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South Korean Chaebols and Value-Based Management

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  • Sviatoslav Moskalev

    ()

  • Seung Park

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s10551-009-0138-5
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Business Ethics.

    Volume (Year): 92 (2010)
    Issue (Month): 1 (March)
    Pages: 49-62

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    Handle: RePEc:kap:jbuset:v:92:y:2010:i:1:p:49-62

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    Web page: http://www.springerlink.com/link.asp?id=100281

    Related research

    Keywords: chaebols; governance; minority shareholder expropriation; tunneling; value-based management;

    References

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    1. Jeremy C. Stein, 1995. "Internal Capital Markets and the Competition for Corporate Resources," NBER Working Papers 5101, National Bureau of Economic Research, Inc.
    2. Tarun Khanna & Krishna Palepu, 2000. "Emerging Market Business Groups, Foreign Intermediaries, and Corporate Governance," NBER Chapters, in: Concentrated Corporate Ownership, pages 265-294 National Bureau of Economic Research, Inc.
    3. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    4. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, vol. 57(6), pages 2741-2771, December.
    5. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
    6. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
    7. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December.
    8. Eric Friedman & Simon Johnson & Todd Mitton, 2003. "Propping and Tunneling," NBER Working Papers 9949, National Bureau of Economic Research, Inc.
    9. Harris, Milton & Raviv, Artur, 1988. "Corporate governance : Voting rights and majority rules," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 203-235, January.
    10. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
    11. Shin, Hyun-Han & Park, Young S., 1999. "Financing constraints and internal capital markets: Evidence from Korean 'chaebols'," Journal of Corporate Finance, Elsevier, vol. 5(2), pages 169-191, June.
    12. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June.
    13. Jong-Wha LEE & Changyong RHEE, 2007. "Crisis and Recovery: What We Have Learned from the South Korean Experience?," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 146-164.
    14. Jill Solomon & Aris Solomon & Chang-Young Park, 2002. "A Conceptual Framework for Corporate Governance Reform in South Korea," Corporate Governance: An International Review, Wiley Blackwell, vol. 10(1), pages 29-46, 01.
    15. Baek, Jae-Seung & Kang, Jun-Koo & Suh Park, Kyung, 2004. "Corporate governance and firm value: evidence from the Korean financial crisis," Journal of Financial Economics, Elsevier, vol. 71(2), pages 265-313, February.
    16. Jae-Seung Baek & Jun-Koo Kang & Inmoo Lee, 2006. "Business Groups and Tunneling: Evidencefrom Private Securities Offeringsby Korean Chaebols," Journal of Finance, American Finance Association, vol. 61(5), pages 2415-2449, October.
    17. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    18. Youngil Lim, 1999. "Technology and Productivity: The Korean Way of Learning and Catching Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262122219, December.
    19. Choi, Jongmoo Jay & Park, Sae Woon & Yoo, Sean Sehyun, 2007. "The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(04), pages 941-962, December.
    20. Heitor V. Almeida & Daniel Wolfenzon, 2006. "A Theory of Pyramidal Ownership and Family Business Groups," Journal of Finance, American Finance Association, vol. 61(6), pages 2637-2680, December.
    21. Sanford J. Grossman & Oliver D. Hart, 1987. "One Share/One Vote and The Market for Corporate Control," Working papers 440, Massachusetts Institute of Technology (MIT), Department of Economics.
    22. Clifford G. Holderness & Randall S. Kroszner & Dennis P. Sheehan, 1999. "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression," Journal of Finance, American Finance Association, vol. 54(2), pages 435-469, 04.
    23. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    24. Lucian Bebchuk & Reinier Kraakman & George Triantis, 1999. "Stock Pyramids, Cross-Ownership, and the Dual Class Equity: The Creation and Agency Costs of Seperating Control from Cash Flow Rights," NBER Working Papers 6951, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Stancic, Predrag & Todorovic, Miroslav & Cupic, Milan, 2012. "Value-Based Management and Corporate Governance: a Study of Serbian Corporations," MPRA Paper 42202, University Library of Munich, Germany.
    2. Predrag Stančić & Miroslav Todorović & Milan Čupić, 2012. "Value-Based Management And Corporate Governance: A Study Of Serbian Corporations," Economic Annals, Faculty of Economics, University of Belgrade, vol. 57(193), pages 93-112, April- Ju.

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