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Competition and Corporate Governance in Korea

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Competition and Corporate Governance in Korea

Reforming and Restructuring the Chaebol

9781843769125 Edward Elgar Publishing
Edited by Sung-Hee Jwa, Chairman, President Park Chung Hee Memorial Foundation, South Korea and In Kwon Lee, Senior Research Fellow, Korea Economic Research Institute, Seoul, South Korea
Publication Date: 2004 ISBN: 978 1 84376 912 5 Extent: 304 pp
Competition and Corporate Governance in Korea critically reviews government policy towards the chaebol and provides a comprehensive investigation of the relationship between corporate governance and economic performance as well as the interaction of economic institutions with the chaebols’ incentive structure and management behaviour. Policy implications based on objective and rigorous empirical analyses of data on the chaebol are also discussed. Notwithstanding the fact that the chaebol have already undergone considerable governance, capital, and business portfolio restructuring, this volume suggests a road map for further restructuring, and the creation of a new incentive structure to help strengthen chaebol competitiveness.

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The business environment of the chaebol (large corporations in Korea) has changed drastically since the outbreak of the 1997 Asian financial crisis. This book discusses the attempts of the Korean government to remedy structural weaknesses in the corporate sector by launching an aggressive chaebol reform package, supported by the IMF and other international agencies. Its main objective was to restore competitiveness in the corporate sector and to upgrade business conditions to that of international practices and standards.

Competition and Corporate Governance in Korea critically reviews government policy towards the chaebol and provides a comprehensive investigation of the relationship between corporate governance and economic performance as well as the interaction of economic institutions with the chaebols’ incentive structure and management behaviour. Policy implications based on objective and rigorous empirical analyses of data on the chaebol are also discussed. Notwithstanding the fact that the chaebol have already undergone considerable governance, capital, and business portfolio restructuring, this volume suggests a road map for further restructuring, and the creation of a new incentive structure to help strengthen chaebol competitiveness.

This richly informative book will appeal to academics and researchers of industrial organization, economics and corporate reform as well as those involved in Asian studies.

Contributors
Contributors: H.-J. Chang, J. Hong, R.E. Hoskisson, I. Hwang, S.W. Joh, S.-H. Jwa, H. Kim, J.-Y. Kim, I.K. Lee, J.-H. Lee, J.-W. Lee, C. Markides, H.-J. Park, J.-H. Seo, D.-W. Sohn, L. Tihanyi
Contents
Contents: Introduction Part I: Government and Chaebols: Institutional Perspectives 1. The Chaebol, Corporate Policy and Korea’s Development Paradigm 2. An Alternative Perspective on Government Policy towards the Chaebol in Korea: Industrial Policy, Financial Regulations and Political Democracy Part II: Corporate Governance and Chaebol Reform 3. Corporate Governance and Chaebol Reform in Korea 4. The Monitoring Role of Financial Institutions in the Korean Corporate Sector 5. Restructuring and Corporate Governance of the Korean Chaebol Part III: Chaebol Restructuring Policy and its Evaluation 6. Chaebol Restructuring Revisited: A Coasian Perspective 7. Government-led Restructuring of Firms’ Excess Capacity and its Limits: Korean ‘Big Deal’ Case Part IV: Chaebol Business Structure and Survival Strategies 8. The Evolution and Restructuring of Diversified Business Groups in Emerging Markets: The Lessons from Chaebols in Korea 9. Portfolio Restructuring Based on Strategic Relatedness between Businesses: A Suggestion for the Chaebol Index
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