Abstract
This study analyzes the relationships between the awareness levels of supply chain risk management (SCRM) importance, the level of development, and their influence on business performance in the shipbuilding and marine equipment industry. In addition, this study highlights the differences in awareness levels according to country-specific characteristics by comparing South Korea, China, and Singapore, leading suppliers of shipbuilding and marine equipment. Based on a questionnaire survey of 165 respondents, this study conducted a factor analysis and ANOVA. The results indicate that the surveyed companies highly value the importance of risk management overall, with the information and forecast risk factor being highest rated. However, the high levels of awareness of importance does not lead to satisfactory levels of SCRM development. In addition, the comparative analysis between countries indicates statistically significant differences in the awareness of importance and the development level. Finally, the results show that awareness of environmental risk and destructive risk factors, which are vital for long-term survival and sustained competitive advantages, are low. The findings in this study offers a useful baseline for future studies on developing SCRM in the shipbuilding and marine equipment market and establishing relevant policies and systems.
Highlights
The Wealth of Nations, often referred to as the first work of modern economics, explains the principles of the free market governed by the “invisible hand”, and indicates that the division of labor plays a crucial role fin labor efficiency and productivity improvement [1]
Prior to conducting the empirical analysis, this study identified whether the survey questions coincided with the previously envisioned factors, and an exploratory factor analysis (EFA) was performed to assess the validity and reliability of the survey
A questionnaire was designed to examine the awareness of the importance of supply chain risk management (SCRM), development level, and their influence on business performance
Summary
The Wealth of Nations, often referred to as the first work of modern economics, explains the principles of the free market governed by the “invisible hand”, and indicates that the division of labor plays a crucial role fin labor efficiency and productivity improvement [1]. The shipbuilding and marine equipment market is a typical example of an industry with a complex global supply chain structure, in which components are supplied from various countries to manufacturers and semi-finished and finished products are supplied back to customers over the world. This supply chain has an even larger scope of risks that must be managed, as it involves diverse stakeholders from raw material producers to end users. For the improvement of business performance, it is essential to form close relationships between suppliers in the shipbuilding and marine equipment market and to introduce suitable advanced ICT technology to effectively facilitate supply chain risk management (SCRM) [6]
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