일,미 투자기업의 지배구조와 한국시장 진입전략에 관한 요인분석

An Analysis of Factors of Entry Strategies of Japanese and the US Companies to the Korean Market and Their Governance Structure

This paper is intended to compare and analyze the selection of the type of governance structure by Japanese companies and the US companies in their investment according to management objectives and the difference in management strategies according to types of governance structure between them when they enter the Korean market. Research methods include Logistic Model and test. The findings are as follows; As for governance structure, the agent management structure was favored by the US companies which put emphasis on profitability and growth in their investment decision-making. On the other hand, Japanese companies prefer the owner management structure as they value market share and cultural capital management in their investment. In terms of the appointment of the top management, the establishment of management strategies, and the authority of decision-making, the owner management structure allows more control from a parent company while the agent management structure enjoys considerable authority commissioned by a parent company. It reflects the Japanese perception that the American management (the agent management structure) cannot deal with the Japanese culture and sentiment due to a series of financial crises in East Asia, fierce competition in the global market, and moral hazard of the US companies. Therefore, the results imply that the Japanese companies prefer the Japanese management structure (owner management structure) where owners can participate in management and the decision-making process, thereby allowing more aggressive investment.