탐색, 학습, 환경선택: 한국 대규모 기업집단의 사업철수 결정요인

초록

Drawing on the perspectives of evolutionary economics and organizational ecology, this study intends to identify the influencing factors on the divestitures of Korean business groups. Specifically, we hypothesized that the business groups' past behaviors and similar status firms' current activities and outcomes can serve as a frame of reference in making decisions about subsidiary divestitures of the business groups. Using top 30 business group list of The Korea Fair Trade Commission from 2004 to 2010, we built the panel data which consists of 126 observations. The statistical results employing negative binomial regressions generally supported our arguments. We found that (1) prior experiences of entries into new markets were positively related to the likelihood of subsidiary divestiture, (2) The frequencies of past subsidiary divestitures had a negative effect on the likelihood of subsidiary divestiture, (3) The performances of the business groups with similar status were positively related to the likelihood of subsidiary divestiture, (4) The subsidiary divestitures of the business groups with similar status negatively influenced the possibility of subsidiary divestiture.

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