Financial Crisis and Transformation of Korean Business Groups
The Rise and Fall of Chaebols
By (author) Sea-Jin Chang
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Financial Crisis and Transformation of Korean Business Groups by Sea-Jin Chang
Book DescriptionSea-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.
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Book DetailsISBN: 9780521025195
(228mm x 152mm x 21mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 16-Mar-2006
Country of Publication: United Kingdom
Books By Author Sea-Jin Chang
Multinational Firms in China, Paperback (March 2015)
Based on statistical and case study evidence, this book examines how multinational firms grew their operations in China and how successful local firms emerged from the restructuring process, as well the competition between them, in the fierce marketplace of China's economic reform.
Sony Vs Samsung, Paperback (May 2008)
" Sony vs. Samsung is business history at its best! It explores the divergent fortunes of these two electronics giants in the last decade and identifies the true reasons behind Sony's decline and Samsung's rise. Contrary to popular belief, Chang shows that success (or failure) does not simply arise from different strategies.
Business Groups in East Asia, Hardback (March 2006)
The 1997 Asian Crisis 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. This book examines these East Asian business groups and presents data on their restructuring following the Asian Crisis.
Financial Crisis and Transformation of Korean Business Groups, Hardback (April 2003)» View all books by Sea-Jin Chang
This book explores the strategies chaebols, Korean business groups, have pursued, and assesses their performance.
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