• Journal of the Korean Data and Information Science Society
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• 제21권5호
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• pp.945-950
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• 2010

As the U.S. Congress has continued to debate over the health care reform pushed by President Obama, there is an ample reason to believe that the systematic risk of the health care industry, especially health care plan providers, is increasing. This study measures and compares the systematic risk of two health care industry indexes and one portfolio of health care plan providers from before and after the introduction of the health care legislation into Congress in September, 2009. The Capital Asset Pricing Model (CAPM) is used to measure the systematic risk, and a dummy variable approach and the Chow test are used to formally compare the systematic risk from before and after the introduction of the legislation.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.953-965
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• 2021

This study aims to analyze the benefits of corporate social responsibility (CSR) performance on corporate risk in controversial and non-controversial industries. The hypothesis of this study is based on the conflicting effects of industry type on CSR and firm risk. The research sample consisted of 927 companies listed on the Indonesia Stock Exchange from 2016 to 2019. The main method for data processing was the ordinary least square method and subgroup analysis as a robustness test. The findings suggest that the performance of CSR can reduce corporate risk. However, the impact was only significant for non-controversial firms and weakened for controversial industries. These results support risk management and signaling theory. Firm risk in this study reflects the company's total risk, further research can categorize it into systematic and idiosyncratic risk. Besides, the number of samples of controversial industry research is not as much as non-controversial; further research can use paired samples. Regulators can use the results to create a new policy regarding CSR implementation. This study contributes to the existing literature by showing that the ability of social responsibility to reduce corporate risk only works in non-controversial industries. This result may be due to the controversial industry receiving negative stigma from its stakeholders.

• 한국항해항만학회지
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• 제41권2호
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• pp.71-78
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• 2017

This paper aims to investigate the time-varying systematic risk of the stocks of Korean logistics firms. For this purpose, the period from January 1991 to October 2016 was examined with respect to 21 logistics companies that are listed on the Korea Exchange. The systematic risk of the logistics stocks is measured in terms of the Capital Asset Pricing Model (CAPM) beta for which the sensitivity of a stock is compared to the return changes of the whole market. Overall, the betas of the stocks of the Korean logistics companies are significantly lower than those of the market unity; however, it was revealed that the logistics betas are not constant, but are actually time-varying according to different economic regimes, which is consistent with the previous empirical findings. This finding is robust across different measurements of the logistics betas. In addition, the impact of macroeconomic factors on the logistics betas was examined. The present study shows that the logistics betas are positively associated with foreign exchange-rate changes.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2006년도 추계학술대회 논문집
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• pp.341-344
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• 2006

Most construction companies recognize the necessity of risk management. The practical application, however, is not easy because of the absence of systematic procedure for risk management and the difficulty in objectification of subjective risk factors. This study suggests a systematic procedure and a web-based analysis system. In the first place for those researches, this study analyzes the present condition of risk management in the railway facility construction industry. Finally, this study defines risk management procedures as preparation, identification, analysis, response and risk analysis method to manage potential risks in the railway construction project.

• 유통과학연구
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• 제13권5호
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• pp.71-82
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• 2015

Purpose - The purpose of this study is to investigate risk price implied from the pricing kernel of Korean stock distribution market. Recently, it is considered that the quantitative easing programs of major developed countries are contributing to a reduction in global uncertainty caused by the 2007~2009 financial crisis. If true, the risk premium as compensation for global systemic risk or economic uncertainty should show a decrease. We examine whether the risk price in the Korean stock distribution market has declined in recent years, and attempt to provide practical implications for investors to manage their portfolios more efficiently, as well as academic implications. Research design, data and methodology - To estimate the risk price, we adopt a non-parametric method; the minimum norm pricing kernel method under the LOP (Law of One Price) constraint. For the estimation, we use 17 industry sorted portfolios provided by the KRX (Korea Exchange). Additionally, the monthly returns of the 17 industry sorted portfolios, from July 2000 to June 2014, are utilized as data samples. We set 120 months (10 years) as the estimation window, and estimate the risk prices from July 2010 to June 2014 by month. Moreover, we analyze correlation between any of the two industry portfolios within the 17 industry portfolios to suggest further economic implications of the risk price we estimate. Results - According to our results, the risk price in the Korean stock distribution market shows a decline over the period of July 2010 to June 2014 with statistical significance. During the period of the declining risk price, the average correlation level between any of the two industry portfolios also shows a decrease, whereas the standard deviation of the average correlation shows an increase. The results imply that the amount of systematic risk in the Korea stock distribution market has decreased, whereas the amount of industry-specific risk has increased. It is one of the well known empirical results that correlation and uncertainty are positively correlated, therefore, the declining correlation may be the result of decreased global economic uncertainty. Meanwhile, less asset correlation enables investors to build portfolios with less systematic risk, therefore the investors require lower risk premiums for the efficient portfolio, resulting in the declining risk price. Conclusions - Our results may provide evidence of reduction in global systemic risk or economic uncertainty in the Korean stock distribution market. However, to defend the argument, further analysis should be done. For instance, the change of global uncertainty could be measured with funding costs in the global money market; subsequently, the relation between global uncertainty and the price of risk might be directly observable. In addition, as time goes by, observations of the risk price could be extended, enabling us to confirm the relation between the global uncertainty and the effect of quantitative easing. These topics are beyond our scope here, therefore we reserve them for future research.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2008년도 춘계학술대회 논문집
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• pp.796-805
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• 2008

Safety Management of Korean railway industry has been rapidly changed into a risk-based approach adopted by developed countries since Railway Safety Act 2004, Rolling Stock Risk Assessment Guidance and its following regulations came into force. The fundamental requirements for the risk-based safety management is to carry out a systematic hazard identification and quantified risk analyses including cost-benefit analyses, but there has been rare a serious discussion over risk acceptance criteria and value of life in order to be able to judge the results of risk analyses and carry out cost-benefit analyses. This study presents the results of a review of risk acceptance criteria and value of life which may be adoped to Korean railway industry through the analyses with comparison of risk accepatnce principles and risk accepatnce criteria which have been already applied to other countries or other railway operators.

• 디지털융복합연구
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• 제16권12호
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• pp.175-183
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• 2018

본 논문의 연구목적은 국내 회사채시장에서 시장전체의 체계적 위험 (systematic risk)과 각각의 고유위험(idiosyncratic risk)이 회사채 수익률에 미치는 영향을 분석하고자 한다. 2001년부터 2014년까지 채권시장의 자료를 분석하기 위해, 본 연구는 체계적 위험의 대용변수로 기존의 연구에서 사용된 회사채수익률 기간구조 요인(term factor)과 지급불능 요인(default factor) 등을 사용하고, 고유위험의 대용변수로 듀레이션(duration)과 신용평가등급 요인을 선정하였다. 이러한 요인들이 채권의 수익률에 미치는 영향력을 횡단면 회귀분석을 통해 분석한 결과, 체계적 위험과 관련된 요인들은 통계적 설명력이 있는 것으로 나타났다. 반면에 회사채 고유위험과 관련된 요인들은 기존의 국내 연구와 달리 회사채 수익률을 통계적으로 설명하지 못하는 것으로 나타났다. 이러한 결과는 본 연구의 분석기간이 기존 연구의 7년 자료보다 긴 14년간의 자료를 사용하고 최근의 기간까지 확장했다는 점 때문에, 오히려 미국의 연구결과와 유사한 것으로 나타났다. 이는 우리나라 채권시장이 IMF사태 이후 국제화가 확대되어 선진국과 동조현상을 보이는 것으로 해석된다. 따라서 본 연구는 국내 채권투자시장에서도 선진국의 경우와 마찬가지로 개별 채권의 특성보다는 채권시장 전체의 위험에 보다 더 집중해서 투자할 필요가 있다는 점을 제시하고 있다.

• 산업경영시스템학회지
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• 제23권56호
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• pp.65-85
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• 2000

Industrial accidents have been consistently increased in terms of medical costs, lost work days, and incidence rates every year in Korea. Since the infrastructure of the industry changed shifts rapidly from 1980s in the developing countries such as South Korea, the nature and magnitude of the industrial accidents have also undergone a major shift. The situation is especially severe in small-to-medium sized industry(SMI). This article reports the development of a systematic evaluation system of risk factors specifically for the SMIs. The new approach introduced by this article is geared to the systematic identification and evaluation of the injuries from power press machines using the Analytic Hierarchy Process with the key evaluation data generated and evaluated by the employees on site. A total of 21 companies was studied and surveyed using the hierarchical structures of the cause-effect relationship of the mechanical injuries and their countermeasures. For the relative weighting of each risk factor, separate questionnaire survey was conducted for the selected workers from each company who had worked for more than 10 years in press work. Most participants (48 out of 62) replied that human attributes were the most significant factors for mechanical injuries fellowed by administration, machine, and work environment factors. The result also showed that the self-motivated risk assessment and safety enhancement activities would be an effective and efficient way of managing the risk factors in the SMIs.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2003년도 학술대회지
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• pp.418-421
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• 2003

본 연구에서는 건설공사에서 발생할 수 있는 리스크 요인의 효율적 잔치론 위해 리스크관리 절차에 대해서 중점 검토하여 국내 실정에 가장 적합한 세부 리스크관리 절차를 제시하기 인한 모형을 개발한다. 본 연구에서 제시하는 건설공사 리스크관리 모형(CRMM, Construction Risk Management Model)은 리스크관리를 위해 리스크관리 준비단계부터 리스크 요인의 확인, 분석, 대응 및 관리단계의 총괄적인 작업을 수행하기 위한 모형으로 구축한다. CRMM에서는 리스크관리를 위한 3단계 모형(리스크 확인 모형, 리스크 분서 모형, 리스크 대응 모형) 구성으로 리스크관리 단계별 모형을 구축한다. 구축된 단계별 모형은 전산화의 기본 구성절차와 모듈 구성의 초기 자료로 사용되며, 기존 리스크관리의 세분화되고 전문화된 절차로 사용될 수 있다.

• 대한인간공학회지
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• 제23권3호
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• pp.53-72
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• 2004

Today we are observing a lot of injuries, casualties, and property losses that are mainly caused by the defects of products. In order to derive safety designs, which minimize the possibility of such product liability-related accidents, we need to take into account the user-product interaction as an important part of the danger factor analysis. Existing risk analysis techniques, however, have some limitations in detecting comprehensive danger factors that are peculiarly involved in human errors and the functional defects of products. Researches on danger factor analysis regarding the user-product interaction have been carried out actively in ergonomics. In this paper, we suggest a novel product risk analysis technique, which is more objective and systematic compared to the previous ones, by combining a modified TAFEI (Task Analysis For Error Identification) technique with SASA (Systematic Approach to Accident Scenario Analysis) technique. By applying this technique to the product design practice in industry, corporations will be able to improve the product safety, consequently strengthening the competitiveness.