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기업위험과 경영전략변수와의 관계에 관한 연구
A Study on the Relationship between Business Risk and Strategic Variables

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Authors
이송근; 서정락
Issue Date
2001-09
Publisher
서울대학교 경영연구소
Citation
경영논집, Vol.35 No.2/3, pp. 357-379
Abstract
The purpose this study is to analyse the relationship between business risk and important

strategic variables — advertising expenditure, research and development, capital intensity,

inventory and debt — and to apply the results to strategic risk management for firms and

industries.

Data were collected from randomly selected 117 Korean firms listed on the Seoul Stock

Exchange during the period of 1992-1997. Regression analysis provided satisfactory test

results to hypotheses of the relationship between risk and strategic variables.

The empirical results indicated that advertising expenditure was negatively and

significantly related to the risk while capital intensity, inventory, debt were positively and

significantly related to the risk. However, the relationship between research and development

and the risk was insignificant.

These results imply that Korean firms should change the strategic priority from expansionoriented

strategy to profit-oriented strategy in order to reduce the business risk by increasing

investment to research and development and reducing the level of capital intensity, inventory,

and especially debt.
ISSN
1229-0491
Language
Korean
URI
http://hdl.handle.net/10371/43651
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College of Business Administration/Business School (경영대학/대학원)Institute of Management Research (경영연구소)경영논집경영논집 vol.35 (2001)
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