• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.851-861
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• 2021

This study aims to explore the specific risks in family small-medium enterprises (SMEs) and explain how they manage these risks to sustain and expand. In Indonesia, family business composes around 95 percent of all businesses and contributes about 80 percent to the country's economy. SMEs contribute approximately 57.8 percent to the nation's gross domestic product. Risk management poses challenges to the family business's survival, as family members do not take actions on risk. The assessment of risk is difficult and family businesses lack the ability to determine risk management priorities, including risk management review processes to evaluate risk, thus leading to family business failures. Applying the case study approach, in-depth semi-structured interviews were conducted in seven family SMEs comprising fifteen informants. Additionally, a focus group discussion consisting of three experts is conducted to reaffirm the findings from the interviews, observations, and field notes. The research identified the specific risks and how the family owners strategize to safeguard against these risks such as cash flow deficiency, operations dysfunction, cultural frailty, disharmony, transgenerational entrepreneurship failure, political uncertainty, and unprofessionalism. Comprehending these risks and their strategic decisions elucidated in this research could enable the family owners and key non-family professionals to work hand-in-hand to thrive over the family business risks together. Further avenues of research regarding family business risk management are also suggested in this study.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.125-141
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• 2020

This study examines the effect of founders' strategic orientation and social capital on the performance of startups in Korean contexts. Founders' strategic orientation is proposed as the main factor to reduce the risk of failure and to increase the potential of future growth of the startup. Three main components of strategic orientation, entrepreneurial, market, technology, were simultaneously tested with a sample of Korean startups. Furthermore, founders' social capital, networks with supporting entities and the level of chemistry within founding members were also proposed to be important factors. We also tested possible mediating effects of social capital on the main impact of strategic orientation. With a sample of 79 startups founded less than 5 years in Seoul Metropolitan Areas, we found that technology orientation of founders only significantly increases the performance of startups, but both entrepreneurial and market orientation do not. Regarding social capital effect, the external networks of the founding members are effective as proposed, and also the high cohesiveness of founding members increases the startup performance. However, the mediating role of social capital is just partially confirmed. The implications of our findings, in both sense of firm's strategy and startup policy, are discussed. This study is expected to be a bridge connecting firms' strategy with startup policy-making in Korea.

• Asia Pacific Journal of Business Review
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• v.5 no.1
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• pp.11-19
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• 2020

This study is a review on Risk analysis of foreign direct investments in innovative projects of Uzbekistan. The study will examine SWOT and PESTL analysis as an effective situation analysis tool which plays an important role in the fields of management, marketing, and in any fields of requiring strategic planning. SWOT is an analysis method used to evaluate the 'strengths', 'weaknesses', 'opportunities', 'threats' and PESTL is an analysis tool used for measuring the 'political', 'economical', 'social', 'technological' and 'low' risks involved in a various sphere of economy. In this study, firstly the essence of SWOT and PESTL analysis is explained, secondly the components of SWOT and PESTL analysis is examined. The paper includes risk analysis for further investigation to innovation sector of Uzbekistan economy.

• Journal of Korea Trade
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• v.23 no.5
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• pp.45-65
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• 2019

Purpose - As the well-known Structure-Conduct-Performance paradigm implies, risk structure of a corporation may affect its risk management activity and the activity may in turn determine its performance. Depending on its goal, Foreign Direct Investment (FDI) can shape its risk structure, risk management and its performance. Under this assumption, we investigate the relationship between the goals of FDI and risk management for the first time in academics. Design/methodology - This empirical research uses a survey of 279 current Korean enterprises' FDIs in China with the recently developed business risk quadrant model. Companies are classified into either a market- or an efficiency-seeking group, to identify how each group perceives and manages risks, and values the performance of risk management. Also, we apply integrated risk management method that multinational corporations have introduced in China, then verify the mediating effect between risk factors and performance. Findings - Our research shows the FDIs can expose themselves to differing risk structure although risk management activities simply represent the level of empowerment given to local management by headquarter due to limit of sample size despite diversity of risk and risk management tools. To sum, market seekers are found to have more strategic risk (revenue related risk) than efficiency seekers with financial risk (cost related risk). The market seekers can manage their risk by empowering their local organisation while the efficiency does the opposite ways. The risk management appears to be successful in general. Originality/value - Previous studies on small and medium enterprises' FDIs to China have concentrated on the analysis of entry determinants, withdrawal factors and individual risk management. Meanwhile, this research establishes enterprise-wide risk factors faced by the companies that advance into China, according to the method of the classification by ERM and verifies if they could synthetically improve performance through risk corresponding measures.

• Journal of East Asia Management
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• v.1 no.1
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• pp.29-49
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• 2020

In an intensively competitive global market, small-and medium-sized firms are puzzled about how to develop sustainable competitive advantages against global rivalries, thus leading satisfactory economic performance. However, despite the roles and contributions of such small-and medium-sized firms in the local community and national economies in Japan, little guidance has been offered to the practical issues related to their strategic behaviors toward global management. To fill this notable knowledge gap, this study aims to investigate the conditions in which how Japanese small-and medium-sized could dominates global market, which is one of key challenges in the literature of small business and entrepreneurship. To obtain better insights to this research area, this study undertakes an in-depth interview survey with I.S.T (Industrial Summit Technology) Corporation that shows off the highest global market share (40 per cent) with seamless polyimide tube product widely used in office automation equipment (e.g., copiers and printers). This method of survey is designed to deeply understand historical considerations about how I.S.T Corporation could dominate in the global market of such seamless polyimide tube product. Based on findings drawn from an interview, this study identifies five major factors enabling I.S.T Corporation to be a competitive global hidden company: vision sharing through founder's entrepreneurship, core competence, strategic network, risk management, and employee engagement. Specifically, to become a global hidden champion, sharing the vision motivating employees to partake in shaping company's future will be the first step on the road to global success through founder's entrepreneurship. However, in order to achieve such a vision, the importance of company's core competence cannot be overemphasized, which differentiates your customer solution with those of competitors. As such, a group of experts will be naturally formed and demonstrates your expertise in the global market, thereby building sustainable competitiveness. On the other hand, to maintain sustainable competitiveness, it is necessary to make up for the weaknesses small-and medium-sized firms suffer from competitive resources while strengthening their own strengths through strategic networks with external organizations. Here, every company has to understand the critical role of risk management, which is essential in this process of being global company so as not to lose your own strengths. Last but not least, do not forget the significant effects of employee engagement in firm performance. To enhance employees' engagement, a company has to create an ideal organization culture which fits into company's history and personality. In doing so, such organization culture can allow the vision and strategy to be implemented into detailed business tactics while facilitating employees to challenge the status quo by experimenting with creative ideas.

• Journal of the Society of Naval Architects of Korea
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• v.54 no.1
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• pp.1-9
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• 2017

LNG has significant advantages in regard to environmental aspects comparing with conventional fuel oil. In fact, it is estimated that NOx and SOx emission can be reduced by about 90% and 100%, respectively in case of using LNG as a fuel. LNG-fuelled ship has been considered to be the best option both from an environmental and an economic point of view. Along with these trends, some major shipyards and Classification Societies have started to carry out the risk-based system design for LNG-fuelled ship such as passenger ship, platform supply vessel and large container vessel etc. However, new conceptual gas fuelled ship has high risk level compared with vessel using traditional crude oil especially in view of gas explosion accident. Therefore safety area where installed fuel gas supply system is required risk based system design with special considerations. On this paper, the entire process necessary for the quantitative risk analysis was explained to meet the satisfactory safety level of gas fuelled ship.

• Fashion & Textile Research Journal
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• v.16 no.2
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• pp.235-244
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• 2014

This study investigates the effect of visual merchandising congruity perception on brand attitude and purchase intention. In addition, this study examines the mediating role of perceived risk in the process. Four retail fashion brands with classic image were selected in the previous research to avoid the influence of different brand images. Questionnaires were distributed to 200 customers leaving the four fashion retail stores which were chosen by the previous research. A total of 167 completed questionnaires were analyzed using SPSS 18.0 and AMOS 7.0 statistical packages. The results were summarized as follows. First, visual merchandising congruity perception positively affected brand attitude. This result supports the match-up hypothesis. Second, brand attitude positively influenced purchase intention. Third, visual merchandising congruity perception did not directly affect purchase intention. Visual merchandising congruity perception indirectly influenced purchase intention by mediating brand attitude; however, it did not directly influence purchase intention. Therefore, the strategic approaches to enhance favorable brand attitude through visual merchandising congruity perception should be tried. Fourth, visual merchandising congruity perception negatively affected perceived risk. Fifth, perceived risk negatively affected brand attitude. Sixth, visual merchandising congruity perception affected brand attitude by mediating perceived risk. Therefore, it is needed to devise the visual merchandising strategy that lowers the perceived risk in order to make a positive brand attitude.

• KIPS Transactions on Computer and Communication Systems
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• v.1 no.2
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• pp.103-108
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• 2012

Recently, IT Governance has been applied to business management environment. In this paper, we study business model that can minimize information security risk using IT governance in cloud computing environment. Especially, we propose the interaction model that link risk management for subject of information security governance. In our model, synergy means the effective, strategic and secure business support. And interaction analysis of BMIS's 4 elements and 6 dynamic interconnections is required. Therefore we propose interaction model which can link risk management based on COSO ERM or COBIT Risk IT Framework.

• Korea Trade Review
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• v.45 no.5
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• pp.91-116
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• 2020

The construction industry can be described as one of the most volatile industry depending on the situation. As such, a contractor, who is usually positioned to take all kinds of risk, may frequently require to form a strategic partnership for better execution of a project. In this study, we are going to review act or behavior that may happen among such partnership. For such review, a survey targeted at domestic construction companies has been conducted on their thoughts as regards opportunism, risk perception, and the contractual governance between partners. The analysis result of structural equation and regression has indicated that there exists a positive effect on the opportunistic behavior from the risk perception, a moderating effect on contractual governance between the performance risk and opportunism, whereas no such moderating effect on the same between relational risk and the opportunism. The output of this study may assist various domestic individuals who wish to participate large scaled overseas projects.

• Earthquakes and Structures
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• v.11 no.2
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• pp.371-386
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• 2016

During the last decades, many destructive earthquakes occurred in Algeria, particularly in the northern part of the country (Chlef (1980), Constantine (1985), Tipaza (1989), Mascara (1994), Ain-Benian (1996), Ain Temouchent (1999), Beni Ourtilane (2000), and recently $Boumerd{\acute{e}}s$ (2003), causing enormous losses in human lives, buildings and equipments. In order to reduce this risk and avoid serious damages to the strategic existing buildings, the authorities of the country, aware of this risk and in order to have the necessary elements that let them to know and estimate the potential losses in advance, with an acceptable error, and to take the necessary countermeasures, decided to invest into seismic upgrade, strengthening and retrofitting of those buildings. To do so, seismic vulnerability study of this category of buildings has been considered. Structural analysis is performed based on the site investigation (inspection of the building, collecting data, materials characteristics, general conditions of the building, etc.), and existing drawings (architectural plans, structural design, etc.). The aim of these seismic vulnerability studies is to develop guidelines and a methodology for rehabilitation of existing buildings. This paper presents the methodology, based on non linear and seismic analysis of existing buildings, followed in this study and summarizes the vulnerability assessment and strengthening of one of the strategic buildings according to the new Algerian code RPA 99/version 2003. As a direct application of this methodology, both, static equivalent method and non linear dynamic analysis, of composite concrete masonry existing building in the city of "CONSTANTINE", located in the east side of ALGERIA, are presented in this paper.