S84 2 ALel2 E43 Beet SHE| AMALIE ZS OPES AE Ao| Tet Supporting Market Entry Decisions For Global Expansion Using Option + Scenario Planning Analysis uae are team Kim, Byungil Kim,DuYon Han, Seung Heon 2 CT As AAAS ABS Aas BA, W718 AF-S 7199] A714 FAs BRE She ZSAE7} S7tshs BANs Ho] 2}, AAA UH AS HLAE Selo] WA bagechs F- B1Ael Ba HAS Welsobske Be BAA ASU BHO) HE MAS Asa eh, wed S--W14y BVA ae ASH Alo] ASS BASE BAS ASS] 194, ASU SS WIA! Br > We MA 710 BHAI Bao] Achat BH + ech. 84] wt Olatet 712} AAAs Sapagay Beste] FACS BEA 7-YIB7S at RSslo] 2 AGSSMNAS Alte] MSA BAIS welsh: lol WAS 71a IC. ep & Apo AER Ao] 7122194, ho] Wada) Ae U9] B74 Lol 4182] HAMAS Wa + Ue Bs Aes} sac, Ache AS sae! ws PIES Sa Ae 4H, Sh, F8 SH CS FR Na USES Fla eoe waste] dé de Bt + Wo Of, Ae]o BAS Fab ate! AAS Bae] BAS AAT LH BES Asa B alte) alah AS WAU SS] BSS SH ae] AAAs ASS AM GAIN WA MAPS AUT + US Aes 7] etch. IME : S42) Zs AE IS, UB SM HAL AUele Sa alan ey LM APSAEmarket entry)°| EBA WAS AS S187) U Mule ASKS 212.54|(Helfat and Lieberman 2002), BAe ao|Ay Wee Alelajez wol4l Algol ANF ABAS ASSP] Hel WSK: BHO) Mase. AAA OARS lela ate] Are AS9) US Aaeks KS S87] Hate] AA) A(Rivoli and Salorio 1996: Mascarenhas 1997), 41&*)¢\(Dunning 1988; Li 2004), “19 WMadhok 1997; Delios and Beamish 2004), $@HH (Hu and Chen 1996; Park and Kim 2005), #41(La et al *aMiIe, AAI ESSA) OI, Kimayonsel ae ke 1995; Kang and Kim 2005) 5-2] ofol] all BRE G57b + Bch. S43] ASA We FRALE |All Al (Licberman and Montgomery 1988: Castro and Chrisman 1995)3} 42442 3}2l(Robinson and Fornell 19 Kalyanaram and Urban 1962/14) 214} oe 77+ cerobl PBSlaAct Staab, Bz\o= aolzld HopoApS ABE] AEN Het AH7} mS HBA ABolct, oleteh OF SRS Wess] Sol) 7ieleksel, Az ea a7) So ais] Ald S°] Beas dso] Usa Aas WD US7] MOIR BOs AbReleh, OAR slay apy AS BRE HS] WANS AAA 7/319] JOR BBs] 1, AHL BASShY MA F B-Ae, Sele, cagedbieds yonse ac kr wo BALAI, lacie ES Bapsh aes, SohularAlsa), shhsOIBOyonsel acer ‘serceamtattisl es mow ee zoogd 98 135Beara tet wth: £990] Ws BRAS Wet dS2l4S HEP She Row Uilshe ASM, Bel a5 Ee 7lteaach= RAE So] AS MP7} HE OF] SeHaselekis and ‘Talukhabs 1998; Hestak and Shaked 2000; Han and Dickmann 2001; Kapila and Hendrickson 2001; Chua et al, 2008: Andi 2006). 82/91, 4132 247129] sho] dai ABS ASAO|D Walsh SH BER Bo|at 2Oo\Chen 2008), 87141 Baal APHaae Bel Apa ge alge ‘She G79] Bago] ESD Ach Ee, sHolVssr BS Zo) Aasoluy Hs Be), aslo] he lees ofall left 4} S7}eiat Qo] eel weaerte ARLE RSF BE AS BO] VBL U7 Med AAA! AoA S87] Hel BAA AFIS AVYAS + WE Ato] Bao} a 734 9), ‘the, APHe AS 71ele] Set AeFzlel alates] at LEA, ANP4 Plo] Het a8 BES Fal Belial olay BAe Wa + Ue, BEAS Hel Widiscounted cash flow method) S83: 7)50l 72187104 SS] eu, EHS EAA }Alinet present value! BE 7] ‘o] UjHEAo|z} @ 4 GlcHCopeland and Antikarov 2001), Oleg YESS Fxpge} ReaME Boley] Seb Bysp B YATE free cash flow)S BASHA ast = Ve WAS ANE BACH, ‘SPR, 71839 HS Sa BSS OH LD, AMS BAMA VA SSMS aohs Feael £4] Dols, Okt Be SS A712 BE PLWH ol S71 =H AVE Ue. AS Sol 7iglol ate] Aaa das MU Sol geal BWRPol 2.842 Be Sab Sel 71z, LN) 3 FAS Sol Wee S ARNG belo] veel el, 1a BSS SAA 7a Mealzizlok= Malt ‘SIE, 1 BE AE Lt HSS) Bhs Bes] stato} 7P)R7t Al plete] ESS Tele lehssh ela ABS BE + Ve WE ZA(real option analysis, ols} ROAIDE Ze: 7150] Haka] o.g BRED akeh, B Ute le) We Was Ede Asso] ae] As AB AS BAS EOL AS, ASA, MES 2 AQANGS FAR Daslo| APA PPS PP BLS HSI Get, OF Hel ROAS A}UpeS. te S Masi} Wie Y Aaah IS Ach! Ae SS Fst oS Ato] SES AAls}aLay Beh. AF] Bz} e 0} tt RAAT Erle 7]eo] sho] Walt WS chs ste] Roe Wish: pag eas Ms sel get. 136 waensaem sey moa abe 2000 om 2.47Se ASGUS Wes AIS Wess oh} lo] ASA Aol 29] GAS F¥s/] sate} Saleh MILE 71M) al ABSA ABA) SSslo) Aye} Asst Yer (Copeland and Antikarov 200), 2a#oto} thal i $3 © a7) 4 ple Hale}, 3 eae Avot Be Bee) Ag hed Lol Bet ItHGarvin and Cheah 2004; Ng and Bjgmnsson 2004), 5 WE REMI PAE 4b2 G80] UtHCheah and Liu 2004; Huang and Chou 2006), #¥4o2 dade Hoe Rbayh Y eke AR: ASMA WeshS AO] GHA: uf, et Soh wheAele] Segaletol wet +29} Bele! BIN4o] HFs}o} Ofetet taste] AVAls|at his Ale. 2B welch, vlale-os 7) g7} ae! 71&zHHunderlying asset}of] 4P@H Gls AES He) wrest 7 7HA]9] Agata ASHE} QCHNg et al. 2004; Qingbin et al, 2004; Mattar and Cheah 2006; Neufville et al, 2006; Qingbin et al, 2008), e324 Zel, Aalst] ROA Ba AH ere Pasiat Ue, BAH ge] see solely aaah Weel Ae oF] ANESIL Ga] ZH, “Le|at 79] ROA AS] AHA) 7H1B7t PES) tsa Aeeds) 71S waste} 7122HI9) le Ab AsvACK: HF ols shat Aah, 7b Abell BAS FT No] BRO] Bola] wee) & Hs ahevaAy AS] SBS WHOL At Ao] ASF YES Ae] © BAe Aa Bellas alata} eet, Se} GEES HE US| SAS] 7A] AAA BRS oaks FA Bees al a AS allel] tok 4G] jee Wy Wows BAS WET Se FR UE Hel AVES PALE WAL U. MR, ROAM M8} diate] ARPA 7S See] Heb of Sh Sal }zjague] Bexar Ach, ©] SOI ola ‘Albinomia) trode: SH] Ws] Bt gS] 7b AL EH ME Fel PRS WoSOZN ABATE ABS] POLE AAO ose + Qo] WAS ght ABs Io} A ‘WelcHGarvin and Cheah 2004), eM & SFOS O18 BRS sb] AEG BLS B7b haat ae, 3. HES! 71Ho| oie] AAS SS ROAS BeOS Lee} Zo] A AL AAO} het patelUh ORE B2hoH ube eS 4 OPol] A OlfeS Res ‘Bol hol AA ae BS pHs} eh. Tah. ae Se BA Sas 3.1 8I7H7 1A | (Gtatic NPV) APS. ROAE BSAC 7AB7t 7A! AA SAA1Aistatic NPV)S als lachs wet} 4219] YYo|ae ROAST A Boi7lh IH WSAel Woh We} Fe - AS BS 7} SU AACS ASS Bart Uch & att APaSH ae SAME 719] AQ] GAS DES Hos Bee $9) ofl SSH AS RAVE Set Aas] HHI 71 HAO] eB + act. leat 71REE| ISL. oF Boks] Ha BS F Shs A gat tts] Sasser], gel Yat Saale Wo dasicHArmstrong and Brodie 1999), # He BAA YAS Gees, Ag7|G9 soy BESS BolT Nous chert wloles "Ssh F] At gol F BAN HS Sees | Baal Masel aby (extrapolation modelo 7P$ We] ALS SIT We ABE ‘Wlexponential smoothing method 28-81] Aes @13+ ASS SH, ©] AS Ait Mato] Magehs Als Bebsleh, o] BAS Wie] WSake VSsloj Haye] ge af 4a a2 ABol ol Be ahs Foltoeay ose SWS meh es SHo1S7)Yol4 Ge] 18-5|31 3h oh, AZ} Bo] AAS W]e] BE yle]elo] Ashe] 27a] ANH, alt] Blolejoh e] Ghe- SARS BAEch. %+all-a)%ptall-aPZ y+ (1) 1A ABR, Zeat719] A SARA AG 78s Slate WAT Osa) Bayes St ds Asset} BattS22Kmean square error)7} 1491 glo] tebelch, Be gB0| SF Ad Jase 9 AteIo WE BBO! we NY am One ree me Ho] PLUS TE BL Ao] wee 71Gol ah A7lol] AS BAA elolel7} SAA BF 1S HGH, vlot Easy] et 339 B79} Ht, AE We GDP Wo] BARE est 9) ABS BB SHe Wehs ALANS} gct, A, Maa] AF, ABW AS) BS BBL BAH Oe} FAS AS IES U7NF-Lo] 24] Got of 29) ages 27] ACh. SRL, WAS ao] WA, AAA] Away Ee BAS HO 40}4o] ofspe} a} AP} 7) oHEONKHan et al, 2007), ole HAS El) BE Balok Meh, Val, BASS AaMel7toy aul] S aag oh Bead Poe Wie] WEKeel Hulett ket, ola tees 7189} Heol Me} ete Aol] Acael 7] Eo We aS abt Uh we ad eee 2005} Batsjo} Heh Be Heese aatatattt. ©] she Shy 227} 71¢o] feelatel $ 6de] Rese eo} ave] see ashe, Shilo) adel ae gol whe B BAL WBE esate et auysls AI oR= 71 ad + achat ae. 51 APH 871 Sa Be (ask) a E = a ae wos | rae | moe | Wee am OW, 1S So) SS ]2| 74 ge 1 SS AA aH ele 7} AAS IHS 1 wR x 100,250%=100.25 we Abe, uggs 22712 A) FUSk: whe, AS Se geet wel cet SAS Bey] slo} 21a, vel, V4, HARRA GS AalsKS a] RASS HSL} US So} EGA}, ofe|t FB Take) Al Aas Kesha E29} Beh 2, PEO FARIA Al ase oe BBINBA BSA me} Sto] US + WOVE ROAS Sal ole BSS Tele BAAS] Act. 4 static NPV] HAI] 7117} ZA 2 Ga8el S47 ldynamic NPVIS FEleh, eh fe & Phe WME eASS| YAS WT ons st AA wet ofelels Arye, oll 2H Wael eecieatcin =eu mom ms zoorson 137