본 연구팀은 피아노제조산업에서 대표적인 기업인 ㈜야마하가 국제화 과정에서 제품 전략과 시장 전략을 동시에 적용하는 사례를 통해서 국제경영에 관한 새로운 모델인 국제경영의 4가지 본원적 메커니즘(4 Generic Mechanisms in Global Management: 4GMGM)의 현실적용가능성을 다루었다. 야마하 피아노가 초기에 현으로 소리를 내는 전통적인 건반악기인 피아노를 일본이라는 현지 시장에서 개발 판매하는 현지화(Localization) 전략에서 출발했다가, 디지털 피아노를 개발 하면서 현세화(Loc-balization) 전략으로 나아갔고, 최상위 품질을 갖춘 그랜드피아노를 개발하 면서 세계화(Globalization) 전략의 정점을 찍었다가, 현지 음악 소리를 내는 맞춤형 피아노를 일 렉트릭 파이노의 한 영역으로 개발하면서 세현화(Glocalization) 전략으로 변신한 과정을 검토했 다. 이 연구를 통해 기업이 국제화하는 과정에서 제품전략과 시장전략을 동시에 개발해야 한다는 논리를 제시한 4GMGM이 현실을 설명하는데 적절하다는 검토 의견을 도출했다.

Assertions in current academic research and practical discourse that promote agility reduce the importance or prominence given to organizational strategic planning. While firms today are required to become agile and thus quickly and timely respond to emerging market challenges, the strategic planning process is perceived as rigid, slow, and somehow obsolete and may contradict agility. These present practitioners with a dilemma regarding the relevance of planning in this era. This study examines the pertinence of strategy planning in this agile age and its effect on firms’ business performance. In addition, since the environment in which firms operate play a significant role in determining strategies, when maintaining strategic planning, organizations need to consider internal and external factors that may change the effect of planning on performance. Hence, the study also explores market scanning (an external condition) and fault tolerance climate (an internal condition) under which the relationship planning-performance varies. Based on a quantitative research, data from organizations, and insights from fit-as-moderation approach, a conceptual model and research hypotheses are designed and tested. Common and acceptable analysis methods were employed to test the hypotheses. Initial findings indicate that strategy planning should not be deemphasized in contemporary days since it is associated with better financial (e.g., sales growth) and nonfinancial (e.g., new customer acquirement) outcomes. Additionally, performance consequences of planning are dependent on firm external and internal conditions. While the positive planning-performance relationship is associated with higher levels of market sensing, it is negatively associated with higher levels of fault tolerance. The findings have well-timed theoretical and practical implications for the business and strategy literature. Managers considering the necessity of planning strategies should recognize its relevance and take into account contingencies examined in this research.

To successfully expand their business activities in overseas markets, small- and medium-sized enterprises (SMEs) must first acquire a thorough knowledge and understanding of prevailing environmental and market conditions. This study examines the crucial role that a learning orientation can play in the generation of relevant foreign market knowledge. It also investigates the impact of foreign market knowledge on strengthening internationalizing SMEs’ operational adjustment agility and market capitalizing agility, which in turn enhance firms’ international venture performance. Our empirical effort is based on data collected from 209 Nigerian industrial SMEs which internationalize their efforts. To test our research model and hypotheses we collected data by means of a survey conducted among Nigerian small- and medium-sized firms (i.e., employing 250 or less people) which internationalize their efforts and launch their products in B2B markets. The positive role of learning orientation, foreign market knowledge and organizational agility is confirmed by our results on driving international venture performance.

빠르게 변화하는 해외 시장 환경 및 소비자 니즈의 변화에 발맞춰, 기업의 혁신 전략의 중요성이 강조되고 있음에도 불구하고, 경쟁전략과 신제품개발속의 관계에 관한 연구가 많이 이루어지지 않 은 실정이다. 특히, 대기업에 비해 유무형 자원의 부족에 한계를 가지고 있는 중소기업에게 있어, 해외 시장 환경의 변화에 대처하는 경쟁전략의 선택은 중요한 의사결정 요소이며, 이러한 경쟁전략 은 신제품개발속도에 영향을 미치는 주요한 전략적 요인으로 작용한다. 이에 본 연구는, 차별화전 략과 비용우위전략이 신제품개발속도에 미치는 영향을 알아보고, 시장역동성이 이러한 관계에 어 떠한 조절효과를 미치는지 살펴보고자 한다. 이를 위해 한국 중소수출업체를 대상으로 설문을 진행 하였으며, 차별화전략과 비용우위전략이 신제품개발속도에 긍정적인 영향을 미치는 것을 확인하였 다. 나아가, 시장역동성이 높을수록, 차별화전략이 신제품개발속도에 미치는 긍정적인 영향은 커지 지만, 비용우위전략이 신제품개발속도에 미치는 긍정적인 영향은 약해지는 것을 확인하였다. 본 연 구는, 경쟁전략이 신제품개발속도에 미치는 영향을 제안하고 검증하였으며, 시장이 빠르게 변화할 경우, 경쟁전략의 긍정적인 효과가 달라질 수 있음을 확인하였다는 점에서 학문적 및 실무적 시사 점이 있을 것으로 기대된다.

이 연구는 한국, 중국, 일본의 국제항공 네트워크의 구조적 차이를 파악하기 위해 각 국의 주요 공항 및 국적 항공사 네트워크를 대상으로 비교분석을 실시하였다. 공항과 항공사 네트워크의 연결성을 파악하기 위해 연결·매개·근접 중심성, 네트워크 밀도, 동류성(Assortativity) 등 네트워크 분석의 다양한 지표들이 활용되었다. 주요 분석 결과는 다음과 같다. 먼저 아시아 공항들을 대상으로 국제노선 네트워크의 중심성 순위 분석 결과, 인천공항은 연결, 매개, 근접 중심성 측면에서 아시아 최상위권에 위치하였 다. 이와 더불어, 동북아와 중국 간 국제노선 네트워크가 조밀해짐에 따라 양 지역의 2차 허브공항들을 중심으로 3개 중심성 순위가 2015년 대비 급속하게 상승하였다는 점을 발견하였다. 다음으로 한국, 중국, 일본의 주요 공항 간 국제항공 네트워크 비교 결과, 우리나라는 인천 중심의 단일 허브 네트워크가 발달함에 따라 인천과 나머지 국제공항 간 중심성 격차가 복수의 허브를 운용하는 중국과 일본에 비해 매우 크게 나타나고 있었다. 다만, 국적 LCCs(Low Cost Carriers)의 경우 지역공항을 2차적 거점으로 활용함에 따라 인천공항에 대한 국제노선 집중도가 FSCs(Full Service Carriers)에 비해 상대적으로 낮게 나타났다. 본 연구를 통해 국가공항체계의 불균형을 완화하고, 지방 거주민들의 국제선 접근성 및 이용 편의성을 향상시키기 위한 전략으로 LCCs를 통한 지방국제공항들의 국제 연결성 강화 전략이 지속적으로 추진될 필요가 있다는 점을 확인하였다.

We propose that while EMFs’ international diversification promotes new product performance, technological capability actually mediates the relationship between international diversification and new product performance. We further argue that focusing on more developed markets strengthens the positive effect of EMFs’ international diversification on their technological capability accumulated over the process of internationalization, whereas it weakens the impact of EMFs’ technological capability on their new product performance because EMFs have to compete with local and global firms in the more developed target countries. Analysis on Chinese manufacturers’ international efforts provides support for these hypotheses.

Although the internationalization decision making process amongst managers from developed nations has been extensively studied, this phenomenon has been sporadically explored among managers from newly opened and transition economies. Given the risks and commitment inherent in international market entry, a thorough understanding of the decision making process of managers in such dynamic markets becomes crucial in charting the firms’ future direction. Hence, drawing on concepts from cognitive science, this study aims to explore cognitive biases and mental models for international market entry decision making among managers from a transition economy, namely Myanmar. Myanmar is recognized as Asia’s last large economy to become globally linked. Myanmar has long posted a negative trade balance, with the import value nearly double that of exports. The country’s population of 54 million, its abundance of natural resources, and its economic integration in the fastest growing region of the world have attracted firms of global brands such as KFC and VISA, who strive to gain market access. After decades of military rule, Myanmar’s ‘open’ economy is dominated by state-run enterprises in heavy industries, with growing opportunities for the private sector to aid in the growth of the domestic market as well as to exploit foreign market opportunities. Scholars from a diverse range of disciplines have argued that elements of an organization’s international strategic abilities stem from managers’ cognitive processes that balance national, industry, organizational and functional issues (Prahalad & Doz, 1987). This study explores Myanmar decision-makers’ strategic cognition, which describes the information-filtering or sense-making process by which strategic issues are interpreted (Finkelstein, Hambrick & Cannella, 2009). The fact that management and marketing research in Myanmar contexts is virtually nonexistent, understanding the strategic decision making processes of managers in Myanmar is warranted, given the significant business opportunities for and within this country in transition. Strategic cognition describes the how cognitive structures relate to the decision process in terms of strategy formulation and implementation (Narayanan & Zane, 2011). Cognitive structures refer to the manager’s beliefs about the environment, the state of the organization, and the business portfolio. The strategic cognition perspective presumes that managers rely on their belief structures when undertaking a strategic decision task (Hambrick & Mason, 1984). According to Finkelstein et al. (2009), managers’ ability to deal with complex decisions is inhibited by cognitive biases as well as interpretive frames. Such biases, in part, influence which information is attended to and how it is interpreted. ‘Biases’ and ‘frames’ in decision making receive considerable attention in the strategic decision making literature because they often lead to committing decision errors. While there are a number of cognitive biases, our interest lies in framing bias (Kahneman & Tversky, 1984) because the interpretation of economic gains and losses are highly relevant for strategic decision making. Framing bias occurs when modifications in the way a decision problem is presented, focusing either on the potential gains or on the potential losses of alternatives, result in a change in the decision-makers’ initial preference, such as when a decision maker becomes risk-averse when gains are highlighted while becoming more risk-taking when losses are. Two propositions are tested in this study. First, if we assume that framing bias influences strategic decision making under complex and uncertain contexts, we should discover substantive differences in managers’ risk preferences. More specifically, differences should be found when managers are presented with alternative versions of elaborated problem scenarios that are the same in all aspects except for the fact that the alternatives have been systematically manipulated in terms of (1) the potential gains (positive presented version) or (2) the potential losses (negative presented version). Second, prior research reports that strategic cognition is influenced by personal characteristics (e.g. educational background) and values as well as organizational characteristics (e.g. firm size, firm age) (Finkelstein et al., 2009; Hambrick & Mason, 1984). With this in mind, we should observe significant differences in risk preferences between participants of different demographic and trait groups. This study implemented an experimental investigation into the potential framing and priming effects arising from a strategic marketing decision problem of whether to develop a new marketing plan to serve the home market or to commit marketing resources to the export market. The stimuli were adapted from those developed by Hodgkinson et al. (1999), which were crafted to solicit responses to a case scenario that described a convincing strategic investment decision encountered by a firm that provides innovative automotive vehicle fast paint-drying systems. This scenario was deemed appropriate for the Myanmar context given that the participants were familiar with automobiles and auto painting services. The scenario was moderately adapted to suit the Myanmar context, with a fictitious local firm, Yannawa Co., which was faced with domestic intensified competition and up-and-coming advanced technology product substitution. The case scenario was explained with about 260 words that describe Yannawa’s 10-year history, the domestic industry environment and Yannawa’s objective to achieve a profit of $3 million. A photo of a modern fast-drying automotive painting system was included in the stimuli. Participants were instructed to assume the role as one of Yannawa’s board of directors and were asked to choose one option between a ‘less-risky’ alternative (focus on the domestic market) with a higher likelihood of occurrence and a ‘riskier’ alternative (invest in overseas markets) that had two possible outcomes that had different likelihoods of occurrence. Framing effects were manipulated as positively and negatively worded versions. In the negatively framed version, participants had to choose between (A) developing a new marketing plan to serve its home market with a 100% chance this option will lead to profits of US$1 million below management’s targeted level or (B) committing its marketing to the export market overseas, with a 33% chance to reach the targeted level and a 66% chance to earn profits of US$3 million below management’s targeted level. In contrast, in the positively stated version, participants were asked to choose between (A) developing a new marketing plan to serve its home market with a 100% chance to earn profits of US$1 million or (B) committing to the export market with a 33% chance for profits of US$3 million and a 66% chance to make no profits at all. To control for potential priming effects, the presentation order of the alternatives varied, with the ‘less-risky’ higher likelihood of occurrence alternative presented first in the stimuli followed by the ‘riskier’ alternative, and vice versa in the other versions. Altogether, we developed four experimental conditions: positively versus negatively framed decision scenarios, with lower risk versus higher risk in alternate sequence. The research instrument also included items asking participant demographic characteristics. The decision task was also accompanied by a free-elicitation method to capture a mental model of the variables that the participant considered while making the decision. In other words, participants were asked in an open-ended question, “Please write in sequence the variables that you thought about while making your decision.” Unlike the stimuli of Hodgkinson et al. (1999), which provided a list of 18 variables, which participants could rely on to complete the cognitive mapping task, our free-elicitation method was deemed necessary in order to gain better insights to Myanmar managers’ thought processes. Both studies involved Myanmar professionals who were enrolled in a global MBA program being offered at campuses in Yangon and Mandalay where English is used as the medium of instruction. Study 1 comprised a sample of 118 students enrolled in the Marketing Management course, which is the first course taken in the program. The sample comprises 35 (29.7%) males and 83 (70.3%) females, with a majority (72%) within the age range of 22 to 31 years, and 62 (52.5%) with a Science education, 26 (22%) in Economics/Business and 21 (17.8%) in Arts/Language. A count of 46 (39.0%) occupy top/senior management positions, 36 (30.5%) are business owners, and the remaining 36 (30.5%) hold entry-level organization positions. Each participant was assigned randomly one of the four stimuli versions. The task was administered in class and participants were given 30 minutes to provide their responses. Study 2 replicated and extended these findings on a sample of 81 final semester MBA students in the same program. The sample composition of Study 2 is similar to that of Study 1. Data were analyzed using nonparametric approaches to test the significance of joint frequency distribution of cases. The statistical analyses indicate that the distribution of risk preferences are consistent in both Study 1 (i.e. participants new to the MBA program) and Study 2 (i.e. more experienced MBA students) (χ2 = 0.64, p = 0.27), which is similar to the findings of Bateman and Zeithaml (1989). Also, the risk preferences are consistent in both Yangon and Mandalay subgroups (χ2 = 0.00, p = 0.57). Thus, the data collected from both studies were pooled for further analyses. As for the control of priming effects, we find a significant difference in risk preferences (χ2 = 5.32, p = 0.04, 113 vs. 86), with a larger proportion of the second listed marketing alternative (i.e. more recent) being selected, irrespective of whether that alternative is higher-risk or lower-risk. With respect to a test of our first proposition of a framing effect, we found no support (χ2 = 0.32, p = 0.35) of a systematic association between framing and decision choice. The distribution of decisions shows that irrespective of whether the alternative was positively framed or negatively framed, a larger proportion of the participants chose to higher-risk alternative to focus on exporting. As for testing our second broad proposition that there would be significant risk preference differences between demographic groups in the sample, we found no support for sex (χ2 = 0.58, p = 0.27), age (χ2 = 0.29, p = 0.96), education background (χ2 = 2.40, p = 0.30), and no support for occupation (χ2 = 7.33, p = 0.11). The qualitative responses obtained from the free-elicitation section of the instrument, were analyzed by categorizing responses as either concrete, i.e. a greater focus on specific details (e.g. mention of numbers, such as ‘a 100% chance’, ‘a 33% chance’ and ‘$1 million below’, ‘profits of US$3 million’) or abstract, i.e. focus on the bigger picture (e.g. such as ‘more competition’, ‘threat of new products’). Based on this approach, we find that 138 (69.3%) of the participants began their mental model with an abstraction and 105 (52.8%) of those participants relied on a mental model that was entirely abstract, absent of specific details. In contrast, 33 (16.6) of the participants constructed mental models that were completely concrete, while the remaining 61 (30.7%) of the participants developed mental models comprising both abstract and concrete information inputs. Interestingly, a statistical test of an association between these three different mental models and risk preference show no significant association (χ2 = 2.80, p = 0.25). This exploratory study contributes to the management and international marketing literature by providing initial evidence and insights of the strategic cognition of Myanmar managers. The fact that there were no framing effects nor any differences in the risk preferences between different demographic groups suggest that participants in our study may be relying on a common heuristic (i.e. rule of thumb) that guides them towards the option to seek foreign market opportunities. The marketing doctrine concept introduced by Challagalla, Murtha and Jaworski (2014), is indicative of the influence of institution-wide principles that guide all decision-makers throughout the institution. In the case of Myanmar, national trade policies emphasizing export initiatives and increased export promotion activities may be regarded as fundamental drives for economic growth. As such, managers may be adopting this national principle to simplify their decision task and therefore prefer to pursue foreign market opportunities. Relatedly, it is worth noting that among the participants that opted to focus on the home market, nearly half were employed by a non-government organization (NGO) operating in Myanmar. This reiterates earlier findings of the influence of organizational characteristics on the strategic cognition of managers (Finkelstein et al., 2009; Hambrick & Mason, 1984). From our sample, we found that managers working for a NGO may be accustomed to adhering to their own organizational principles, which emphasize the needs of the domestic market. From a practical perspective, caution should be taken when decision managers rely largely on a heuristic approach to decision making. Although recent studies report that heuristics can be a valuable approach in the wake of overwhelming data and information (e.g. Patterson et al., 2012 ), others show that accurate mental models bring about better decision rules (e.g. Gary & Wood, 2011). To ensure that the decisions made by managers align both their personal preferences and the logic of rational choice, a deliberate model designed to compare the underlying costs and benefits of the decisions must be carefully developed in such a way to prevent decision makers from minor distractions. To date, our study is the first to gain insights on the ‘black box’ of decision making among a sample of managers from Myanmar. Despite the valuable insights provided from our exploratory study, it is not without limitations. Although our sample comprises businesspeople from two major cities in Myanmar and represents businesspeople from a diverse range of industries and demographic characteristics, the generalizability of our findings is still limited. In addition, we only designed and implemented one hypothetical business scenario in our study due to the complex nature of the decision task. Using one hypothetical case may further limit the generalizability. Moreover, our results revealing the absence of framing effects but the presence of priming effects seem inconsistent with prior studies that have reported that such effects alter individual perceptions. Based on our preliminary findings, future studies are called upon to verify, confirm, and extend this current study to other contexts in Myanmar and other emerging and transition economies.

International Joint Venture (IJV) is one of the most popular market entry mode in emerging markets. The instability and stability of IJV have also been receiving ongoing attention in the literature (e.g. Deitz et al. 2010; Kogut 1989; Rhoades & Lush 1997; Sim & Ali 2000). IJV instability and stability are often treated as opposite to one another in the literature, and assumed the factors that account for instability has an inverse impacts on stability. However, conceptually and empirically they are not exactly two contrasting phenomena. This study adopts the perspectives of Superficial Friendship theory (Yan 2010) to differentiate the determinants of IJV instability and stability and empirically compares their determinants. The results indicate that the factors that account for instability do not have inverse impacts on stability. The empirical results not only contribute to an understanding of the different drivers of IJV instability and stability but also have important implications for international business managers in both parents and IJVs with regard to keeping an IJV profitable and successful.

This research explore the complementarity effect of export-market orientation and entrepreneurial orientation on export performance of SMEs from a CEE developing economy. We found that the likelihood of this effect on export profitability is higher in dynamic export market environments if high level of resources are committed to export operations.

In 2004 University of Applied Sciences Darmstadt in Germany decided to deveolp a part time MBA programme in addition to its longtime successful part time Bachelor programme in International Business Administration. At that time many business schools in germany started new MBA programmes and it was a challenge to find an appropriate positioning for the new programme. One of the goals was to sell the programme not only on the national but also on the international market. The programme has been launched in 2006 and relaunched in 2012. In the presentation the process of developing, positioning and selling the new programme national and international will be described. There will be a focus on developing a mission, the curriculum, cultural differences of potential international students and their demands to an MBA programme. Also internal and external challenges of managing such a new programme will be discussed.

본고에서는 국제합작투자 이론적 배경으로서 시장실패와 조직실패 위험의 상쇄(trade-off) 메카니즘에 대한 분석이 이루어졌다. 시장실패란 거래비용에 의한 정상시장거래(arms-length transaction) 실패를 나타내며 조직실패란 관료비용(bureaucratic costs)에 의한 내부화의 실패를 의미한다. 해외진입 방식으로서 라이선싱은 정상시장거래 형태이며 단독투자는 완전 내부화, 그리고 합작투자는 준내부화(quasi-internalization)의 형태로 볼 수 있다. 과거의 연구들에 있어서는 시장실패에 의한 거래비용이론에 기초하여 이들 거래통제구조, 즉 해외진입방식의 선택에 대한 연구가 주를 이루었다. 즉 시장실패 위험이 높을수록 정상시장거래 보다는 내부화 형태를 선호한다는 것이다. 그러나 시장실패 위험만 가지고서는 합작투자 당위성과 그 소유구조를 충분히 설명할 수 없다. 기업은 해외진입방식 선택시 시장실패뿐만 아니라 조직실패 위험도 고려할 것이다. 시장실패 시와는 달리 조직실패 위험이 높을 경우에는 기업은 내부화 수준을 낮추거나 정상시장거래 방식을 선호할 것이다. 문제는 시장실패와 조직실패 위험이 모두 높거나 낮을 경우에 기업이 취할 수 있는 대안이다. 이를테면 높은 시장실패는 기업으로 하여금 단독투자를 선호케 하나 반대로 조직실패 가능성은 시장거래방식으로서 라이선싱을 선호케하는 상황에 빠지게 한다. 시장실패와 조직실패 위험이 모두 낮을 경우에도 마찬가지이다. 따라서 기업은 시장실패와 조직실패가 모두 높거나 낮은 상황 하에서는 이 두 극단적인 대안 중 어느 하나의 대안을 고수하기보다는 양극단의 절충을 꾀하고자 할 것이다. 즉 거래비용과 내부조직비용을 어느 정도 통제하고 상쇄시킬 수 있는 합작투자가 합리적인 대안이 된다는 것이다. 요컨대 기업간 합작을 통해 한편으로는 시장거래에서 발생되는 거래비용을 어느 정도 낮출 수 있고 또 다른 한편으로는 내부조직비용도 반감시킬 수 있는 것이다.

증권의 해외상장 효과에 대한 연구는 국제자산시장 통합분리이론과 연결되어 연구되어 왔고 그 상장 효과는 긍정적인 측면이 많지만 또한 부정적인 측면의 연구결과도 있어 논란이 되어 왔다. 따라서 이러한 논란에 대하여 재분석할 필요성이 제기되었으며, 또한 기존 연구에서 증권의 해외상장이 시장통합에 미치는 효과를 시장통합상태와의 공동가설로 설명하였는데 이러한 공동가설을 분명히 하여 좀 더 설득력 있는 가설을 유추할 필요가 있었다. 이러한 분석을 위해 본고에서는 표본으로 미국 NYSE 증권의 일본 TSE에 상장된 주식을 이용하여 분석시점을 거래규제 완화 전의 분리시점과 그 이후의 통합시점과의 두 기간을 비교하여 분석하였다. 그 결과 본 연구에서는 증권의 해외상장이 국제자산시장의 분리를 줄이고 국제자산시장통합에 크게 기여한다고는 볼 수 없었고 오히려 주주의 부에 긍정적이지 못하다는 결론에 도달하였다. 본 논문의 연구결과와 기존논문에서 논란이 되는 연구결과를 종합하여 분석해 보면 해외상장에 대한 긍정 및 부정 양 측면의 서로 상이한 연구결과와 그리고 해외상장효과가 부정적 영향을 미칠 가능성을 시사한 공동가설의 결과는 본국시장과 상장될 해외시장간의 성격을 나타내기 위하여 사용된 연구 자료의 차이에 기인한다고 사료된다. 긍정적인 측면의 결과는 자료의 성격(예 ADR)이 상장된 해외국가가 본국에 비하여 규제가 더 없는 상태로서 해외상장으로 인한 자본 조달원의 다양성 등의 이점이 해외상장으로 인한 비용 측면을 능가하기 때문일 것이고 그 반면에 부정적인 측면의 결과와 해외상장효과의 부정적 가능성을 시사한 공동가설의 경우는 본국보다 더 규제가 엄격한 시장에로의 해외상장으로 해외상장에 따른 비용이 이점을 능가하므로 주주의 부에 부정적인 영향을 미친 결과일 것으로 생각된다. 그러므로 주식의 해외상장은 무조건 이루어지는 것보다 본국보다 규제가 없고 불확실성을 줄이는 시장으로의 상장이 주주의 부에 긍정적인 영향을 미치며 자본비용을 줄일 것으로 기대된다.

본 연구는 1985년부터 1995년 사이에 주식 관련 해외증권 발행을 한 127개의 한국 기업을 중심으로, 해외증권 발행 공시가 주가의 시장 조정 초과 수익률에 미치는 영향을 분석하고 있다. 해외증권의 발행 공시는 공시 바로 전 주의 초과수익률에 유의적으로 (+)의 형태로, 공시 직후에는 (-)의 형태로 영향을 미치는 것으로 나타났으며, 전체 분석 기간에서도 공시전 주가 상승, 공시 후 주가 하락의 형태로 영향을 미친다. 또한, CB보다는 BW나 DR의 발행이 보통주보다는 우선주에 연계된 증권 발행이, 소기업보다는 대기업의 해외증권 발행이 주주의 부에 보다 정(+)의 효과를 가져다 준다는 점도 발견되었다. 연구 제안으로서, 한국증시의 공시제도의 문제, 정보의 사전 유출 가능성 문제, 그리고 특히 소형주의 경우에 많이 나타나는 내부자의 사전 거래 가능성 문제들은 우리 주식시장의 효율성을 저해하는 요인으로서, 향후 정책 마련에 참고가 될 문제점으로 제시한다.

Technology is unevenly distributed across countries, thus constituting an entry barrier. Under several simplifying assumptions, technology licensing strategies among incumbent and entrant firms in the intermational context are analyzed. First, in a model with two monopolistic firms, the conditions for licensing to occur are elaborated as a function of the costs of the two firms. Licensing is likely to occur only when the entrant has a more competitive cost position than the incumbent to compensate for the royalty payment. However, if the incumbent has much lower marginal cost than the entrant, the incumbent has an incentive not to license the technology. Second, a new set of issues arises when multiple potential licensors are considered. The maximum and minimum values of the royalty payment decrease as the number of incumbents with the technology increases. Moreover, each incumbent has an incentive to sell the technology before other incumbents do, which leads to a Prisoner`s Dilemma situation. Third, in the case of multiple licensees, a potential entrant`s willingness to pay for a license depends upon the strategies of other firms. The optimal pricing strategy of the licensor is identified.

This research aims to evaluate the current state of technology of enterprises in Vietnam in comparison with several countries in the AEC economic community, thereby to propose several recommendations to Vietnamese enterprises in order able to promote technology innovation activities, create competitiveness with enterprises in the region. Qualitative research methods are used through statistics and comparative descriptions from data collected from various sources: WEF, World Bank, CIEM, General Statistic Office. The study results show that Vietnamese enterprises still have many limitations in technology, originated from their small business scale (capital and labor), the current research capacity is still low, the funding for this activity is not high and the accessibility of the capital is still difficult. According to the Global Competitiveness Index, Vietnam's science and technology indexes are low compared to other AEC-developed countries including the availability of the latest technology; the acquisition of technology at the enterprise level; the capacity of improvement; quality of scientific research organizations..., which shall be a major barrier for Vietnamese enterprises to have to overcome to be able to create the competitiveness when entering the global market. From then on, the authors proposed solutions for two subjects, enterprises and government, to help Vietnamese enterprises to overcome this barrier.