국내 은행산업에서의 외국인 비용 유발 요인과 결과: 기업특유우위의 조절효과를 중심으로

초록

This study analyzes the effect of LOF (Liability of Foreignness)’s driving factors on LOF and foreign firms’ performance sequentially. First, the effect of LOF’s driving factors , consisting of embeddedness and legitimacy, on LOF is tested, and then the effect of LOF on foreign firms’ financial performance is analyzed. Second, the moderating effect of FSAs (Firm-Specific Advantages), consisting of organizational management capability, global network utilization capability and financial capability, on the relationship between LOF and firm performance is tested. Different from the extant LOF studies in which LOF is unclearly distinguished from the related variables and implicitly defined as a result, this study measures LOF as a separate variable. The result of this empirical study of foreign banks in Korea shows that both of embeddedness and legitimacy have a negative relationship with LOF. As the level of foreign bank’s embeddedness in the networks with local clients and government agencies, who are the major stake-holders of foreign balegitimacy increases, LOF declines. And as the level of LOF increases, foreign bank’s performance declines. In the analysis of the moderating effect of foreign bank’s FSAs, while organizational management capability and global network utilization capability negatively moderate the negative relationship between LOF and foreign bank’s performance, financial capability does not moderate the relationship.

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