The Ownership Structure of Major Chaebols: A Comparative Study

• 발행기관: 한국사회경제학회
• 저자명: 김동운
• 간행물 정보: 『한국사회경제학회 학술대회 자료집』2021년 겨울 학술대회 발표집, 1~10쪽, 전체 10쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.02.28

영문 초록

In 2019, the corporate governance of SK and LG Group was in sharp contrast to that of Samsung and Hyundai Motor Group: the former two chaebols were shaped by a fully-fledged holding company system while the latter two by a loosened interlocking ownership structure. From the illustrated ownership structure, it is easily to see that, in SK and LG, companies in square are connected between them by arrows , indicating ownership, in a simple and hierarchical way and in good order and, by contrast, that, in Samsung and Hyundai Motor, arrows are connected between companies in a rather complicated way and in seemingly confusing order. In SK and LG, almost all of member companies are organized into a holding company system that is headed by a holding company in square at the top (respectively, SK Corporation and LG Corporation), which, in tum, is governed by the largest shareholder and the Group Owner in oval just above the holding company (respectively, Tae-Won Choi and Gwang-Mo Koo). On the other hand, in Samsung and Hyundai Motor, there exists interlocking ownership between companies although it appears to be weak or loose. In Samsung, three companies play crucial roles: one company (Samsung Corporation), in square at the top , is governed by the largest shareholder and the Group Owner in oval just above the company (Jae-Yong Lee) while having some stakes in the other two (Samsung Life Insurance, Samsung Electronics), the former of which, in tum, has a stake in the latter. By comparison, in Hyundai Motor, typical interlocking ownership is formed in a circular way among three key companies (Hyundai Mobis, Hyundai Motor, Kia Motors), of which, in sequence, one is the largest shareholder in another; and, in the former two, the Group Owner in oval (Mong-Koo Chung) has some stakes.