한국 진출 미국 다국적기업 자회사의 역량이 현지화와 그 성과에 미치는 영향에 관한 실증연구: 본사 국제화 역량과 자회사 업종의 조절효과를 중심으로

Abstract

In the era of globalization today, the localization strategy of subsidiaries has become increasingly essential for multinationals to improve their performance in foreign markets. From the perspective of the resource-based view and capability-based view, this study investigated how the capabilities of multinationals’ foreign subsidiaries affect their localization strategy and how the internationalization capability of the headquarters and the industry type of the subsidiary moderate such relationship, and then examined how the localization strategies of subsidiaries influence their performance. We proposed and empirically tested 14 hypotheses, using panel data of S&P 1000 and Russell 3000 companies of the U.S., operating their subsidiaries in Korea between 2000 and 2018. Our results show that the positive relationships between the technological and marketing capabilities, and the level of localization of subsidiaries in procurement and sales were confirmed, and that the relationship between subsidiaries’ marketing capabilities and their localization level in procurement and sales were weakened by the headquarters’ internationalization capabilities and the industry type of the subsidiary. In terms of performance effect, subsidiaries’ procurement localization turned out to have a positive impact on their performance(ROA) in the manufacturing industry. We hope that this study will contribute to the literature on the relationships among subsidiary capabilities, localization and market performance.