해외직접투자기업의 후속투자 결정요인에 관한 연구: 한국 진출 다국적기업을 중심으로

초록

The main goal of this paper is to investigate the determinants of sequential foreign direct investment (FDI) of multinational corporations (MNCs) in Korea. We hypothesized that the characteristics of subsidiaries’ location, localization level and their governance structure are likely to act as the factors in deciding sequential FDI. In our empirical investigation, unbalanced panel data (2006~2015) which contains 4,114 observations was used for the analysis targeting 468 manufactures among foreign-invested companies registered in the Ministry of Trade, Industry and Energy (MOTIE)in Korea. Logit analysis based on Hausman - Taylor instrumental variable estimation (HT-IV) generally support our hypotheses. First, industry cluster location leads to positive effects on sequential investment. Second, local subsidiaries of NMCs in Korea with shorter history would have higher possibilities of sequential investment. Third, the stronger associations between host country and subsidiaries’ corporate identities (CI) have higher possibilities of sequential investment. Forth, local subsidiaries tend to make sequential investment decisions when they have less relationship or cooperation with their other affiliates. Finally, when the largest shareholders are not individual entities but corporate body entities, subsidiaries are more willing to consider sequential investment.

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