management sustainability empirically. For an empirical analysis, survey was conducted to 227 executives and staff members of foreign subsidiaries of enterprises that entered the Korean market. Based on this data, multiple regression analysis and variance analysis were performed. As a result of the empirical analysis, first, the subsidiaries with excellent financial performance and organizational culture had a significant effect on the management sustainability. Second, a result was derived that management sustainability can differ partially according to the strategic role of the foreign subsidiary and the development stage of the industry. The existing study results of the management performance being affected by the strategic role and the attributes of the development stage of the industry where the subsidiary is affiliated in were also revealed that they also effect on differences of the management sustainability. Third, the fierce competition intensity of the industry that the subsidiary is affiliated in was verified to be the factor that had a negative effect on the management sustainability of the subsidiary. Fourth, among the socially responsible activities of the enterprise, an environmental management system and ethical management were analyzed as the factors that increase the management sustainability of the subsidiary. In addition, CSV (Creating Shared Value) was showed to have a significant effect on the management sustainability of the foreign subsidiary. The implication of this study shows that when the existing studies analyzed centrally on the survival, longevity and management performances of the socially responsible activities, this study has significance on the point that the prediction-centered scale of management sustainability was defined empirically on the foreign subsidiaries entering the Korean market which are increasing their status in the global market.

한국어

본 연구는 한국시장에 진출한 해외자회사를 대상으로 지속적 경영가능성을 결정하는 요인을 분석하는 것을 목적으로 한다. 기업의 일반적 특성요인과 자회사의 특이요인, 산업 환경 그리고 전략적 CSR활동이 지속적 경영가능성에 미치는 영향을 실증적으로 분석하였다. 국내 진출한 해외자회사의 임직원을 대상으로 227부의 설문조사 자료를 중심으로 다중회귀분석과 분산분석을 실시하였다. 실증연구 분석결과, 첫째 우수한 재무성과와 조직문화를 보유한 해외자회사의 지속적 경영 가능성이 높은 것으로 나타났다. 둘째 전략적 역할 유형과 자회사가 속한 산업의 발전단계의 속성이 지속적 경영가능성에도 유의한 영향 요인으로 나타났다. 셋째 해외자회사가 속해 있는 산업의 경쟁강도는 그 자회사의 지속적 경영가능성에 부정적인 영향을 미치는 것으로 나타났다. 넷째 기업의 사회적 책임 활동 가운데 환경경영시스템과 윤리경영이 자회사의 지속적 경영가능성을 높이는 요인으로 분석되었다. 그리고 공유가치창출(CSV)이 해외자회사의 지속적 경영가능성에 유의한 영향을 미치는 것으로 나타났다. 본 연구는 최근 경영의 지속 가능성에 대한 이슈를 해외자회사의 지속적 경영가능성 연구로 그 범위로 확장하고, 그 결정요인에 대한 실증분석을 실시하였다는 데 그 의의가 있다.