기업의 투자성향과 외국시장진입전략 - 통화파생상품을 이용한 환위험관리를 중심으로 -

This paper examines the relationship between investment propensity and foreign market entry strategies in a sample of korean companies. I also examine whether foreign exchange risk management affects the association between investment propensity and foreign market entry strategies. This study proposes that a active foreign exchange risk management with derivatives enhances the positive relationship between investment propensity and foreign market entry strategies in a international diversified firm. I perform the logistic regression analysis and the moderated regression analysis to test hypotheses of this paper and find the results as follows. Results show firms with aggressive investment propensity perform more active foreign market entry strategies. Results also show that for firms with high foreign exchange risk, more aggressive investment propensity results in higher foreign investment ownership if companies use derivatives to manage their foreign exchange risk. Implementing active foreign exchange risk management through derivatives is effective in reducing foreign exchange risk, so inducing the more positive association between investment propensity and foreign market entry strategies. I expect that an extension of this study including sophisticated measurement of variables with full data of recent year would be induce more important implication for the foreign market investment strategies and foreign exchange risk management through derivatives.