해외 자회사의 기업공개 결정요인: 해외 자회사의 투자행위적 특성과 최대주주 특성을 중심으로

초록

This study aims to investigate the relationships between the foreign subsidiaries’ characteristics and initial public offerings (IPOs) in their host country markets. Based on the investment behaviors and the largest shareholder characteristics of foreign subsidiaries, we hypothesized that foreign subsidiaries’ IPOs in their host country markets are related with (1) entry mode and sequential investment decisions and (2) the nationality and personality of the largest shareholders in the subsidiaries. Empirical analysis employing Cox proportional hazards model generally supports our arguments. Statistical results show that: (1) parent companies’ sequential investment decisions affect foreign subsidiaries’ IPOs in a positive way. (2) the subsidiaries with foreign largest shareholders do not tend to perform IPOs. (3) when the largest shareholders of the subsidiaries are corporate body entities, the possibilities of IPOs decrease.

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