기업위험과 경영전략변수와의 관계에 관한 연구

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.