학술논문
Whither the Korean Business Groups under Family Control
이용수 8
- 영문명
- Whither the Korean Business Groups under Family Control
- 발행기관
- 인하대학교 산업경제연구소
- 저자명
- Jin-Bang Kim
- 간행물 정보
- 『경상논집』경상논집 제18집 제2호, 141~169쪽, 전체 29쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2004.12.01
6,280원
구매일시로부터 72시간 이내에 다운로드 가능합니다.
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국문 초록
영문 초록
Korean business groups have been under family control for decades. The controlling family's ultimate ownership share, however, is not that large. It is 82 percent in December 1997 on average in the five largest business groups. Given the concentration of control rights and their separation from cash flow rights, it should not be surprising that their ratio of debt to outside equity is as high as 761 on average. As the controlling family could freely expropriate shareholders, It must have been costly to finance investments by selling cash flow rights.
In the years 1998 and 1999 the ratio of debt to equity dropped to 2.30 on average in four of the five business groups. It is attributable in part to the new rules the state prescribed to improve corporate governance after the economic crisis of 1997. Although the ownership structure has little changed, the new rules seem to have lowered the agency cost of outside equity by making it difficult for the controlling family to expropriate shareholders.
목차
Ⅰ. Introduction
Ⅱ. The Ownership Structure of Five Business Groups
Ⅲ. Private Benefits of Control and Agency Costs
Ⅳ. Rent Protectionand Government-led Reforms
Ⅴ. Concluding Remarks
Bibliography
Abstract
