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Journal articles on the topic 'Chaebol'

Author: Grafiati

Published: 4 June 2021

Last updated: 31 January 2023

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1

Park, Hong Y., Geon-Cheol Shin, and Sung Hahn Suh. "Advantages And Shortcomings Of Korean Chaebols." International Business & Economics Research Journal (IBER) 15, no. 3 (May 2, 2016): 97–106. http://dx.doi.org/10.19030/iber.v15i3.9674.

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The prevalent form of business organizations in Korea is a chaebol. The chaebol is a diversified conglomerate. This paper addresses the following issues concerning Korean chaebols: 1) reasons for diversification, 2) advantages and shortcomings of chaebols, 3) issues facing Korean chaebols, and 4) chaebols’ managing the crisis and making reforms. We found that Korean chaebols managed to learn from the economic crisis and made successful reforms.

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2

Lee, Jae-Hyung, and Myung Hoon Yi. "The Amount of Shares Held by Chaebol’s Other Affiliated Firms and Affiliated Firm's OwnershipControl Disparity: A Cross-Sectional Analysis." International Studies Review 8, no. 2 (October 8, 2007): 1–10. http://dx.doi.org/10.1163/2667078x-00801001.

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We examine the relationship between the amount of shares held by Chaebol’s other affiliated firms and affiliated firm's ownership-control disparity. To this end, the ownership-control disparity equations are estimated with the ownership-control disparity index and the voting right leverage index as dependent variables, using cross-sectional data on 78 affiliated firms in Chaebols in 2005. These Chaebols are controlled by the ceiling on the total amount of holding shares of other affiliated firms in Chaebol. The estimation results with the ownership-control disparity index indicate that the increase in the amount of shares held by Chaebol’s other affiliated firms deepens the ownership-control disparity. And the amount of net assets and the amount of cash flow mitigate the ownership-control disparity. The estimation results of the voting right leverage index are almost the same as those of the ownership-control disparity index. We also find that the ownership-control disparity index is more elastic than the voting right leverage index with respect to the amount of shares held by Chaebol’s other affiliated firms. Overall, these empirical findings suggest that the ceiling on the total amount of holding shares of other affiliated firms in Chaebol can contribute to the desirable corporate governance.

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3

Lee, Dongheun, Sejoong Lee, and Na-Eun Cho. "Voluntary Disclosure and Market Valuation of Sustainability Reports in Korea: The Case of Chaebols." Sustainability 11, no. 13 (June 28, 2019): 3577. http://dx.doi.org/10.3390/su11133577.

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This paper investigates whether chaebol firms tend to issue corporate social responsibility (CSR) reports more than non-chaebol firms. Based on previous studies documenting chaebols’ tunneling activities at the expense of other shareholders, we anticipate that chaebol firms are more likely to voluntarily disclose their CSR reports even if investors may discount their values because CSR disclosure is an effective means of window dressing. The empirical results support our expectations. We find that chaebol firms are more likely to disclose CSR reports and a chaebol firm’s CSR report disclosure is less evaluated than a non-chaebol firm in the capital market. The result indicates that even if CSR report disclosure may have positive effect on firm value in general, investors may discount the value of chaebol firms’ CSR reports.

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4

Hyung Yang, Si, and Sang-Gyung Jun. "Owners Of Korean Conglomerates And Corporate Investment." Journal of Applied Business Research (JABR) 38, no. 1 (January 1, 2022): 1–18. http://dx.doi.org/10.19030/jabr.v38i1.10410.

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We investigate whether Korean chaebol owner’s personal features affect corporate investment or not, for they have a unique governance system controlled by one powerful owner. With this governance, the impact of personal characteristics on major corporate decisions can be tested more clearly. We used the aggregate financial statement to measure chaebol’s financial performances in a more reasonable way as well. Our study shows a few noticeable results. Aggregate financial performances of chaebols are different from those of individual companies. Owner’s personal features affect corporate decision makings in Korean chaebols. Especially, chaebols under succession process invest less than others, preferring more conservative approaches for succession.

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5

Hong, Youngeun, Taewoo Kim, and Jongkook Park. "The Differential Choice Of Chaebol In Earnings Management." Journal of Applied Business Research (JABR) 31, no. 5 (September 4, 2015): 1909. http://dx.doi.org/10.19030/jabr.v31i5.9409.

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This study examines the methods of the differential choice of Korean chaebol in earnings management. Consistent with our prediction, we find a negative association between chaebols ownership and accrual-based earnings management, whereas there is no clear difference between chaebols ownership and real-based earnings management. Furthermore, we find evidence that chaebols exhibit a strongly positive relationship with overproduction-based real activities manipulation, indicating that chaebols prefer overproduction as a method of real earnings management. From additional analyses, we also find that abnormal cash flow from operations is negatively associated with suspect chaebol firm-years that just met zero.

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6

Joe, Denis Yongmin, Jiyoung Lee, and Frederick Dongchuhl Oh. "Do Korean chaebols practice noblesse oblige? Evidence from their CSR activities." Economics and Business Letters 10, no. 1 (February 21, 2021): 45–57. http://dx.doi.org/10.17811/ebl.10.1.2021.45-57.

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This study analyzes the corporate social responsibility (CSR) activities of the Korean chaebols to establish whether these firms engage in social duties and practice noblesse oblige. To measure the extent of the CSR activities, we use the index of the Korean Economic Justice Institute (KEJI) from 2005 to 2017. We find that the level of the CSR activity among chaebol firms with weak governance is low. Moreover, we show that chaebol firms with credit rating concerns reduce their CSR activities. Overall, our results indicate that Korean chaebols tend to neglect the CSR activities.

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7

Woo, Youngshin, Wooseok Choi, Insik Min, and Mugoan Jeong. "Korean Business Groups and Performance of Group-Affiliated Professional Sport Teams: Focusing on the Asian Financial Crisis." Sustainability 12, no. 17 (August 25, 2020): 6888. http://dx.doi.org/10.3390/su12176888.

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This study examines the impact of Korean business groups, chaebols, on the sporting performance of their affiliated professional sports teams using game data from 1983 to 2013. We investigated whether or not chaebol ownership of professional sports teams is more efficient than non-chaebol ownership in achieving athletic success on the field of play. Our empirical evidence found that the chaebol-affiliated teams are more likely to be the league winners or finalists than non-chaebol teams are. We also tested the relationship between the financial crisis in the wider economy that deflates firm resources and athletic outcomes in the affiliated teams. In the tests, which divide the sample period into three 10-year periods, the results of two sub-samples (1983–1993 and 2004–2013) were in line with previous results. We, however, identified an exception when chaebol teams did not play in more final matches of a league between 1994 and 2003, the time interval that includes the period of drastic restructuring of business groups during the 1997 Asian financial crisis.

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8

Yun, Eugene. "Chaebol Investments and Government Policy." International Studies Review 6, no. 1 (September 28, 2005): 57–68. http://dx.doi.org/10.1163/2667078x-00601003.

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It is argued that one key reason behind Korea's stalling economic growth is the lack of sufficient investments in facilities, especially by the chaebol companies. The government charges the chaebols with under-investing and has put considerable pressure on them to invest more aggressively. Since one main pathological feature of the chaebols has been their propensity co over-invest, this paper examines whether there has been a change in chacbol behavior. Evidence shows chat chaebols are not under-investing in facilities. The chaebols arc engaging in investments that make business sense, even though these levels of investment may fall short of what the government would like to sec. By misreading the true situation, the government may be initiating a complex power game with the chaebols, which will prove to be counter-productive.

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9

Noh, Grimm. "Strategic Decoupling in Korean Business Groups: Ambiguous Identity as a Strategy in Chaebol Groups." Sustainability 11, no. 9 (May 3, 2019): 2561. http://dx.doi.org/10.3390/su11092561.

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I examine how firms affiliated with Korean business groups utilize decoupling of the stated business area and actual business activities to maintain the economic sustainability of their organizations. In examining the strategic sources of decoupling, I focus on the idiosyncratic nature of Korean business groups, otherwise known as chaebols. I suggest that decoupling of the stated and actual business areas of a chaebol affiliate is affected positively by the number of regulations in the industry, positively by the relative resource endowment of the affiliate within the chaebol, and negatively by the affiliate’s niche overlap with other affiliates. However, the negative effect of niche overlap was moderated by the affiliate’s relative resource endowment.

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10

Den Sik, Kan. "The role of chaebol in the development of the economy of South Korea." Вісник Київського національного лінгвістичного університету. Серія Історія, економіка, філософія, no. 25 (September 14, 2022): 29–39. http://dx.doi.org/10.32589/2412-9321.25.2020.264216.

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The article describes the specifics of the relationship between the state and big corporations (chaebol). There are analyzed the economic changes of the Republic of Korea, related to the world economy globalization and scientific and technical revolution. Many aspects of this global restructuring of the economy have their own history. The relationship between the state and large chaebol corporations played a significant role in these changes.Special attention in the article is focused on the analysis of the relations system between the state and large enterprises in the Republic of Korea during the period 1960-1980 and the transformation of the relations at the beginning of the 21st century. The influence of geopolitical and economic factors on its functioning is established. The important historical stages of development of the South Korean economy are analyzed. Important factors and preconditions that have contributed to the transformation of South Korea into one of the most developed countries in the world have been investigated. The dynamics of the development of the Korean economy and ways to overcome the crisis situations that arose during the history of the state development were analyzed.There were quite a lot of difficulties in the relations between the state and the chaebols, but the timely response to the changes of the world economy has borne fruit. It should be noted that the state and the chaebol have repeatedly reformed their relations and found consensus. As a result, such corporations as Hyundai, Samsung, LG, Hesong and others moved to the category of multinational companies (TNCs). Large corporations and business groups in different parts of the world differ among themselves in a number of economic, political and socio-cultural features, but the relationship between the state and the chaebols in the Republic of Korea deserves special attention from developing countries.

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11

Park, Heejin, Jinsoo Kim, Mihye Ha, and Sambock Park. "Does The Market React Differently To Chaebol Firms?" Journal of Applied Business Research (JABR) 30, no. 5 (August 27, 2014): 1525. http://dx.doi.org/10.19030/jabr.v30i5.8805.

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<p class="EEH2">Based on a sample of Korean firms listed on the KOSPI and KOSDAQ from 2001 to 2011, we examined whether the affiliation of a firm with a Chaebol group affects the sensitivity of stock prices to earnings surprises. We found that the market response to positive (negative) earnings surprises is more positive (negative) for Chaebol firms than for non-Chaebol firms. In addition, we investigated how intra-group transactions affect the ERCs of Chaebol firms by comparing with those of non-Chaebol firms. Our results show that the intra-group transactions of Chaebol firms are positively related to ERCs under both positive and negative earnings surprises. However, we did not find the same results from the analyses of non-Chaebol firms.</p>

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12

CHOI, YONG-SEOK, and INSIK MIN. "CASH HOLDINGS WITH THE PRECAUTIONARY MOTIVE AMONG KOREAN CHAEBOL AND NON-CHAEBOL FIRMS: A QUANTILE REGRESSION APPROACH." Singapore Economic Review 60, no. 05 (December 2015): 1550047. http://dx.doi.org/10.1142/s0217590815500472.

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Using a quantile regression approach with a sample of Korean firms, this paper empirically investigates whether cash holding behaviors with the precautionary motive are different between Chaebol and non-Chaebol firms and they have changed before and after the financial crisis. We obtain the following empirical results. First, for non-Chaebol firms, the precautionary motive plays an important role in determining cash holdings throughout the sample period. In contrast, there is no empirical evidence supporting that Chaebol firms hold cash with the precautionary motive in the pre-crisis period: This motive becomes important only in the post-crisis period. Second Chaebol firms’ cash holdings with the precautionary motive are different from those of non-Chaebol firms in the pre-crisis period, but not in the post-crisis period. These imply that after experiencing financial crisis, Chaebol firms’ cash holding strategy has been changed substantially in a way to become more cautious in dealing with cash flow (CF) volatility.

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13

Hong, Soonwook. "Chaebol Firms’ Donation Activities and Firm Values." Sustainability 11, no. 8 (April 24, 2019): 2417. http://dx.doi.org/10.3390/su11082417.

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This paper aims to investigate the effects of donation activities of chaebol firms on their firm values. The firm values will vary depending on capital market participants’ view on the donation activities of chaebol firms. To verify this hypothesis, data of firms listed in the Korea Composite Stock Price Index (KOSPI) from 2001 to 2017 are empirically analyzed. Whether a firm is a chaebol firm or not is assessed by whether the firm has been designated as a firm in one of the large business groups announced by the Korea Fair Trade Commission, and firm values are measured by Tobin’s Q and market-to-book value ratio (MTB). The results of analysis indicated that donation activities of chaebol firms were negatively related to firm values. The donation activities of chaebol firms seem to be not positively evaluated in the capital market. This paper is meaningful in that it verified how capital market participants evaluate the donation activities of chaebol firms, which account for a large portion of the South Korean economy. To gain public support, chaebol firms should strive to truly fulfill their social responsibilities.

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14

Park, Sorah. "Different means of earnings management of owner-managed firms versus agent-led firms: evidence from chaebols in Korea." Investment Management and Financial Innovations 13, no. 2 (July 14, 2016): 285–91. http://dx.doi.org/10.21511/imfi.13(2-2).2016.03.

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This paper examines the earnings management behavior of large, family-controlled business groups (so-called ‘chaebol’) in Korea from 2006 to 2010. Specifically, the author studies whether the methods of earnings management are different between chaebol firms versus non-chaebol firms. The author finds no significant difference in accrual-based earnings management by these two types of firms. However, the author shows that chaebol firms’ real-based earnings management is greater than non-chaebol firms, based on their higher abnormal production costs and lower abnormal discretionary expenses, in order to manipulate accounting income upward. The results suggest that owner-managed firms tend to choose real manipulation which negatively affects future corporate performance and consequently mislead investors about the firm value

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15

Kim, Youn-Suk, and Hyeng Keun Koo. "Restructuring R&D: The case of Korea." Human Systems Management 20, no. 1 (April 24, 2001): 63–68. http://dx.doi.org/10.3233/hsm-2001-20109.

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In this paper we study the changing pattern of Korean Research and Development (R&D) after the IMF crisis. We contend that the focus has changed from government and chaebol-initiated R&D to small business and university-initiated R&D. This transition resulted from various reasons: (1) financial difficulty caused upon big chaebols by the IMF crisis, (2) the government's emphasis on nurturing high-technology venture businesses, (3) the government's initiative to start Brain Korea 21 (BK21) projects. We evaluate this transition from the real options view of R&D.

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16

Lee, Jeong-Hwan, and Jin-Hyung Cho. "Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea." International Journal of Environmental Research and Public Health 18, no. 22 (November 19, 2021): 12166. http://dx.doi.org/10.3390/ijerph182212166.

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We examine the association between carbon emissions, carbon disclosures, and firm value for Korean firms, with a particular interest in chaebols, a special type of Korean conglomerate. Using hand-collected carbon emissions and firm-specific data for 841 Korean firms, including 514 chaebols and 335 non-chaebols, we find a significantly positive relationship between carbon emissions and firm value among chaebol affiliates. This result contrasts with previous findings conducted in advanced markets, where investors consider carbon emissions to be destructive. In terms of the voluntary disclosure policy, we find that companies with good environmental performance tend to disclose carbon emissions voluntarily. We further argue that these findings originate from the specific business atmosphere in Korea. Our results support the traditional view of corporations in terms of environmental policy and highlight the importance of firm characteristics and historical developments in the analysis of environmental policy.

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17

Choi, Hyunjung, and Jungeun Cho. "Related-Party Transactions, Chaebol Affiliations, and the Value of Cash Holdings." Sustainability 13, no. 2 (January 13, 2021): 699. http://dx.doi.org/10.3390/su13020699.

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This study examines whether related-party transactions (RPTs) impact the value of firms’ cash holdings. Using a 2011–2018 sample of Korean public firms, we find that greater RPTs lead to lower cash holdings value. In particular, this decline is more pronounced in Korean chaebol firms than in non-chaebol firms. Our findings suggest that a unique and complex corporate governance structure of chaebol firms makes it difficult for outside investors to monitor firms’ internal cash management decisions, resulting in a negative valuation of cash holdings. This study contributes to the extant literature by providing additional evidence that RPTs in chaebol firms with severe agency problems may lower the value of cash holdings.

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18

Beck, Peter M. "Revitalizing Korea's Chaebol." Asian Survey 38, no. 11 (November 1, 1998): 1018–35. http://dx.doi.org/10.2307/2645683.

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19

Beck, Peter M. "Revitalizing Korea's Chaebol." Asian Survey 38, no. 11 (November 1998): 1018–35. http://dx.doi.org/10.1525/as.1998.38.11.01p0405n.

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20

Kim, Nam Kuk, Sanjit Sengupta, and Dong-jae Kim. "How Can Non-Chaebol Companies Thrive in the Chaebol Economy?" Journal of Global Academy of Marketing Science 19, no. 3 (September 2009): 28–36. http://dx.doi.org/10.1080/12297119.2009.9707296.

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21

Song, Ho Keun. "The Birth of a Welfare State in Korea: The Unfinished Symphony of Democratization and Globalization." Journal of East Asian Studies 3, no. 3 (December 2003): 405–32. http://dx.doi.org/10.1017/s1598240800001582.

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Globalization pressured a rebirth of the state in Korea, but in an unexpected direction. Whereas the welfare state retrenched in Western Europe under pressures of the borderless global economy, the Korean state reinvented itself into the guardian of public welfare. That regime shift occurred when the “Asian crisis” struck in 1997 to end the developmental state's way of growth. Previously, the state channeled subsidized bank loans to the chaebol firms (monopolistic conglomerates in strategic industries) and the chaebol company welfare to its workforce in order to secure industrial peace in strategic growth sectors. This de facto class bargain, partly forced by the developmental state and chaebol firms and partly prodded by organized labor, crumbled with the Asian crisis. No longer too big to fail, the chaebol firms plunged into downsizing and restructuring in order to raise profitability, thus precipitating a profound social crisis. The rules and norms of lifetime employment and promotion by seniority gestated during Park Chung Hee's authoritarian rule (1961–1979), and labor's acquiescence—if not consent—to the chaebol-led hypergrowth strategy collapsed as the crisis damaged a third of Korea's top thirty business conglomerates in 1997 and 1998.

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22

Kim, Jeong-Mo, and Jong-Seo Choi. "Chaebol and Non-Chaebol, Managerial Ability, Ownership Concentration, and Environmental Performance." Korea International Trade Research Institute 16, no. 6 (December 31, 2020): 171–96. http://dx.doi.org/10.16980/jitc.16.6.202012.171.

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23

Dannita, Sarah, and Shannaz Deniar. "The Chaebol’s contribution on South Korea nation branding through Korean wave." Satwika : Kajian Ilmu Budaya dan Perubahan Sosial 5, no. 2 (October 31, 2021): 317–36. http://dx.doi.org/10.22219/satwika.v5i2.17609.

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Korean Wave atau yang dikenal dengan Hallyu Wave menjadi salah satu ciri nation branding dari Korea Selatan. Sebagai sebuah kebutuhan dari negara untuk memperkuat eksistensinya, kajian mengenai nation branding menjadi menarik untuk melihat bagaimana strategi yang dipilih dari aktor negara serta bagaimana bentuk kolaborasi yang mereka lakukan. Penelitian ini menelaah kontribusi Chaebol dalam penguatan nation branding melalui Korean Wave. Dengan menggunakan Nation Branding Index oleh Simon Anholt, penelitian ini melihat bagaimana bentuk kontribusi dan kolaborasi antar aktor dalam enam index, yakni national governance, export promotion, tourism, investment and immigration, cultural/heritage relations, dan public/ people. Hasil penelitian ini memperlihatkan usaha Chaebol melalui kerjasama, joint venture, produksi, distribusi, serta promosi konten-konten dalam hallyu terlihat berdampak signifikan baik dalam citra promosi maupun pemasaran produk kepada masyarakat internasional. The Korean Wave, also known as the Hallyu, is one of the nation branding’s characteristics of South Korea. As a need from the state to strengthen its existence, the study of nation branding is interesting to see how the strategies chosen by state actors are and what forms of collaboration they take. This study will examine the contribution of Chaebol in strengthening nation branding through the Korean Wave. By using the Nation Branding Index by Simon Anholt, this study looks at the forms of contribution and collaboration between actors in six nation branding indexes, namely national governance, export promotion, tourism, investment and immigration, cultural/heritage relations, and public/people. The results of this study show that Chaebol's strategies through cooperation, joint ventures, production, distribution, and promotion of hallyu content has a significant impact both in image promotion and product marketing to the international community towards South Korea.

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24

Oh, Hyun Min, Sam Bock Park, and Hee Young Ma. "Corporate Sustainability Management, Earnings Transparency, and Chaebols." Sustainability 12, no. 10 (May 21, 2020): 4222. http://dx.doi.org/10.3390/su12104222.

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This study examines the association of corporate sustainability management with earnings transparency. Based on previous studies that indicate that sustainability management activities reduce earnings management and corporate risk and increase a firm’s value, this study predicts that the firms with effective sustainability management will have a high earnings transparency. In addition, this study examines the differential effect of corporate sustainability management on earnings transparency according to whether or not a firm belongs to a chaebol. We use Environmental, Social, and Governance (ESG) ratings of the Korean Corporate Governance Service (KCGS) as a proxy for corporate sustainability management and apply the method of Cheng and Subramanyam (2008) to measure earnings transparency. The empirical results show that there is a significant positive relationship between corporate sustainability management and earnings transparency. Furthermore, the association between corporate sustainability management and earnings transparency is more negative for firms belonging to a chaebol. These results indirectly show that firms belonging to a chaebol have a lower level of information asymmetry than firms not belonging to a chaebol. This study focuses on corporate sustainability management as a determinant of earnings transparency, and is useful for examining the effect of belonging to a chaebol on the relationship between sustainability management and earnings transparency. Our results are expected to provide important implications not only for managers, but also for investors and regulators.

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25

Dubois, François. "Les chaebol faux coupables." Critique internationale 2, no. 1 (1999): 15–21. http://dx.doi.org/10.3406/criti.1999.1534.

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26

Lim, Hyoung-Joo. "Chaebol and Earnings Management." Journal of the Korea Contents Association 12, no. 12 (December 28, 2012): 385–94. http://dx.doi.org/10.5392/jkca.2012.12.12.385.

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Dubois, François. "Les chaebol faux coupables." Critique internationale 2, no. 1 (January 1, 1999): 15–21. http://dx.doi.org/10.3917/crii.p1999.2n1.0015.

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28

Hong, Soonwook. "Are chaebol firms ethical." International Journal of Economics and Business Research 20, no. 3 (2020): 322. http://dx.doi.org/10.1504/ijebr.2020.110438.

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Hong, Soonwook. "Are chaebol firms ethical." International Journal of Economics and Business Research 1, no. 1 (2021): 1. http://dx.doi.org/10.1504/ijebr.2021.10031148.

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30

Jung, Dong-Hyeon. "Korean Chaebol in Transition." China Report 40, no. 3 (August 2004): 299–303. http://dx.doi.org/10.1177/000944550404000306.

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31

Oh, Hyunmin, and Sambock Park. "Corporate Sustainable Management, Dividend Policy and Chaebol." Sustainability 13, no. 13 (July 5, 2021): 7495. http://dx.doi.org/10.3390/su13137495.

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This study empirically examines the relationship between corporate sustainable management (CSM) and dividend policy. Among the various motivations related to dividends, this study examines the relationship between CSM and dividend policy based on the agency and signaling theory. After examining the relationship between CSM and dividend policy, we investigate whether belonging to a large business group (chaebol group) has a significant effect on the relationship between CSM and dividend policy. The analysis period is from 2011 to 2018, and the ESG ratings of the Korea Corporate Governance Service are used as proxies for CSM. The empirical results show that CSM and dividends have a significant relationship in the positive direction. This means that firms with excellent CSM activities have higher dividend levels than those that do not. Furthermore, the association between CSM and dividends is more negative for firms belonging to a chaebol group. This indicates that the positive relationship between CSM and dividends in a firm that belongs to a chaebol group is weakened. This means that the relationship between CSM and dividends in the group belonging to the chaebol group is weakened. It belongs to the group of conglomerates, meaning that the relationship between the amount of dividends and CSM weakened. Our study focuses on CSM as a determinant of dividends, and examines the effects of belonging to a chaebol group in the relationship between CSM and dividends. Given that resolving the interest incompatibility between investors and managers is the focus of corporate governance, dividend policies can be used as a method for resolving the interest incompatibility between investors and managers.

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32

Kim, Jounghyeon. "Determinants of Corporate Bankruptcy: Evidence from Chaebol and Non‐Chaebol Firms in Korea." Asian Economic Journal 34, no. 3 (September 2020): 275–300. http://dx.doi.org/10.1111/asej.12218.

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Park, Sungwon. "Related Party Transactions and Tax Avoidance of Business Groups." Sustainability 10, no. 10 (October 6, 2018): 3571. http://dx.doi.org/10.3390/su10103571.

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This study aims to examine if the firms in business groups avoid tax by related party transactions. If other conditions are the same, firms have an incentive to maximize after-tax profits by minimizing tax burden. If the firms are in business groups, they tend to minimize tax at the business group level. It is expected that the level of tax avoidance of both parties of related party transactions will be high if tax is minimized at the business group level as the transactions will be made at a level that can minimize the tax of both the firm that reduces the taxable income through related party transactions and the firm whose taxable income increases. In addition, the effect of being in a Chaebol business group and the effect of the Unfair Related Party Transactions Tax Law on the association with related party transactions and tax avoidance are also examined. According to this study, the firms in business groups avoid tax by related party transactions. It is also found out that tax avoidance by related party transactions is done more aggressively in Chaebol member firms than non-Chaebol firms, while tax avoidance by related party transactions in Chaebol business groups decreases after the implementation of the Unfair Related Party Transactions Tax Law.

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34

Shin, Choong Ho, Hyejin Cho, and Myeong Hyeon Cho. "Analysis Of Family Business Group Succession: Comparative Case Study On Six Korean Chaebols." Journal of Applied Business Research (JABR) 36, no. 1 (January 1, 2020): 29–50. http://dx.doi.org/10.19030/jabr.v36i1.10328.

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A chaebol is a Korean business group with a unique organizational structure in which both ownership and control rights held by a family. As their production accounts for nearly fifty percent of Korea’s GDP and their power in the labor market, it is important to analyze the succession of chaebols, which is closely related to the sustainability of the business. This paper analyzes the six Korean chaebols’ successions to increase our understanding of the processes and outcomes of the family succession. Specifically, we employ the three-circle model, i.e., the ownership, family, and business system, to conduct a comparative case study. Our analysis suggests that succession that involves a large size of succession concentrated to only one successor and restructuring of business portfolio experiences higher post- performance. Also, the level of conflicts in the succession process was not found to have an effect on performance. Overall, our findings imply that the succession is a period available to the company to set a right course of actions for improving competitiveness.

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Liu, Yongshang, Sung-Hwan Kim, and Xinyu Li. "The Effects of ESG Performance on Export Intensity of Korean Firms." Korea International Trade Research Institute 18, no. 6 (December 31, 2022): 1–18. http://dx.doi.org/10.16980/jitc.18.6.202212.1.

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Purpose – This study examines whether the export intensity of firms listed in the Korean market is affected by environmental, social and governance (ESG) ratings. We test whether the environmental, social, and governance (ESG) performance in ratings of Korean firms can improve their export intensity in the global markets. Design/Methodology/Approach – In this study, we introduce ESG ratings, export intensity and other control variables in the models using unbalanced panel data of 1,974 firms listed on the KOSPI and KOSDAQ Exchange between 2012 and 2021 from a merged dataset of the KIS-VALUE and TS-2000 databases. We apply the fixed effects model (FEMs) after applying the Hausman and Lagrangian multiplier tests. Also, we apply instrument variable regressions (IV regressions) to control endogeneity in ESG ratings affected by other factors introduced. Findings – First, higher ESG ratings of the firms have a significantly negative effect on export intensity, which is inconsistent with the results of the previous research (Herding and Poncet, 2014). Second, ESG ratings of chaebol firms do not significantly reduce export intensity. The results might be due to the less severe constraints in chaebol firms by ESG costs. (Chaney, 2008; Shi Xin-Zheng and Xu Zhu-Feng, 2018). Third, each ESG rating, E, S, and G individually, shows a significantly negative effect on export intensity for only non-chaebol firms, while such an effect for chaebol firms is not statistically significant. Fourth, using the instrument variable regression, we have verified the result that ESG performance has a negative effect on firms' export intensity. Research Implications – This study is the first to examine the relationship between the ESG ratings of Korean firms and their export intensity, whose result is different from that of a prior study regarding Chinese firms (Wu Qing-Lan, Chen Gui-Fu, Han Jing and Wu Li-Yan, 2022). The negative effects of ESG ratings in Korea on exports for non-chaebol firms suggest that higher ESG ratings of Korean firms are not favorably accepted by their counterparts in the global markets while their efforts to get or enhance higher ratings incurring more expenses might hurt their competence in the global markets. Such negative effects of ESG ratings are not clearly observed for chaebol affiliated firms.

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Sup Chang, Chan. "Chaebol: The South Korean conglomerates." Business Horizons 31, no. 2 (March 1988): 51–57. http://dx.doi.org/10.1016/0007-6813(88)90081-x.

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Cho, Eunho, Sungbin Chun, and Donseung Choi. "International Diversification, Corporate Social Responsibility, And Corporate Governance: Evidence From Korea." Journal of Applied Business Research (JABR) 31, no. 2 (March 4, 2015): 743. http://dx.doi.org/10.19030/jabr.v31i2.9153.

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We examine how multinational corporations (MNC) international diversification (ID) is related to their corporate social responsibility (CSR) activities in the domestic market. We also investigate whether corporate governance, specifically the conglomerate (chaebol) structure, affects the relationship between ID and CSR activities in the domestic market. We perform empirical analysis using a sample of 606 firm-year observations of Korean-listed manufacturing MNCs from 2005 to 2010. We find that ID is negatively associated with CSR, and that this relationship is stronger for chaebol firms. These results are robust after controlling for various factors that affect measurements of ID. Our findings suggest that ID related to market diversification through exports and foreign affiliates appears to push MNCs to perform fewer CSR activities in the domestic market. Our findings also indicate that the effect of chaebol firms on the relationship between ID and CSR is greater than that of non-chaebol firms in Korean market. Our study contributes to the ID and CSR literature as the first study to provide empirical evidence on the association between ID and CSR activities in the domestic market for Korean firms using three aspects of ID measurement. Given that empirical evidence on this issue is very limited, our findings have implications for academics, practitioners, and policymakers in understanding the relationship between ID and CSR strategy.

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Yoo, Youngtae, and Hyunjun Park. "The Informational Content Of Changes In Stock Recommendation: Chaebol Vs. Non-Chaebol Affiliated Analysts." Journal of Applied Business Research (JABR) 32, no. 6 (November 2, 2016): 1687. http://dx.doi.org/10.19030/jabr.v32i6.9816.

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Accurate analysts’ reports alleviate information asymmetry between companies and investors by providing accounting information that is useful in investment decision-making for market participants. Investors evaluate the credibility of stock recommendations based on the accuracy of the earnings forecasts of analysts, applying them in the decision-making process. Studies of stock recommendations have focused on their informational content, systematically analyzing the characteristics of recommendations and, to a lesser degree, decision-making factors. For most analysts, when stock recommendations and forecast changes are simultaneously disclosed, a large bias results if analysts fail to consider the magnitude of the market reaction relative to the earnings forecast and stock recommendations. In most previous studies, the informational content of both individual stock recommendations and changes in stock recommendations was investigated. In this study, we examine differences in the informational content depending on the stock recommendations of the report released immediately previous to the current report for the same recommendation. An upgraded (or downgraded) revision within the same recommendation category is associated with a greater (lower) stock price return. Even the same recommendation in the market may cause different reactions depending on both the recommendation itself and on the direction of change of the recommendation. Affiliated analysts have more access to inside information of the companies they analyze. The stock returns after revisions of Chaebol-affiliated analysts are significantly higher than those of non-Chaebol-affiliated analysts.

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Choi, Manseek, and Soonwook Hong. "Another Form of Greenwashing: The Effects of Chaebol Firms’ Corporate Governance Performance on the Donations." Sustainability 14, no. 6 (March 13, 2022): 3373. http://dx.doi.org/10.3390/su14063373.

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Environmental, social, and governance (ESG) metrics are widely used to measure the firms’ social performance. In this regard, donation expenses are one of the outcomes for the firms’ effort to build, grow, and maintain the social value. However, firms may expense a trivial or minimum amount of donations, considering the corporate size, in order to disguise themselves as a “good company”. In this paper, exploiting 2010–2019 Korean Stock Exchange (KSE) market listed companies’ financials and ESG scores, we examine whether Chaebol firms with good governance “actually” spend more donation expenses. We predict and find that good governance does not actually lead to greater donation expenses among Chaebol firms, despite the positive relations between governance and donation expenses in general. Overall, our findings highlight that good Chaebol companies determined by ESG metrics may not be real charitable companies. Our findings provide counterevidence against the notion that firms with a higher ESG score are more likely to be charitable.

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Kim, Sang-II, Won-Wook Choi, and Ho-Young Lee. "Does the Transformation to holding company systems in Korean Chaebol improve the valuation independence of affiliated firms’ cost of debt?" Corporate Ownership and Control 13, no. 4 (2016): 447–57. http://dx.doi.org/10.22495/cocv13i4c3p4.

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Family-owned conglomerates are prevalent in most Asian countries, in which excessive control rights of their majority shareholders infringe independent managements of their affiliated firms. Less than 50% of Korean chaebol conglomerates have transformed to holding company systems to ensure independent management of affiliated firms. Empirical analyses discovered that the cost of debts in the companies which have been transformed to holding company restricting the complicated equity investment among the affiliated firms of chaebol are evaluated independently. Results imply that the negative effect from the propping of internal capital can be reduced through the fundamental change in the corporate governance.

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Seo, Jeong. "Regulating Controlling Shareholders’ Agency Problemwithin Chaebol." Korean Lawyers Association Journal 64, no. 5 (May 2015): 186–240. http://dx.doi.org/10.17007/klaj.2015.64.5.005.

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LIM, Wonhyuk. "Chaebol and Industrial Policy in Korea." Asian Economic Policy Review 7, no. 1 (June 2012): 69–86. http://dx.doi.org/10.1111/j.1748-3131.2012.01218.x.

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Lie, John, Richard M. Steers, Yoo Keun Shin, and Gerardo R. Ungson. "The Chaebol: Korea's New Industrial Might." Pacific Affairs 64, no. 1 (1991): 112. http://dx.doi.org/10.2307/2760383.

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Kim, Dong-Woon. "Interlocking Ownership in the Korean Chaebol." Corporate Governance 11, no. 2 (April 2003): 132–42. http://dx.doi.org/10.1111/1467-8683.00014.

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HATTORI, Tamio. "CHAEBOL-STYLE ENTERPRISE DEVELOPMENT IN KOREA." Developing Economies 35, no. 4 (December 1997): 458–77. http://dx.doi.org/10.1111/j.1746-1049.1997.tb00857.x.

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Yoon, Bohyun, Jeong-Hwan Lee, and Jin-Hyung Cho. "The Effect of ESG Performance on Tax Avoidance—Evidence from Korea." Sustainability 13, no. 12 (June 14, 2021): 6729. http://dx.doi.org/10.3390/su13126729.

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We analyzed whether a firm’s engagement in socially responsible activities, as measured by environmental, social, and corporate governance (ESG) scores, influences their tendency to avoid tax in the Korean financial market. We found a negative relationship between Korean firms’ ESG scores and tax avoidance in terms of book-tax income difference during the sample period between 2011 and 2017. This result implies that firms with good CSR performance would tend not to manipulate taxable profits, which is in line with corporate culture theory. More interestingly, this trend has become more apparent for chaebol-affiliated firms, a special type of Korean conglomerate, than non-chaebol firms.

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Yoon, Bohyun, Jeong Lee, and Ryan Byun. "Does ESG Performance Enhance Firm Value? Evidence from Korea." Sustainability 10, no. 10 (October 11, 2018): 3635. http://dx.doi.org/10.3390/su10103635.

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We analyze whether a firm’s corporate social responsibility (CSR) plays a significant role in promoting its market value in an emerging market, namely Korea. We employ environmental, social, and corporate governance (ESG) scores to evaluate CSR performances and examine their effect on firm valuation. We find that CSR practices positively and significantly affect a firm’s market, in line with previous studies on developed countries. However, its impact on share prices can differ according to firm characteristics. For firms in environmentally sensitive industries, the value-creating effect of CSR is lesser than for firms that do not belong to sensitive industries. Specifically, corporate governance practice negatively influences the firm value of environmentally sensitive firms. Further, governance practice significantly promotes market value only for chaebols, while investors do not significantly value governance practice carried out by other firms. This finding suggests the value-enhancing effects of governance structure reformation in the former. This work mainly contributes to the literature by verifying a positive CSR-valuation relationship in emerging markets, which provides substantial policy and welfare implications in markets where governments play a major role in promoting CSR. A stronger valuation effect of CSR in chaebols may present economic background for the intervention of the Korean government in the reformation of chaebol.

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Lim, Kyung-Mook, and Wonhyuk Lim. "Investment Bust in Post-Crisis Korea: Fact or Fiction?" Asian Economic Papers 5, no. 3 (June 2006): 1–18. http://dx.doi.org/10.1162/asep.2006.5.3.1.

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In post-crisis Korea, facility (equipment) investment shows the worrisome trends of a slowdown in investment growth and a decline in investment propensity. We marshal micro and macro data to examine four major explanations for these important developments. Our analysis: (a) finds that cyclical factors such as depressed private consumption in 2003 and 2004 did lead to lower investments in automobiles, hence dragging down total investment growth in these years; (b) rejects the claim that investment was lowered by an “anti-chaebol environment” created by the Roh Moo-hyun government (facility investment by large firms actually increased by a great deal in 2003 and 2004, whereas aggregate investment in the national account showed anemic growth); (c) supports the “moral hazard” hypothesis, which states that chaebol investment in the pre-crisis period was abnormally high because of implicit state guarantees (the chaebol dummy in our investment equations was no longer statistically significant in the post-crisis period, in the aftermath of large-scale bankruptcies); and (d) supports the “hollowing-out” hypothesis, which holds that outward foreign direct investment has reduced domestic facility investment because the price competitiveness of final assembly and other labor-intensive sectors in Korea has been eroded by the rise of late-developing countries such as China and Vietnam.

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Kang, Hyun-Jung, and Soon-Mi Yu. "The Impacts of Short-Selling Trading Information on Earnings Management - A Comparision between Chaebol and Non-Chaebol." Journal of Internet Electronic Commerce Resarch 18, no. 5 (October 31, 2018): 217–32. http://dx.doi.org/10.37272/jiecr.2018.10.18.5.217.

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Kim, Byungmo, and Inmoo Lee. "Agency problems and performance of Korean companies during the Asian financial crisis: Chaebol vs. non-chaebol firms." Pacific-Basin Finance Journal 11, no. 3 (July 2003): 327–48. http://dx.doi.org/10.1016/s0927-538x(03)00027-1.

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