기업의 비체계적 위험에 대한 린 재고 운영의 비선형적 영향력 분석

Abstract

The purpose of this study is to examine the effects of lean inventory management on idiosyncratic risk. Traditionally, lean operations are known to help companies achieve a competitive advantage by efficiently managing their processes while minimizing waste through the use of slack resources at a low level. However, with the increased uncertainty of the business environment in recent times, there has been greater emphasis on securing slack inventory resources as an effective response to external changes. Based on these perspectives, we posit that there is an optimal level of lean operations for firms to minimize their idiosyncratic risk. To address this issue, we collected data on listed manufacturing firms in Korea from 1997 to 2021 and empirically analyzed the non-linear relationship between lean operations and firms’ idiosyncratic risk using panel regression analysis. We found a U-shaped relationship, implying that there is an optimal level of lean operations to minimize risk. Moreover, we confirmed that our results remain intact even when conducting various robustness tests. This study contributes to the literature by providing new evidence on the determinants of idiosyncratic risk, extending the scope of determinants to the area of operational management.