역량과 불확실성이 지식추구형 해외직접투자 시기에 미치는 영향: 일본 제약/화학 다국적 기업의 해외연구소 설립을 중심으로

This study proposes a capability-based view and the lens of uncertainty to examine empirically factors influencing the timing of knowledge-seeking FDI (foreign direct investment) of multinational corporations (MNCs). Due to the risk-prone aspects of knowledge-seeking FDI in terms of high commitment of resources and high irreversibility of the investment, firms are likely to be more risk-averse when they decide whether to make knowledge-seeking FDI than market- or efficiency-seeking FDI. Thus, decision-making for knowledge-seeking FDI is significantly influenced by uncertainty related to the investments. This study proposes that there are firm-level (technological capabilities of a MNC) and host country-level factors (abundance of technological resources and business environmental favorability of a host country) which have impacts on uncertainty related to knowledge-seeking FDI of Japanese MNCs. Using event history analysis, we investigate 62 R&D subsidiaries of 32 Japanese pharmaceutical and chemical MNCs. Our findings show that strong technological capabilities of a MNC headquarter and favorable business environment of a host country reduce uncertainty of local knowledge sourcing, thereby promoting knowledge-seeking FDI. Our results also show that abundant technological resources of a host country have a positive impact on the timing of knowledge-seeking FDI. And the impact of abundant technological resources of a host country on the timing of knowledge-seeking FDI is strengthened when business environment of a host country is more favorable.