초록
영어
This article reviews research conducted from 2011-2020 on the corporate governance of Korean firms. The purpose is to promote academic interest in Korean corporate governance research especially among non-Korean scholars and to provide guidance to young Korean scholars who are working in this area. We begin with the institutional features that are unique to Korea. We explain how they allowed researchers to develop interesting hypotheses that cannot be studied elsewhere, to establish causality that is not possible in other country settings, or to obtain data that are not available elsewhere. Then, we review the studies that examine the control (ownership) and governance structures of Korean firms. We pay attention to their determinants and their consequences. Lastly, we raise methodological concerns in existing studies and also discuss research topics for future research.
목차
Ⅰ. Introduction
Ⅱ. Unique Corporate Governance Institutions in Korea
1. Regulatory Settings: Firm-level Regulation
2. Regulatory Settings: Group-level Regulation
3. Data Sources
Ⅲ. Determinants of Control Structure and Governance Mechanism
1. What Determines Ownership and Control Structure?
2. What Determines Governance Mechanism?
3. What Determines Governance Mechanisms and How Does It Affect Corporate Outcomes (Firm Value)?
Ⅳ. Consequences of Corporate Control Structure
1. The Effect of Family Ownership
2. Business Group Membership or Affiliation
3. Political Connections
4. CEO Characteristics
Ⅴ. Consequences of Corporate Governance Mechanisms
1. Corporate Governance in General
2. Specific Corporate Governance Mechanisms
Ⅵ. Conclusion
References