인적자본과 사회적자본이 기업의 글로벌화에 미치는 영향

The Impact of Human Capital and Social Capital on Firms’ Globalization: Evidence from Korea Stock Exchange (KSE)-Listed Firms

The purpose of this study is to investigate the impact of human capital and social capital of Korean firms listed in the Korea Stock Exchange (KSE). Based on the resource-based view(RVB) and knowledge-based view (KVB), we propose that firms with higher human capital and social capital will actively pursue globalization. More specifically, we measured human capital in terms of the foreign work experience and education diversity of top managers while social capital was measured in terms of top manager connections within the external environment. Using a sample of 249 Korean manufacturing firms listed in the KSE from 2000 to 2006, we find that both human capital and social capital are positively related to the globalization of firms. The empirical findings of this study imply that besides being one of the important factors that trigger global expansion, human and social capital can become strategic assets that are not easily imitated by competitors.