By Sea-Jin Chang
This ebook explores the recommendations that chaebols--Korean enterprise groups--have pursued via interpreting their constructions and assessing their functionality. It highlights the strengths of chaebols that allow their quick development, in addition to the weaknesses that waylaid them while the 1999 Asian drawback happened. Sea-Jin Chang asserts that the Korean government's restructuring efforts haven't been profitable and demonstrates why measures that overhaul chaebols' monetary constructions and increase their platforms are worthwhile. He predicts that they're going to emerge back as more suitable, extra targeted international gamers.
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Additional info for Financial Crisis and Transformation of Korean Business Groups: The Rise and Fall of Chaebols
The intricate web of cross-debt guarantees, cross-shareholding, and internal business trade made it difﬁcult for chaebols to shed unproﬁtable afﬁliates and to focus on core competencies. In addition, the absence of effective corporate governance systems made chaebols resist change even more. Such inertia ultimately contributed to chaebols’ eventual collapse during the ﬁnancial crisis. Thus, the crisis of 1997 was due to this mismatch between changing the external environments and internal capabilities of both chaebols and the government.
26 According to this view, Korean ﬁrms enact a patrimonial logic, which is deeply rooted in the history and culture of Korea and expresses itself in the relationship between the state and businesses, between employers and employees, and within Korean families. Guillen (2001) extends this view that business groups should be conceived as a resource, not an obstacle, for a country’s modernization. He maintains that large, hierarchical organizations such as chaebols may be the most efﬁcient organization form in mass production industries, such as those in which Korea holds competitive advantages.
Free flow of foreign capital. • Increasing challenges from emerging market competitors. Introduction economies such as China and south Asian countries, which had lower wages than Korea did. These environmental changes demanded fundamental changes from both the government and chaebols, which were supposed to respond by shifting their focus from imitation to innovation (Kim, 1996). To remain competitive, they had to produce high-quality items with new designs and innovative ideas to compensate for their higher level of wages.