투자국의 환경 특성이 해외진출 성과에 미치는 영향: 미국의 전자상거래 기업을 대상으로

The study examines how environmental munificence of the home country affects international expansions of e-commerce firms and how environmental munificence and cultural distance interact with entry modes of international expansions. Utilizing the sudden technology sector crash in the United States, we conduct a natural experiment investigating how dramatic changes in home-country environmental munificence in the e-commerce sector affect stock market response to international expansions. Based on 214 international expansions by 42 e-commerce firms from 1995 to 2001, we find that international expansions of e-commerce firms during the less munificent period create more favorable outcomes, and that environmental munificence interacts significantly with entry modes of international expansions. Although cultural distance does not directly affect outcomes of international expansions, its interaction with home-country conditions and entry modes of international expansions significantly affects outcomes of international expansions. These findings demonstrate the importance of studying effects of home-country conditions on international expansion strategies of multinational firms.