글로벌 지식 자원이 기업의 상장(IPO) 성공에 미치는 영향: 글로벌 사업 경험의 조절효과를 중심으로

This study examines the impact of global knowledge resources on the success of an initial public offering (IPO). Although an IPO has strategic importance as a necessary step for a firm's growth, little research has been conducted on the effect of signals indicating growth potential on IPO success. Thus, the current study analyzed (1) how global knowledge resources affect IPO success and (2) how international business experiences, such as export experience and foreign direct investment experience, influence the relationship between global knowledge resources and IPO success. A sample of 159 IPOs from January 2016 to December 2019 on the KOSPI and KOSDAQ markets was used for the analysis. The results demonstrated a positive correlation between global knowledge resources and IPO success. The results also highlighted the unique characteristic of global knowledge resources; they indicate that a firm will expand its market to other countries and, in the end, will achieve growth. The results also showed that the relationship between global knowledge resources and IPO performance depends on the degree of international business experience. In particular, both export experience and foreign direct investment experience demonstrated a positive moderating impact that strengthened the positive relationship between global knowledge resources and IPO success.