한국기업의 개도국 투자에 있어 지분(ownership)-통제(control)-성과(performance)간의 관계에 대한 연구

This research mainly focuses on the relationship between control and performance in post-alliance management based on a dataset that describes foreign direct investments by Korean manufacturing firms in developing countries from 1990 to 1996.This research utilizes two theoretical models of bargaining power theory and transaction cost theory to build our own eclectic model to consider various aspects of the relationship between control and performance in post-alliance management. In particular, we try to explain a non-linear relationship from ownership to control and ultimately to performance of the joint venture. Our model considers the interactive relationship between ownership and resources as well as its impact on the relationship between control and performance. Our model also includes external factors such as the motives for joint venture, types of joint venture partner, types of key resources, trust between partners, industry characteristics, and the regional characteristics of host countries. Empirical analysis of this research demonstrated that our model successfully explains the complicated relationship among ownership, control, and performance. In particular, empirical results based on our model suggest that the effective control and consequently the performance of joint ventures is affected not only by the majority ownership, but also by types of key resources invested in the joint venture and the ways in which those resources are combined to be used for the joint venture.