In response to the 1997 Asian financial crisis that devastated the Korean economy, the government performed promotional efforts, comprehensive structural reform, and implemented policies to create a favorable environment for foreign direct investment (FDI). While the Korean government announced deregulation plans to support foreign companies, the public also became more aware of the need for foreign capital to overcome the crisis and revive the economy. The change of atmosphere and the perception on the need to induce the inflow of foreign capital provided the basis for this study. In addition, the crucial role of foreign multinational companies and their efforts to achieve market recognition in a more comprehensive way have provoked this study on the localization of foreign multinational companies in Korea. Investment purposes, entry methods, and the degree of competition by multinational companies in Korea were the variables that lead these companies to respond to localization.
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