Internationalization of Korean banks during crises: The network view of learning and commitment |
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| Institution: | 1. Department of Management, Inje University, Gimhae City, South Korea;2. Fund and Pension Division, Korea Capital Market Institute, Seoul, South Korea;3. Yonsei School of Business, Yonsei University, Seoul, South Korea;1. Department of Economics & Management, University of Pisa, Via Ridolfi 10, 56124 Pisa, Italy;2. Department of International Business and Economics, University of Greenwich Business School, Old Royal Naval College, Park Row, London SE10 9LS, UK;3. Max Planck Institute of Economics, Evolutionary Economics Group, Kahlaische Straße 10, 07745 Jena, Germany;4. Department of Political and Social Sciences, University of Pavia, Corso Strada Nuova 65, 27100 Pavia, Italy;5. WHU – Otto Beisheim School of Management, Burgplatz 2, 56179 Vallendar, Germany;1. School of Business and Economics, Loughborough University, Loughborough, LE11 3TU, United Kingdom;2. Business School, University of Glasgow, Glasgow G12 8QQ, United Kingdom;1. Department of International Business and Trade, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemun-gu, Seoul 130-701, South Korea;2. Division of Behavioral & Organizational Sciences, Claremont Graduate University, 123 East 8th Street, Claremont, CA 91711, USA;3. Department of Business Administration, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemun-gu, Seoul 130-701, South Korea;1. University of Bari, Department of Economics, Italy;2. LUMSA, University of Rome, Department of Economic and Political Sciences and Modern Languages, Italy;1. University of Wyoming, College of Business, 1000 E. University Avenue, Laramie, WY 82071, United States;2. Elon University, Martha and Spencer Love School of Business, 100 Campus Drive, Elon, NC, United States |
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| Abstract: | This study addresses the effect of crisis on bank internationalization from the perspective of network theory. Employing the internationalization process (IP) model, we particularly examine the role of learning and commitment in overseas expansion for banking services under stable and critical periods. Following the IP model and business network approach, the study develops a theoretical view for analysis of international banks from South Korea. South Korean banks are selected as they experienced two global crises, one in 1998 and the other in 2008. Findings show that while the first crisis in 1998 stopped internationalization, the 2008 crisis stimulated firms to find new markets, especially in developing countries. Different from the studies showing that commitment increases in stable periods and decreases in crisis, this study contributes to the finding that experiencing earlier crises enhances learning and increases commitment needed for expansion and strengthening of the business network. |
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| Keywords: | Business network Crisis Internationalization of banks Internationalization process Korean banks Learning and commitment |
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