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How does operational risk in supply chain affect stock returns? role of capacity utilization in reducing income volatility

DC Field Value Language
dc.contributor.advisor황인이-
dc.contributor.author이매리-
dc.date.accessioned2017-07-14T05:23:15Z-
dc.date.available2017-07-14T05:23:15Z-
dc.date.issued2017-02-
dc.identifier.other000000142247-
dc.identifier.urihttps://hdl.handle.net/10371/124748-
dc.description학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2017. 2. 황인이.-
dc.description.abstractKnowledge and insights on supply chain operational risk is accumulating and consolidating rapidly. This study aims to fill in a relatively less explored area of supply chain risk by assessing the impact of operational risk on income volatility and stock returns. We present two sets of empirical findings. First, we compare operational risk across upstream and downstream industries. Compared with companies in downstream industries, those in upstream industries have little opportunity of outsourcing and have to commit to the long-term production resources for themselves. Our empirical tests show that upstream firms operating income is more volatile and, as a result, their stock returns are lower compared to downstream firms. Second, in our attempt to better understand a channel through which operational risk affects stock returns, we find that high income volatility in upstream firms is attenuated when capacity utilization is high. In sum, our results suggest that operational risk in supply chain affects stock returns through limited production activities amplifying the impact of fixed costs on earnings stream.-
dc.description.tableofcontents1. INTRODUCTION 1
2. LITERATURE REVIEW 7
2.1. Supply Chain Operational Risk 7
2.2. Supply Chain Operational Risk for Upstream Firms: Demand Uncertainty & Outsourcing 8
2.3. Impact of Supply Chain Operational Risk on Operating and Stock Performances 11
3. THEORETICAL DEVELOPMENT AND HYPOTHESES 12
3.1. Maintained Assumption: Transfer of Operational Risk in a Supply Chain Relation 12
3.2. Stock Performance across Supply Chains and the Mediation Effect of Income Volatility 13
3.3. Implication of Capacity Utilization in Understanding the Operational Risk 14
4. RESEARCH DESIGN 17
4.1. Estimation Models 17
4.2. Industry Classification 19
5. EMPIRICAL RESULTS 20
5.1. Sample Selection 20
5.2. Empirical Results 21
5.3. Additional Tests 27
6. CONCLUSION 31
REFERENCES 34
요약(국문초록) 55
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dc.formatapplication/pdf-
dc.format.extent436458 bytes-
dc.format.mediumapplication/pdf-
dc.language.isoen-
dc.publisher서울대학교 대학원-
dc.subjectSupply Chain Performance-
dc.subjectUpstream Industries-
dc.subjectOperational Risk-
dc.subjectIncome Volatility-
dc.subjectCapacity Utilization-
dc.subject.ddc658-
dc.titleHow does operational risk in supply chain affect stock returns? role of capacity utilization in reducing income volatility-
dc.typeThesis-
dc.description.degreeMaster-
dc.citation.pages55-
dc.contributor.affiliation경영대학 경영학과-
dc.date.awarded2017-02-
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