외국인직접투자 결정요인이 투자성과에 미치는 영향에 관한 실증연구

The Relationship between Foreign Direct Investment (FDI) Determinants and FDI Performance: A Focus on Cases of Spanish Companies in Korea

Purpose The purpose of this study is to investigate the types of FDI determinants that affect FDI performance in the case of Spanish companies in Korea and to examine whether the FDI performance and the subsidiary autonomy contribute positively to additional investment in the host country. Design/Methodology/Approach The dependent variable is additional investment and the independent variables are FDI objectives and country distances such as institutional and cultural differences. For this empirical study, a survey was conducted of 41 Spanish companies in Korea. Regression analysis inclusive of mediating and moderating variables were adapted to verify the hypotheses. Findings The multiple regression analyses confirmed that FDI determinants such as market-seeking, efficiency-seeking, institutional distance and cultural distance have significant relationships with FDI performance. In addition, FDI performance contributes positively to increasing additional FDI inflow. Finally, it was confirmed that there is a moderating effect of subsidiary autonomy on FDI performance and on additional FDI, and such effect was significant. Research Implications Spanish outward FDI depends to a large extent on FDI objectives and not on institutional distance. Therefore, FDI promotion activities should be focused on assisting in achieving their objectives. In the case of invested companies in Korea, it is recommended that their autonomy be fostered even more to gain additional FDI in the future.