War on Family Property Rights: Rethinking Governance Reforms for the South Korean Chaebol

South Korea has 14 firms listed on the global Fortune 500, but it still struggles with the backward struggle between the state and the family firms over property rights and family successions. The corporate governance issue has damaged the reputation of Korean chaebols, and democratically elected governments have tried to reform the governance structures to ease asset concentration. This book outlines the current governance problems, state reform policies, and their successes and failures.

Format: Hardback
Length: 132 pages
Publication date: 26 December 2022
Publisher: Taylor & Francis Ltd

South Korea boasts an impressive presence on the global Fortune 500 list, with 14 firms ranked among the top 500 companies in the world as of 2020. This remarkable achievement is a testament to the country's economic strength and innovation. In addition to its economic prowess, South Korea stands out as one of the only two Asian countries that are simultaneously members of the OECD and its Development Assistance Committee (DAC). This membership reflects the country's commitment to economic development and global cooperation.

Furthermore, South Korea proudly claims membership in the prestigious 50-30 Club, an exclusive group consisting of countries with a population of over 50 million and a GDP of $30,000 per capita. This membership underscores Korea's position as a global economic powerhouse.

Despite its outward appearances, South Korea faces challenges related to corporate governance and the balance between state and family-owned firms. The struggle for property rights and family successions has led to conflicts between the state and chaebols, or family conglomerates, which have dominated the Korean economy for decades. The reputation of these conglomerates has been tarnished by corruption, tax evasion, and violation of inheritance laws.

Democratically elected governments in Korea since 1987 have attempted to reform the chaebol governance structures to reduce asset concentration among family members. However, these efforts have faced numerous obstacles, including corruptive practices between the state and chaebols. This book aims to provide an in-depth analysis of the current governance problems within the chaebols, state reform policies, and the successes and failures of these reforms.

The book explores the historical background and evolution of the chaebol system in Korea, highlighting its role in the country's economic development. It also examines the challenges faced by the chaebols, including their concentration of power, lack of transparency, and resistance to reform. The book discusses the various state reform policies implemented in Korea, such as privatization, deregulation, and corporate governance reforms. It analyzes the impact of these policies on the chaebols and the broader economy, highlighting both the successes and failures of these initiatives.

The book also sheds light on the role of foreign investors in Korean economy, particularly the impact of the Korean Wave (K-pop) and the rise of South Korean companies in global markets. It explores the challenges and opportunities faced by Korean companies in the international arena, including the need for innovation, global market competition, and cultural adaptation.

In conclusion, South Korea's impressive economic achievements and global presence are accompanied by challenges related to corporate governance and the balance between state and family-owned firms. This book provides valuable insights into these issues and offers a comprehensive analysis of the current governance problems within the chaebols, state reform policies, and their impact on the Korean economy. It is a valuable resource for scholars, policymakers, and business professionals interested in understanding the complexities of South Korean economy and its global implications.

Weight: 417g
Dimension: 246 x 174 (mm)
ISBN-13: 9781032410593