다국적 기업의 지식재산과 해외직접투자에 관한 분석: 피 투자국 지식 재산권 보호 제도의 조절효과를 중심으로

The proximity-concentration tradeoff theory suggests that firms choose to engage in foreign direct investment (FDI), in order to benefit from the location advantages of local production. Meanwhile, multinational firms with ownership advantages are concerned with knowledge leakage in the foreign markets. This study examines whether firm’s knowledge capital and strength of the intellectual property rights in the host country affect the firm’s decision on FDI, and this relationship is attenuated by the protection of the intellectual property rights in the host country. The results show that firms with higher patents are reluctant to invest in foreign markets, but this relationship is attenuated by the host country’s intellectual property strength. This study shows that innovative firms’ choice of FDI depends on the host countries’ IP regimes since these alter the location advantages of local production that are perceived by firms. Furthermore, this study broadly suggests that, due to knowledge leakage risks, the location of knowledge repositories required for production influences firms’ choice between foreign entry modes (exporting versus foreign direct investment), consistent with prior research.