Financial Crisis and Transformation of Korean Business Groups - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Financial Crisis and Transformation of Korean Business Groups write by Sea-Jin Chang. This book was released on 2003-04-28. Financial Crisis and Transformation of Korean Business Groups available in PDF, EPUB and Kindle. Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
Financial Crisis and Transformation of Korean Business Groups
Financial Crisis and Transformation of Korean Business Groups - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Financial Crisis and Transformation of Korean Business Groups write by Se-jin Chang. This book was released on 2003. Financial Crisis and Transformation of Korean Business Groups available in PDF, EPUB and Kindle. Explores the strategies that chaebols - Korean business groups - have pursued, examines their structures, and assesses their performance. It highlights the strengths of chaebols that enabled their fast growth, as well as the weaknesses that waylaid them when the Asian crisis occurred.
Business Groups in East Asia
Business Groups in East Asia - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Business Groups in East Asia write by Sea-Jin Chang. This book was released on 2006-03-02. Business Groups in East Asia available in PDF, EPUB and Kindle. The 1997 Asian Crisis principally affected Thailand, Indonesia, Malaysia, and Korea, as well as other East Asian countries heavily dependent on intra-regional trade. Banks and other financial institutions quickly become insolvent, and heavily indebted industrial firms went bankrupt. Many of these firms were affiliated with the business groups of this region, yet most groups did not immediately collapse, indeed they proved remarkably robust, some surviving and even prospering. This book examines these East Asian business groups and their subsequent restructuring following the Asian Crisis. East Asian nations embarked on very different trajectories to this common external shock. The Asian Crisis affected the inter-relationships among the socio-cultural environment, the state, and the market of each country quite differently and had distinct effects on the operations of these countries' business groups. This slow yet divergent pattern of development provides evidence against theories of rapid global convergence. Yet East Asian business groups face an uncertain future. Foreign investors' influence has increased substantially since the crisis, as East Asian governments had to accommodate their demands to keep attracting foreign capital. Governments supervise banks more closely and have loosened restrictions on mergers and hostile takeovers, further strengthening the discipline of the market. Various entry barriers that had inhibited foreign multinationals from competing in national markets were lifted, exposing business groups to intensified foreign competition. Under these new conditions, business groups in East Asia should reconfigure their business structures and adjust their corporate governance systems to regain momentum for further growth. Business groups will continue to be important vehicles for the sustained future growth of this region, and this book presents a substantial amount of new data on this, which will be of interest to academics, researchers, and advanced students of East Asian business, and business practitioners working within the region.
Chaebols' Ownership and Governance Structure
Chaebols' Ownership and Governance Structure - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Chaebols' Ownership and Governance Structure write by Sea-Jin Chang. This book was released on 2003. Chaebols' Ownership and Governance Structure available in PDF, EPUB and Kindle.
Economic Crisis and Corporate Restructuring in Korea
Economic Crisis and Corporate Restructuring in Korea - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Economic Crisis and Corporate Restructuring in Korea write by Stephan Haggard. This book was released on 2003-02-26. Economic Crisis and Corporate Restructuring in Korea available in PDF, EPUB and Kindle. Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing technology from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups known as chaebol have dominated the economic landscape. This collection of essays by leading political scientists and economists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of economic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.
