외국인 투자자가 후발 기업의 기술 모방 전략에 미치는 영향: 한국 제약 산업을 중심으로

1)This study explores the impact of foreign investors on the imitation strategies of latecomer firms, particularly focusing on the South Korean pharmaceutical industry. Latecomer firms, which lag significantly behind technological leaders, often adopt imitation strategies to enhance their competitive stance. The study categorizes imitation into domestic and foreign technology imitation. The paper hypothesizes that foreign investors may discourage domestic technology imitation due to its potential negative effects on both short-term profitability and long-term corporate value. Conversely, foreign technology imitation might be encouraged by foreign investors as it can enhance competitive advantage despite its high acquisition costs. Using a random-effects panel negative binomial model, data from 53 listed South Korean pharmaceutical firms between 2004 and 2017 were analyzed to test these hypotheses. The results indicate that a higher proportion of foreign ownership negatively impacts domestic technology imitation, while foreign technology imitation remains unaffected. This suggests that foreign investors view domestic technology imitation as detrimental to both immediate and future financial performance. The findings underscore the nuanced role of foreign investors in shaping the imitation strategies of latecomer firms, by highlighting that the foreign investors consider the potential impact of each imitation strategy on corporate growth when making imitation strategy decisions. These insights contribute to understanding the imitation strategies of latecomer firms and the critical role of foreign investment in their technological development.