The Impact of Internationalization on the Performance of Venture Firms: Focus on Quantitative Indicators

초록

This study investigates how the internationalization of Korean venture firms influences their revenue by utilizing data from the Detailed Survey of Venture Businesses between 2016 and 2023. We define internationalization as the degree of firms' overseas business activities, encompassing exports, imports, and foreign affiliate establishments. Since the survey is cross-sectional and not a true panel, we construct a proxy panel dataset by aggregating firm-level characteristics based on industry, location, age, and developmental stage. Using pooled OLS, panel fixed effects, and system GMM estimation, the analysis examines both the direct and heterogeneous effects of internationalization, including exports, imports, and the presence of foreign affiliations, on firm revenue. The findings indicate that international activities, particularly exporting, are positively associated with revenue, while excessive diversification of import partnerships generates diminishing marginal effects due to increased coordination and management costs.

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