재무적 제약에 따른 경영전략과 기업위험의 관계 = The Impact of Financial Constraints on the Relationship between Business Strategy and Firm Risk

다국어 초록 (Multilingual Abstract)

This study examnines whether business strategy effects firm risk or not. Also, I also examine whether financial constraints affect these relationships. Business strategies can be divided into leading strategies that focus on the development of new products and new technologies without substitutes and defensive strategies that pursue economies of scale and maintain stable and continuous performance. The difference in these strategies is related to firm risk, and it seems that there will be differences in firm risk when there are financial constraints. An analysis was conducted on KOSPI and KOSDAQ listed firms from 2010 to 2022, and the results showed that leading strategies have relatively higher firm risk than defensive strategies. In addition, leading strategies did not affect firm risk depending on the level of financial constraints, and defensive strategies had higher firm risk when financial constraints were high.