해외종속회사의 특성이 기업의 수출에 미치는 영향

The Effect of the Characteristics of Overseas Subsidiaries on the Export of Firms

Purpose - Amid restrictions on international movement and decrease in overseas investment and trade due to COVID-19, this study analyzed the impact of asset size and age of overseas subsidiaries on exports and export costs of domestic parent companies. Design/Methodology/Approach - The samples used were 61,423 company-year date for the period covering 2011 to 2020 by the Korea Listed Companies Association TS2000 and KISVALUE. Findings - The results of empirical analysis were as follows. The asset size and age of overseas subsidiaries have a statistically significant positive impact on the total export volume of Korean parent companies and support the export complementary effect of overseas subsidiaries. In addition, the effects of characteristics of overseas subsidiaries on exports of goods and exports of product were examined separately, and results were not consistent. In the case of product exports, it can be interpreted that using an overseas subsidiary as a factor of production to reduce costs will result in the reimport of overseas produced products, thereby reducing the trade balance. Finally, subsidiary assets size and age have a significant positive effect on export costs. Research Implications - In conclusion, this suggests that if a company ownes an overseas subsidiary, it needs to enter the overseas market as early as possible and grow assets through proactive investment.