-

2 0 1 3 2

-

2012 11

2013 02

()

()

()

()

()

1. , (2012)

: ,

, 13(3), 67-98.

2. , (2012) ,

, 15(3), 225-250.

3. , (2012)

, , 20, 7-32.

*

.

(Emerging Market) . 500

480 .

.

.

.

,

,

.

.

,

.

2000 2012

SSCI Top . 5 (Academy of

Management Journal, Academy of Management Review, Harvard Business

Review, Journal of International Business Studies, Strategic Management

Journal), 55 .

. (Institutional

Theory), (Transactional Cost Theory),

(Resource-based View).

, , ,

.

(competency gap)

.

.

.

. .

(System Dynamics)

(CLD, Causal Loop Diagram) .

.

8 .

.

.

. Wayism

.

(Wayism)

.

,

CSR/CSV

.

. .

.

.

.

,

. (delay effect)

.

.

: , , , ,

, ,

i

. 1

1. 1

2. 2

3. 4

. 7

1. 7

2. 8

2.1. 8

2.2. 10

2.3. 11

3. 12

. 13

1. 13

1.1. 13

1.2. 14

2. 18

2.1. 18

2.2. 21

. 24

1. 24

2. 26

2.1. 26

(1) 26

ii

(2) 32

(3) 35

2.2. 38

(1) Wayism 38

(2) 46

2.3.

50

3. : 55

. - 57

1. 57

2. 60

2.1. 60

2.2. 62

2.3. 65

(1) 65

(2) (Tata Motors) 67

2.4. 70

(1) 70

(2) 75

2.5. 80

(1) 80

(2) 81

(3) 83

(4) 84

iii

2.6. 86

(1) 86

(2) 88

3. 91

4. 93

. 96

1. 96

1.1. 96

1.2. 98

2. 99

100

iv

2

4

7

Keyword 12

19

23

() 25

28

40

52

58

58

64

() 72

74

78

, () 88

, , 90

95

v

6

15

17

20

31

34

36

Wayism 39

48

51

56

61

61

2010, 2011 87

89

92

.

1.

(Kumar, 2011; Johnes, 2012). 2002 2009

9 (Tse, 2010) ,

(emerging market)

.

, 2011 2020 2%

7%

(Ichii, 2012), 2030 GNP GNP

50% (Tse, 2010).

.

. 500 480

(Tse, 2010).

(Wright, Filatotchev, Hoskisson, &

Peng, 2005).

52% , GDP

60%

. 15

15 6

(Economist, 2012).

.

2 (Kumar, 2011; Jones, 2012).

.

(homogeneous)

. (heterogeneity)

(Wright et al., 2005)

(Wright et al., 2005)

.

2.

?

?

?

(heterogeneity) (Wright et al., 2005)

(Wright et al., 2005). ,

.

,

.

3

, (2012a; 2012c) .

.

, , , , , ,

, CSR(Corporate Social Responsibility, ),

.

.

,

.

.

.

43.

1 .

2 .

3 .

4 .

5 .

6 .

6 . 1 ,

. 2 .

. , , .

,

. 3 .

.

,

. 4

.

. 4 1

. 4 2

3 . 3

, ,

5.

, , . 3

, ,

, Wayism ,

, 6 . 5

.

() 100%

.

5 ,

, , .

. 6 .

, .

6 1

2

3

,

4

5

6

7.

1.

Hoskisson et al.(2000)

.

,

(institutional theory),

(resource-based view),

(transactional cost theory). Hoskisson et al.(2000)

2000 2012 .

(Gao et al., 2010) (Peng, 2003),

(social network theory)(Khanna and Rivin, 2001) ,

.

(2000~2012)

Li & Atuahene-Gima(2001), Mahmood & Rufin(2005),

Peng et al.(2005), Khanna et al.(2005), Meyer et al.(2009),

Feinberg & Gupta(2009), Henisz & Zelner(2010),

Mair et al.(2012), Simanis(2012)

Hoskisson et al.(2000), Peng & Luo(2000), Dharwadlkar &

Branders(2000), Park & Luo(2001), Gong (2001), Douma et

al.(2005), McCarthy & Puffer(2008), Bhaumik et al.(2010),

Li & Atuahene-Gima(2002), Spencer(2008), Kale et

al.(2009), Malik & Kotabe(2009), Kumar(2009), Black &

Morrison(2010), Zhang et al.(2010), Chang et al.(2012),

Tomson(2012)

82.

2.1. (IT, Institutional Theory)

,

.

(rules of the game) (Hoskisson et al., 2000:252). ,

.

(network-based growth strategy) (Peng & Heath, 1996).

(Khanna & Rivkin, 2001; Li &

Atuahene-Gima, 2002), (Peredo & Chrisman,

2006) (Peng, Lee, Wang, 2005;

Peter, Uhlenbruck, & Eden, 2005; Mahmood & Rufin, 2005; Bhaumik et al.,

2010). (institution) (macro)

(micro)

.

Mair, Mart, & Ventresca(2012)

.

, .

(marketization), (privatization), (heavily regulated)

(Shenkar & von Glinow, 1994)

(Hoskisson et al., 2000) .

(Peter et al., 2005; Puffer &

9McCarthy, 2011),

(Li, & Atuahene-Gima, 2001; Lu & Ma, 2008; Gao et al., 2010;

Tse, 2010) .

(Institutional Void)

(Henisz & Zelner, 2010).

.

Khanna Palepu 15

(Khanna & Palepu, 1997;1999; Khanna, Palepu &

Sinha, 2005).

, ,

(Khanna & Palepu, 1997; Miller et al., 2009).

(Simanis, 2012)

(problem-sensing tools) (Mair et al., 2012). ,

(Lu & Ma,

2008),

(Li & Atuahene-Gima, 2001).

.

.

(Hoskisson et al., 2000).

10

2.2. (TCT, Transactional Cost Theory)

(Hoskisson et al., 2000). (Hoskisson,

Hill, & Kim, 1993) , (Kogut, 1988)

.

.

(Peng & Health, 1996).

,

.

(Banga, 2007).

(agency theory) (nexus of contracts)

Hoskisson, et at.(2000)

.

(asymmetric information)

(monitoring cost) .

,

(Kogut, 1998; Hoskisson et al., 2000).

.

(Wright et al., 2005).

11

2.3.

RBV

. RBV

(context)

(Hoskisson et al., 2000)

(Leonard-Barton, 1992).

(Black & Morrison, 2010; Ichii,

Hattori, & Michael, 2012).

RBV

(Conner & Prahalad, 1996).

(spillover effect)

(Mahmood & Rufin, 2005; Peredo & Chrisman,

2006; Banga, 2007; Zhang, Li, Li, & Zhou, 2010)

RBV , , , ,

(Peng, 2001).

(liability of foreignness)

(Barney, Wright, &

Ketchen, 2001; Meyer, 2001; Peng, 2001; Miller & Eden, 2006; Lu & Ma,

2008)

(Chang, Gong, & Peng, 2012).

Peng(2001) (SOEs,

state-owned enterprises)

RBV

12

3.

. , ,

,

.

.

.

.

.

.

Keyword

Keyword

, ,

, ,

, ,

keyword

.

13

.

1.

1.1.

(System Dynamics) 1961 MIT Jay

Forrester [ (Industrial Dynamics)]

.

.

,

.

. (Forrester, 1961: ; , , ,

1999 )

( , 1999; Forrester, 1993; Richardson, 1991;

Richmond, 1993; Senge & Sterman, 1992).

.

.

.

.

.

.

14

.

.

1.2.

()

(dynamic feedback perspective)

(framework)(

, , , 1999; , 2007; , , 2009) .

,

,

. (time-based)

(feedback) , (holistic) (, 2008).

. , ()

,

( ,

2009).

.

,

.

, , (, 2008).

.

15

. , ,

,

,

.

- , , ,

, - (, 2007;

Meadows, 1980:31-36)

( , 1999:51, )

, (feedback) (closed

loop thinking, circular feedback system)

(circular

16

causation, two-way causation or feedback)

( , 1999:36; , 2007).

.

.

.

.

.

, (endogenous point of view)

,

(, 2007; Richardson, 1982:1-2; Meadows, 1980:30-31)

, (holistic) (operational thinking)

.

.

( ,

1999:38; , 2007) .

. .

, .

.

.

.

17

.

.

.

(High

Performance, 1994:30-31).

.

,

.

.

( , 1999:51, )

18

2.

2.1. (CLD, Causal Loop Diagram)

.

.

.

+, -

.

. (, +,

positive) (,-, negative) .

positive(+) negative(-) () ()

. A

B positive(+)

A B

positive(+, ) . A B

positive(+)

negative(-, ) .

. ,

, , + -

, ,

(R, Reinforcing, , )

(B, Balacing, , , )

.

19

A B AB

.

+

A (A) B (B)

A (A) B (B)

A B

.

-

A (A) B (B)

A (A) B (B)

A B

.

a b

A B

() .

.

R

(circle) +

(R, Reinforcing) .

.

B

(circle)

(B, Balancing) .

20

. (-) (-), 0

(+) . , ,

.

,

,

, .

, ,

, --

, --

.

(, 2009). , ()

() . ,

() . .

(3 ) .

21

2.2.

+, -

,

,

. (causal map, cognitive map,

causal loop diagram, influence diagram, word-and-arrow diagram )

(mental model) ,

(diagram) .

, . (Richardson, 1997; Sterman

2000).

()

. ,

.

.

.

, .

3

. ,

. , ,

,

22

(, 2007).

.

.

.

.

.

( ) .

.

. SSCI Top

.

.

23

1.

1)

2)

2.

,

3.

,

4.

+, *

+(), -, / -()

0

5.

BSC(Balanced Scorecard) ()

.

6.

.

.

(. , (2009), )

24

.

1.

2012 SSCI(Social Science Citation Index)

. SSCI

Top , Hoskisson et al.(2000)

2000 2012 .

1 emerging market, emerging countries, developing

countries , (Google Scholar)

. SSCI Top 1

. 1 1

2

.

, ,

.

.

4

5 , 55 .

Academy of Management Journal, Academy of Management

Review, Harvard Business Review, Journal of International Business

Studies, Strategic Management Journal. ,

. , , .

25

Academy of

Management

Journal

Academy of

Management

Review

Harvard

Business

Review

Journal of

International

Business

Studies

Strategic

Management

Journal

55 14 10 17 7 7

2000 5

Hoskisson et al.,Aulakhetal,

Peng & Luo,Khanna & Palepu

Dharwadkar & Branders

2001 5Li, &

Atuahene-Gima Ghemawat Meyer

Park & LuoKhanna & Rivkin,

2002 1 Li &

Atuahene-Gima2003 1 Gong 2004 1 Davies & Walters

2005 5

Henisz & Zelner,Mahmood&Rufin,

Peng et al.,Peter et al.

Khanna et al.

2006 3 Miller & EdenPeredo & Chrisman

Douma et al.

2007 1 Banga

2008 7

Vaaler,Lu & Ma,

Mesquita & Lazzarini

McCarthy & Puffer,Spencer

Ready et al.Cuervo-Cazurra &

Genc

2009 7 Feinberg & Gupta Kanter,Kumar,

Kale et al.

Miller et al., Malik & Kotabe

Meyer et al.

2010 7

Black & Morrison,DAndrea,

Marcotte & Morrison,

Henisz & Zelner, Tse

Bhaumik et al.,Gao et al.,

Zhang et al.,

2011 3

Johnson,Kumar & Puranam

Porter & Kramer

2012 8Chang et al.,Mair et al.,

Surroca et al.,

Swant

Ichii et al.,Jones,

Simanis,Thomson

()

26

2.

2.1.

(1)

. ,

,

.

(Park & Luo, 2001)

.

.

,

(imitation)

(spillover effect)

(Mahmood & Rufin, 2005).

.

(Mahmood & Rufin, 2005) .

.

Fixes that fail

,

Shifting the Burden (Archetype) (Peter, 1990; ,

2004; , 2008).

(Ghemawat, 2001).

(Johnson, 2011),

27

(Vaaler, 2008).

(Peng & Luo, 2000).

R (Reinforcing

Loop) .

B (Balancing Loop)

.

28

Reference

Dharwadkar &

Branders

(2000)

(-)(-)

TMT, ,

( )

Peng & Luo

(2000)

(+)

Pakr & Luo

(2001)

(+) ()(+) ()(-)

(-)

,

,

Ghemawat

(2001)

/// (+),

(-), (+)

(+)

, ,

McCarthy &

Puffer

(2008)

(Blat) (+) (+)

( )

Sawant

(2012)

(+) (+)

(+)

Khanna & Rivkin

(2001)

(+)

29

()

Reference

Peredo &

Chrisman

(2006)

(+) (+) (+)

(+) ()(+) (+)

,

Davies &

Walters

(2004)

(+) (+)

(+)

() (+)

(+)

Li &

Atuahene-Gima

(2002)

(+)

(+) (-)

(-)

(-)

(+)

,

Ready, et at.

(2008)

(-), (CSR)(+)

(+), (+)

Malik & Kotabe

(2009)

(+)

(+)

30

Reference

Li, &

Atuahene-Gima

(2001)

(+) (+)

,

Mahmood &

Rufin

(2005)

(vested interest)(+)

(-) (+)

(+) (+)

(-) (+)

Peng et al.

(2005)

(+)

(-)

(-)

(+) (delay) (-)

Vaaler

(2008)

() (+) (-)

() (+)

Johnson

(2011)

(-)

(+)

(+)

Mair et al.

(2012)

(, , ) (-)

()

31

32

R

, B1

(unintended effect), B2

. Mahmood & Rufin(2005)

() ,

. ,

.

B2 (delay)

. , 1

,

, .

.

R

(Peng & Luo, 2000; Sawant, 2012)

,

B

.

(2)

, ,

(Khanna & Palepu, 1997; Miller, Lee, Chang, & Breton-Mille, 2009).

.

(Ready et al., 2008). ,

33

(Henisz & Zeln, 2005; Peng et al., 2005).

(Dharwadkar & Branders, 2000)

(Khanna & Rivkin, 2001),

(Li & Atuahene-Gima, 2002)

.

. (Meyer,

2001; Li & Atuahene-Gima, 2002; Gao, Murray, Kotabe, & Lu, 2010). ,

, ,

(Mair et al., 2012)

.

.

.

(Peng et al., 2005).

(Li & Atuahene-Gima,

2002),

(Peter et al., 2005; Feinberg &

Gupta, 2009). (, 2006;

Meyer, 2001) (Li &

Atuahene-Gima, 2002)

(Mahmood & Rufin, 2005).

34

.

.

,

.

(Henisz & Zelner, 2005; 2010; Miller et

al., 2009) .

Peng et al.(2005) .

B1, B2 .

(In the short run, the

importance of institutional relatedness is likely to increase, and the scope of

the firm is likely to increase.).

35

(Khanna & Rivkin, 2001; Li &

Atuahene-Gima, 2002).

(The higher the level of financial market development, the narrower the

scope of the firm)

(In the long run, the importance of institutional relatedness is likely to

decline, and the optimal scope of the firm is likely to contract). R1

. Lu & Ma (2008) Li &

Atuahene-Gima (2002) . , R2

. Peng et al.(2005), Dharwadkar &

Branders(2000), Khanna & Rivkin (2001), Li & Atuahene-Gima (2002)

. B1, B2

.

(3)

McCarthy & Puffer(2008)

(relationship) .

(blat) (, guanxi)

(Park & Luo, 2001)

.

,

(Park & Luo, 2001; Peng

& Luo, 2000). ,

36

(Sawant, 2012; Peng & Luo, 2000; McCarthy &

Putter, 2008) ,

(Davies & Walters, 2004) .

.

.

.

(Park & Luo, 2001).

(blat, ) . McCarthy &

Puffer(2008)

. (Park

& Luo, 2001; Davies & Walters, 2004; Sawant, 2012) ,

37

/

(Davies & Walters, 2004).

(Malik & Kotabe, 2009)

.

, .

( ) (

) .

5 .

.

.

() .

. ,

R1

R2

.

.

38

2.2.

(1) Wayism

17 500 141

35.2% .

2009 500 68

11.2% .

(Black & Morrison,

2010; Ichii, et al, 2012)

.

Wayism

(Black & Morrison, 2010). , , ,

Wayism . Wayism

.

(Kale, Singh, & Raman, 2009; Chang, Gong, & Peng, 2012).

Wayism

. ()

, .

. (Black & Morrison, 2010; Ichii, et al, 2012).

.

39

Wayism

40

Reference

Gong

(2003)

(+) (+)

Delay (-)

(),

Douma

et al.

(2006)

(+)

/ (-)

(+)

monitoring effect(+) (-) (-)

(-)

()

Kanter

(2009)

M&A (+)

M&A (+)

,

Hoskisson

et al.

(2000)

(+)

(+)

(+)

,

()

Spencer

(2008)

FDI (+)

FDI

41

()

Reference

Black &

Morrison

(2010)

Wayism (+) (+) Wayism (+)

Wayism (-)

(+) (+)

(-)

(-)

: , ,

/

DAndrea

et al.

(2010)

(+)

(+)

Zhang

et al.

(2010)

FDI (+)

FDI (+)

,

FDI

Kumar &

Puranam

(2011)

(-) (+)

(+)

(+)() (+)

R&D

(+)

42

()

Reference

Ichii et al.

(2012)

talent (+)

investment (+)

Upper class (-)

Thomson

(2012)

(+) MNC (+)

(+), (-)

(-), (-)

Chang et al.

(2012)

(, , )(+), (+)

(+),

Sharing identity (+)

(+)

Meyer

(2001)

(+) MNCs(+)

(-)

(-)

,

Peter et al.

(2005)

(-)

(-)

Khan et al.

(2005)

(+)

43

()

Reference

Miller & Eden

(2006)

(-)

(+)

(-)

Gaur et al.

(2007)

(-)

(+)

Lu & Ma

(2008)

(restricted, less open market) JV(+)

Vaaler

(2008)

() (+) (-)

() (+)

Feinberg &

Gupta

(2009)

(+)

(+) (-)

,

Miller et al.

(2009)

(+) (-) (-)

(+)

(+)

(-) (-)

(local density)

,

44

()

Reference

Meyer et al.,

(2009)

JV(-)

JV(-)

(, , )

,

Tse

(2010)

Policy Risk MNC (-)

MNC (+)

Henisz & Zelner

(2010)

Policy Risk (+)

CSR (+) Policy Risk(-)

CSR

Johnson

(2011)

(-)

(+)

(+)

Simanis

(2012)

Operating Cost(+)

(-) Operating Cost(-)

BOP(Bottom of

Pyramid)

Surroca et al.

(2012)

CSR(+)

CSR(-)

MNC

CSR

45

(Shifting the burden) (Peter,

1990; , 2004; , 2008).

B1 . B1 R1

R2 R3 . R1

(Black & Morrison, 2010).

(Black & Morrison, 2010)

(Kanter, 2009).

(Kumar & Puranam, 2011)

.

BOP(Bottom of Pramidy, )

(Prahalad & Hammond, 2002; Ichii et al., 2012).

(Thomson, 2012)

(Mahmood &

Rufin, 2005; Banga, 2007).

.

M&A

(Banga, 2007; Spencer, 2008; Zhang et al., 2010),

(Gaur et al.,

2007), (Kumar & Puranam, 2011; Ichii, et al, 2012)

.

1, 3

. 1 .

46

(2)

(Gong, 2003;Kanter, 2009; Ichii et al., 2012).

.

,

.

(Simanis,

2012).

(Meyer,

2001; Li & Atuahene-Gima, 20502; Khan, Palepu & Sinha, 2005; Thomson,

2012). B1 .

, ,

.

.

.

.

. ,

.

(Henisz &

Zeiner, 2010). Henisz & Zelner(2010) CSR(Corporate Social

47

Responsibility, ) . CSR

.

CSR

(cultural competence)

(DAndrea et al., 2010).

CSR

. CSV(Creating

Shared Value, ) .

. (Porter & Kramer, 1999; 2002; 2006; 2011, Prahalad & Hammond, 2002;

Brugmann & Prahalad, 2007). , Porter & Kramer(2006)

(Value Chain) (Diamond)

(Strategic CSR) CSR

(Societal Value)

(Economic Value) CSV (Porter & Kramer, 2011).

CSV

. CSV

.

CSV ,

CSR .

CSR CSV .

48

CSR, CSV

-

++

+

-

-

-

+

++

+

+

++

+

+

B1R1

R1

CSR, CSV (Porter & Kramer, 2006; 2011;

Henisz & Zelner, 2010). Porter & Kramer(2006; 2011)

, ,

. CSR

(Porter & Kramer, 2006)

(Shared value) (Porter & Kramer, 2011)

(cultural

competence) (DAndrea et al., 2010) .

BOP(Bottom of Pyramid)

CSR CSV

.

49

CSR CSV

.

(Miller

& Eden, 2006; Gong, 2003; Thomson. 2012). R1

(DAndrea et al., 2010).

.

(Kumar &

Puranam, 2011) .

.

.

(Li &

Atuahene-Gima, 2002; Mahmood & Rufin, 2005; Peter et al., 2005; Meyer et

al., 2009; Thomson, 2012).

.

(Delay Effect)

B1 .

1 10 .

, CSR CSV

,

,

.

50

. CSR CSV

.

2.3.

(emerging giant) (Khanna & Palepu, 2006; Kumar, 2009; Black &

Morrison, 2010).

.

(Cuervo-Cazurra & Genc, 2008).

(Cuervo-Cazurra & Genc, 2008)

.

.

.

M&A

(Jones, 2012). ,

(complementary

competencies) (Kumar, 2009).

M&A

.

51

(Kale et al., 2009).

52

Reference

Johnes

(2012)

(+) (+)

Natura()

Bhaumik

et al.

(2010)

(-) FDI(+)

(-)

FDI(+) FDI(+)

,

Kumar

(2009)

(+)

(+)

M&A (+)

M&A

M&A

,

Kale

et al.

(2009)

(+) (+)

(+) (+)

M&A { / /

} (+)

( )

,

53

()

Reference

Gao,

et al.

(2010)

/(+)

/(+)

/(+)

/(+)

,

,

Cuervo-Cazurra

& Genc

(2008)

EMNE(-)

EMNE(+)

EMNE(+)

,

Mesquita &

Lazzarini

(2008)

SME / /(+)

(+)

,

,

,

Banga

(2007)

FDI ()(+) (+)

FDI ()(+) (-)

(-)

FDI

,

54

(2008) .

, R2 R3

.

.

.

,

.

(Reinforcing)

. ,

.

(Black & Morrison, 2010).

.

(Ichii et al.,2012),

BOP .

(Prahalad, C. K. & Hammond, 2002),

(DAndrea et al, 2010).

.

.

55

3. :

.

(, ,

) ( ),

(, )

.

,

.

,

,

.

.

(Delay)

.

.

.

,

.

,

.

.

56

CSR, CSV

++

+

+

+

+

+

+

+

+ +

+

+

-

+

+

+

+-

+

+

+ +

+

-

+

-

o r

+

+

+

R1R2

B1

R3

B2

57

.

1.

.

(, 2006; Eisenhard, 1989).

(random sampling) (theoretical sampling)

.

,

(Eisenhardt, 1989),

. (, 2006:11 )

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2009).

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Spring Industries(;2005) Coteminas() Kale, et al.(2009)

Godiva(;2007) lker Group() Kale, et al.(2009)

Novelis(;2007) Hindalco() Kumar(2009)

Citigroup Global Services(;2008) Tata Group() Kumar(2009)

St.AnneNackawicPulpMill(;2005)

Minacs Worldwide(;2006)

Hindalco() Kumar(2009)

Tetley(;2000), Corus(;2007) Tata Group() Kale, et al.(2009)

Carlton International(;2001) VIP Industries() Kale, et al.(2009)

Axon Group(;2008) HCL() Kumar(2009)

Mount Gordon(;2000)

Nifty(;2003)

Hindalco() Kumar(2009)

OZ Minerals(;2009) Minmetals() Kumar(2009)

( )

( )

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(, Kale, et al. 2009:114 )

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, ,

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.

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1965

.

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1976

1978

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1992 GM 100%

1993

1995

1996 ()

1998

1999

2000 ,

2001 GM , (MOU)

2002

GM

()

()

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65

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.

625

.

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.

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616 660 740 816 866 909 956 998 1,046

199 169 150 275 320 369 329 311 301

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2007 ,

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78

2 3 4 5 6 7 8 9 10 11

2003.1~2003.12 2004.1~2004.12 2005.1~2005.3 2005.4~2006.3 2006~2007 2007~2008 2008~2009 2009~2010 2010~2011 2011~2012

148,889,491,911 165,597,134,428 136,835,795,619 153,537,569,041 206,105,333,698 231,529,014,397 204,874,892,297 348,237,852,654 254,400,079,995 306,817,745,173

127,140,843,510 125,006,444,705 126,854,861,614 129,917,334,071 141,010,490,269 189,057,190,321 255,021,562,389 265,045,567,513 277,843,782,914 253,339,698,815

276,030,335,421 290,603,579,133 263,690,657,233 283,454,903,112 347,115,823,967 420,586,204,718 459,896,454,686 613,283,420,167 532,243,862,909 560,157,443,988

61,859,321,998 114,617,377,818 53,390,088,730 74,754,655,758 122,618,118,919 149,366,931,382 157,537,815,941 298,380,289,998 173,491,549,325 214,514,718,628

70,445,928,832 17,495,455,522 50,566,553,552 35,500,245,577 29,915,587,814 44,513,807,596 61,036,248,101 48,066,057,189 78,837,852,857 68,951,753,889

132,305,250,830 132,112,833,340 103,956,642,282 110,254,901,335 152,533,706,733 193,880,738,978 218,574,064,042 346,446,347,187 252,329,402,182 283,466,472,517

87,768,665,000 15,080,300,000 15,080,300,000 15,080,300,000 15,080,300,000 15,080,300,000 15,080,300,000 15,080,300,000 15,080,300,000 15,080,300,000

47,585,785,853 154,264,446,808 143,403,772,201 143,403,772,201 143,403,772,201 143,403,772,201 143,403,772,201 143,403,772,201 143,403,772,201 143,403,772,201

81,451,951 108,808,323 133,236,948

8,382,472,638 -10,860,674,607 1,245,885,807 14,709,028,407 36,103,045,033 68,221,393,539 82,838,318,443 108,271,548,828 121,321,580,203 118,073,662,322

-11,838,900 6,673,592 4,056,943 6,901,169

276,030,335,421 290,603,579,133 263,690,657,233 283,454,903,112 347,120,823,967 420,586,204,718 459,896,454,686 613,283,420,167 532,243,862,909 560,157,443,988

(2003~2012, )

79

2 3 4 5 6 7 8 9 10 11

2003.1~2003.12 2004.1~2004.12 2005.1~2005.3 2005.4~2006.3 2006~2007 2007~2008 2008~2009 2009~2010 2010~2011 2011~2012

265,545,508,757 296,009,214,278 70,898,058,390 364,939,932,630 493,658,359,272 713,864,881,876 673,073,057,784 683,815,944,248 726,665,517,881 763,468,338,475

231,521,136,319 259,055,790,572 60,678,640,112 306,050,608,832 416,897,257,897 593,768,135,193 548,266,684,865 590,059,810,772 626,522,279,090 670,803,077,426

34,024,372,438 36,953,423,706 10,219,418,278 58,889,323,798 76,761,101,375 120,096,746,683 124,806,372,919 93,756,133,476 100,143,238,791 92,665,261,049

17,525,450,369 25,992,246,338 8,481,315,130 40,171,927,112 49,628,963,754 62,194,261,542 65,541,323,606 70,263,901,787 82,038,957,448 87,615,314,521

16,498,922,069 10,961,177,368 1,738,103,148 18,717,396,686 27,132,137,621 57,902,485,141 59,265,049,313 23,492,231,689 18,104,281,343 5,049,946,528

1,730,416,322 10,700,398,665 3,225,451,832 4,422,483,738 6,446,277,536 5,558,177,746 33,762,671,290 18,763,943,644 12,938,986,229 9,911,082,985

7,744,957,810 10,052,694,888 3,454,182,947 5,195,043,601 4,314,816,912 10,630,049,755 44,451,851,931 10,857,426,304 12,254,084,322 8,535,721,405

10,484,380,581 11,608,881,145 1,509,372,033 17,944,836,823 29,263,598,245 52,830,613,132 48,575,868,672 31,398,749,029 18,789,183,250 6,425,308,108

222,000,000

27,098,824,983

10,484,380,581 -15,267,943,838 1,509,372,033 17,944,836,823 29,263,598,245 52,830,613,132 48,575,868,672 31,398,749,029 18,789,183,250 6,425,308,108

4,007,771,771 3,775,403,407 263,486,226 4,481,694,223 7,869,591,619 14,680,144,626 14,354,553,768 5,965,518,644 2,723,091,875 4,395,120,989

6,476,608,810 -19,043,347,245 1,245,885,807 13,463,142,600 21,394,006,626 38,150,468,506 34,221,314,904 25,433,230,385 16,066,091,375 2,030,187,119

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20102011

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88

12

15

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25

30

35

35

2004 51,549 49 33,905 936 16,078 323 106 151

2005 50,747 42 31,816 832 17,213 590 108 146

2006 51,095 38 30,874 707 17,787 1,428 100 161

2007 51,906 32 29,286 698 17,874 3,863 96 157

2008 51,622 30 27,427 483 7,341 6,062 112 167

2009 53,138 30 26,858 440 16,835 8,676 118 181

2010 54,966 29 26,467 390 16,168 11,627 105 180

2011 55,784 59 25,999 357 15,497 13,594 95 183

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. ,

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2008 231,281 122,926 108,355 125,063 62,409 62,654 14,339 10,294 4,045

2009 234,205 142,570 91,635 112,872 65,501 47,371 13,812 11,186 2,626

2010 254,528 165,291 89,237 138,268 70,261 68,007 16,024 12,110 3,914

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, , (: )

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.

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101

(1993) :

, ,

: CEO (2004-2012)

: 1(2005 )-29(20012 )

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Abstract

Study on Emerging Market Entry Strategy

- System Dynamics Approach -

Chung, Chang-Kwon

The Graduate School of Business Administration

Seoul School of Integrated Sciences and Technologies

Advisor: Lee, Dong-Hyun, Ph.D.

Advisor: Lee, Hyun-Joo, Ph.D.

The worldwide recession and stagnant growth in developed countries make

CEO getting interested in emerging market because of higher growth rate and

growth potential of it. 480 of the Fortune 500 companies, which have been

already operating in the emerging markets, are the evidence. But many enterprises

in developed countries, mainly in the case studies of the failure of Japanese

companies,which are regarded to have successful strategies in developed countries,

have not succeeded in emerging markets due to the very successful strategy

applied to developed market. Point is therefore that research on emerging markets

that have a unique structure is urgently needed.

The reason is as follows: First, emerging market cannot be interpreted by

the theoretical framework which is made in the developed countries. Secondly,

emerging market cannot be reviewed as a homogeneous research unit as developed

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countries, because emerging-market countries have their own culture and

time-table for market-opening.

Main topic of this study is the characteristics of emerging markets, the

strategy of entering emerging market, and the expansion strategy of emerging

giant into global market. Three theoretical frameworks are selected to show

the characteristics of emerging markets, Institutional Theory, Transactional Cost

Theory, and Resource-based View. However each theoretical framework can be

useless in practice without integrating view in order to have a holistic view on

emerging market issues.

As a methodology, this study suggests a set of Causal Loop Diagram (CLD)

which integrates a series of causality mechanism drawn from literature review.

In order to make CLD more objective, all causalities are articulated from recent

55 studies (2000~2012) of SSCI Top Journals. This approach is valuable in that

it is a first try to draw all the causalities from rigorous literature review regarding

emerging market strategy. The 8 CLDs will show and clarify the strategies of

how to expand into emerging market for MNCs. In sum, political activity and

institutional void is a critical factor related to characteristics of emerging market,

and CSR/CSV and cultural distance should be considered as a leverage point.

For all this studys contribution to clarify the causality of emerging market

strategies with abundant literature review, the study has its limits in integrating

and testing CLD.

Key words: Emerging Market, Emerging Giant, Institutional Void, CSV,

Cultural Distance, Causal Loop Diagram, Systems Thinking

Student Number: 0902001014

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