메뉴 건너뛰기




Volumn 92, Issue 1, 2010, Pages 49-62

South Korean chaebols and value-based management

Author keywords

Chaebols; Governance; Minority shareholder expropriation; Tunneling; Value based management

Indexed keywords


EID: 75949086766     PISSN: 01674544     EISSN: 15730697     Source Type: Journal    
DOI: 10.1007/s10551-009-0138-5     Document Type: Article
Times cited : (17)

References (48)
  • 1
    • 33744812200 scopus 로고    scopus 로고
    • A Theory of Pyramidal Ownership and Family Business Groups
    • Almeida, H. and D. Wolfenzon: 2006, 'A Theory of Pyramidal Ownership and Family Business Groups', Journal of Finance 61, 2637-2681.
    • (2006) Journal of Finance , vol.61 , pp. 2637-2681
    • Almeida, H.1    Wolfenzon, D.2
  • 2
    • 52449133429 scopus 로고    scopus 로고
    • Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups
    • Bae, G. S., Y. S. Cheon and J. K. Kang: 2008, 'Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups', Review of Financial Studies 21, 2015-2060.
    • (2008) Review of Financial Studies , vol.21 , pp. 2015-2060
    • Bae, G.S.1    Cheon, Y.S.2    Kang, J.K.3
  • 3
    • 0042671365 scopus 로고    scopus 로고
    • Tunneling or Value Added? Evidence from Mergers by Korean Business Groups
    • Bae, K. H., J. K. Kang and J. M. Kim: 2002, 'Tunneling or Value Added? Evidence from Mergers by Korean Business Groups', Journal of Finance 57, 2695-2740.
    • (2002) Journal of Finance , vol.57 , pp. 2695-2740
    • Bae, K.H.1    Kang, J.K.2    Kim, J.M.3
  • 4
    • 33748771989 scopus 로고    scopus 로고
    • Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols
    • Baek, J. S., J. K. Kang and I. Lee: 2006, 'Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols', Journal of Finance 61, 2415-2449.
    • (2006) Journal of Finance , vol.61 , pp. 2415-2449
    • Baek, J.S.1    Kang, J.K.2    Lee, I.3
  • 5
    • 0346937235 scopus 로고    scopus 로고
    • Corporate Governance and Firm Value: Evidence from Korean Financial Crisis
    • Baek, J. S., J. K. Kang and K. S. Park: 2004, 'Corporate Governance and Firm Value: Evidence from Korean Financial Crisis', Journal of Financial Economics 71, 265-313.
    • (2004) Journal of Financial Economics , vol.71 , pp. 265-313
    • Baek, J.S.1    Kang, J.K.2    Park, K.S.3
  • 7
    • 0000087177 scopus 로고    scopus 로고
    • Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Creation and Agency Costs of Separating Control from Cash Flow Rights
    • in R. Morck (ed.), (University of Chicago Press, Chicago, IL)
    • Bebchuk, L., R. Kraakman and G. Triantis: 2000, 'Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Creation and Agency Costs of Separating Control from Cash Flow Rights', in R. Morck (ed.), Concentrated Corporate Ownership (University of Chicago Press, Chicago, IL).
    • (2000) Concentrated Corporate Ownership
    • Bebchuk, L.1    Kraakman, R.2    Triantis, G.3
  • 10
    • 75949109515 scopus 로고    scopus 로고
    • The Effect of Board Structure on Firm Value: A multiple Identification Strategy Approach Using Korean Data
    • Black, B. and W. Kim: 2008, 'The Effect of Board Structure on Firm Value: A multiple Identification Strategy Approach Using Korean Data'. SSRN Working Paper, http://ssrn. com/abstract=968287.
    • (2008) SSRN Working Paper
    • Black, B.1    Kim, W.2
  • 11
    • 37849018727 scopus 로고    scopus 로고
    • The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea
    • Choi, J. J., S. W. Park and S. S. Yoo: 2007, 'The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea', Journal of Financial and Quantitative Analysis 42-4, 941-962.
    • (2007) Journal of Financial and Quantitative Analysis , vol.42 , Issue.4 , pp. 941-962
    • Choi, J.J.1    Park, S.W.2    Yoo, S.S.3
  • 14
  • 15
    • 0000200532 scopus 로고    scopus 로고
    • Disentangling the Incentive and Entrenchment Effects of Large Shareholdings
    • Claessens, S., S. Djankov, J. Fan and L. Lang: 2002, 'Disentangling the Incentive and Entrenchment Effects of Large Shareholdings', Journal of Finance 57, 2741-2771.
    • (2002) Journal of Finance , vol.57 , pp. 2741-2771
    • Claessens, S.1    Djankov, S.2    Fan, J.3    Lang, L.4
  • 17
    • 84935941592 scopus 로고
    • The Structure of Corporate Ownership: Causes and Consequences
    • Demsetz, H. and K. Lehn: 1985, 'The Structure of Corporate Ownership: Causes and Consequences', Journal of Political Economy 93, 1155-1175.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1175
    • Demsetz, H.1    Lehn, K.2
  • 19
    • 0002886905 scopus 로고
    • The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
    • Grossman, S. and O. Hart: 1980, 'The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration', Bell Journal of Economics 11, 42-64.
    • (1980) Bell Journal of Economics , vol.11 , pp. 42-64
    • Grossman, S.1    Hart, O.2
  • 20
    • 0007043402 scopus 로고
    • One Share One Vote and the Market for Corporate Control
    • Grossman, S. and O. Hart: 1988, 'One Share One Vote and the Market for Corporate Control', Journal of Financial Economics 20, 175-202.
    • (1988) Journal of Financial Economics , vol.20 , pp. 175-202
    • Grossman, S.1    Hart, O.2
  • 21
    • 0034339443 scopus 로고    scopus 로고
    • Business Groups in Merging Economies: A Resource-Based View
    • Guillen, M.: 2000, 'Business Groups in Merging Economies: A Resource-Based View', Academy of Management Journal 43, 362-380.
    • (2000) Academy of Management Journal , vol.43 , pp. 362-380
    • Guillen, M.1
  • 22
    • 45549118731 scopus 로고
    • Corporate Governance: Voting Rights and Majority Rules
    • Harris, M. and A. Raviv: 1988, 'Corporate Governance: Voting Rights and Majority Rules', Journal of Financial Economics 20, 203-235.
    • (1988) Journal of Financial Economics , vol.20 , pp. 203-235
    • Harris, M.1    Raviv, A.2
  • 23
    • 0007127129 scopus 로고    scopus 로고
    • Were the Good Old Days that Good? Changes in Managerial Stock Ownership Since the Great Depression
    • Holderness, C., R. Kroszner and D. Sheehan: 1999, 'Were the Good Old Days that Good? Changes in Managerial Stock Ownership since the Great Depression', Journal of Finance 54, 435-469.
    • (1999) Journal of Finance , vol.54 , pp. 435-469
    • Holderness, C.1    Kroszner, R.2    Sheehan, D.3
  • 24
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure
    • Jensen, M. and W. Meckling: 1976, 'Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure', Journal of Financial Economics 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 26
    • 0004541159 scopus 로고    scopus 로고
    • Emerging Market Business Groups, Foreign Investors, and Corporate Governance
    • in R. Morck (ed.), (University of Chicago Press, Chicago, IL)
    • Khanna, T. and K. Palepu: 2000a, 'Emerging Market Business Groups, Foreign Investors, and Corporate Governance', in R. Morck (ed.), Concentrated Corporate Ownership (University of Chicago Press, Chicago, IL).
    • (2000) Concentrated Corporate Ownership
    • Khanna, T.1    Palepu, K.2
  • 27
    • 0000859784 scopus 로고    scopus 로고
    • Is Group Membership Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups
    • Khanna, T. and K. Palepu: 2000b, 'Is Group Membership Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups', Journal of Finance 55, 867-891.
    • (2000) Journal of Finance , vol.55 , pp. 867-891
    • Khanna, T.1    Palepu, K.2
  • 29
    • 0346053633 scopus 로고    scopus 로고
    • Recent Amendments to the Korean Commercial Code and Their Effects on International Competition
    • Kim, J.: 2000, 'Recent Amendments to the Korean Commercial Code and Their Effects on International Competition', University of Pennsylvania Journal of International Economic Law 21, 273-329.
    • (2000) University of Pennsylvania Journal of International Economic Law , vol.21 , pp. 273-329
    • Kim, J.1
  • 30
    • 75349093493 scopus 로고    scopus 로고
    • Shareholder Activism in Korea: A Review of How PSPD Has Used Legal Measures to Strengthen Korean Corporate Governance
    • Kim, J. and J. Kim: 2001, 'Shareholder Activism in Korea: A Review of How PSPD Has Used Legal Measures to Strengthen Korean Corporate Governance', Journal of Korean Law 1, 51-76.
    • (2001) Journal of Korean Law , vol.1 , pp. 51-76
    • Kim, J.1    Kim, J.2
  • 35
    • 34848913249 scopus 로고    scopus 로고
    • Crisis and Recovery: What We Have Learned from the Korean Experience?
    • Lee, J-W. and C. Rhee: 2007, 'Crisis and Recovery: What We Have Learned from the Korean Experience?', Asian Economic Policy Review 2, 146-164.
    • (2007) Asian Economic Policy Review , vol.2 , pp. 146-164
    • Lee, J.-W.1    Rhee, C.2
  • 37
    • 33645896609 scopus 로고
    • Management Ownership and Market Valuation: An Empirical Analysis
    • Morck, R., A. Shleifer and R. Vishny: 1988, 'Management Ownership and Market Valuation: An Empirical Ananlysis', Journal of Financial Economics 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 38
    • 0003293001 scopus 로고    scopus 로고
    • Inherited Wealth, Corporate Control and Economic Growth: The Canadian Disease
    • R. Morck (Ed.), Chicago, IL: University of Chicago Press
    • Morck, R., D. Stangeland and B. Yeung: 2000, 'Inherited Wealth, Corporate Control and Economic Growth: The Canadian Disease', in R. Morck (eds.), Concentrated corporate ownership (University of Chicago Press, Chicago, IL).
    • (2000) Concentrated Corporate Ownership
    • Morck, R.1    Stangeland, D.2    Yeung, B.3
  • 39
    • 34848870960 scopus 로고    scopus 로고
    • Recovery and Sustainability in East Asia
    • M. Dooley and J. Frankel (Eds.), Chicago, IL: University of Chicago Press
    • Park, Y. C. and J. W. Lee: 2002, 'Recovery and Sustainability in East Asia', in M. Dooley and J. Frankel (eds.), Managing Currency Crises in Emerging Markets. Chicago: University of Chicago Press.
    • (2002) Managing Currency Crises in Emerging Markets
    • Park, Y.C.1    Lee, J.W.2
  • 40
    • 0038726990 scopus 로고    scopus 로고
    • The East Asian Financial Crisis: Diagnosis, Remedies, Prospects
    • Radelet, S. and J. Sachs: 1998, 'The East Asian Financial Crisis: Diagnosis, Remedies, Prospects', Brookings Papers on Economic Activity I, 1-74.
    • (1998) Brookings Papers on Economic Activity I , pp. 1-74
    • Radelet, S.1    Sachs, J.2
  • 42
    • 75949098071 scopus 로고    scopus 로고
    • Korean Corporate Culture and Malaysia's Look East Policy Expectations
    • Shik, K. B.: 2004, 'Korean Corporate Culture and Malaysia's Look East Policy Expectations', Malaysian Management Review 39(1).
    • (2004) Malaysian Management Review , vol.39 , Issue.1
    • Shik, K.B.1
  • 43
    • 0000245769 scopus 로고    scopus 로고
    • Financing Constraints and Internal Capital Markets: Evidence from Korean Chaebols
    • Shin, P., and Y. S. Park: 1999. 'Financing Constraints and Internal Capital Markets: Evidence from Korean chaebols'. Journal of Corporate Finance. 5, 169-191.
    • (1999) Journal of Corporate Finance , vol.5 , pp. 169-191
    • Shin, P.1    Park, Y.S.2
  • 44
  • 45
    • 0001026456 scopus 로고    scopus 로고
    • A Survey of Corporate Governance
    • Shleifer, A. and R. Vishny: 1997, 'A Survey of Corporate Governance', Journal of Finance 52, 737-783.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 46
    • 0036404668 scopus 로고    scopus 로고
    • A Conceptual Framework for Corporate Governance Reform in South Korea
    • Solomon, J., A. Solomon and C. Y. Park: 2002, 'A Conceptual Framework for Corporate Governance Reform in South Korea', Corporate Governance 10-1, 29-46.
    • (2002) Corporate Governance , vol.10 , Issue.1 , pp. 29-46
    • Solomon, J.1    Solomon, A.2    Park, C.Y.3
  • 47
    • 0039054530 scopus 로고    scopus 로고
    • Internal Capital Markets and the Competition for Corporate Resources
    • Stein, J.: 1997, 'Internal Capital Markets and the Competition for Corporate Resources', Journal of Finance 52, 111-133.
    • (1997) Journal of Finance , vol.52 , pp. 111-133
    • Stein, J.1
  • 48
    • 0027705218 scopus 로고
    • The Lucky-Goldstar Group in the Republic of Korea
    • Taniura, T.: 1993, 'The Lucky-Goldstar Group in the Republic of Korea', Developing Economies 31-4, 465-484.
    • (1993) Developing Economies , vol.31 , Issue.4 , pp. 465-484
    • Taniura, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.