기업의 수출증가에 대한 기술역량의 효과

Exploring Technological Capabilities Relative to Cash Holdings and Firm Internationalization

The purpose of this study is to analyze the impact of cash holdings on the internationalization of listed manufacturing firms. We explore the moderating effect of technological capabilities between cash holdings and the internationalization of firms. We analysed cross-sectional data of 642 listed companies from 2000 to 2013 using the fixed effects estimation. Empirical results showed that the there was a positive significant relationship between cash holdings and internationalization of firms This study also found that technological capabilities have significant, positive, pure moderating effects in the pathway between cash holdings and internationalization. Investment in technological capabilities for global competitiveness might increase the cash holdings of corporations. Technological capabilities have strong incentives to build and manage a buffer stock of cash liquidities and increase internationalization. These results suggest that technological capabilities and cash holdings are very important to firm internationalization