SCRM awareness in the shipbuilding and marine equipment market: Empirical evidence from South Korea, China, and Singapore

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.