Financial Crisis and Transformation of Korean Business by Sea-Jin Chang

By Sea-Jin Chang

This booklet explores the suggestions that chaebols--Korean enterprise groups--have pursued by way of 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 problem 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 enhance their platforms are worthwhile. He predicts that they are going to emerge back as improved, extra concentrated international gamers.

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In contrast, such government monitoring and intervention did not occur in other countries. 10 To assimilate new technologies, Korean firms initially copied foreign firms’ designs and technology and later relied on licensing and OEM (original equipment manufacturing). The government sponsored research institutions that helped firms with such activities (Kim, 1996). Entrepreneurs became more important only as Korean firms shifted from imitation to innovation. The first two five-year plans are generally regarded as successful.

The perspective that emphasizes the sociocultural environment of each country, on the other hand, neglects the pressures of global convergence. These researchers tend to focus only on the national-level institutional environments that exercise coercive and imitative conformity pressures onto organizations. , 1997). For instance, domestic firms become increasingly more subject to global accounting standards (Jang, 2001). Similarly, shareholder activism, which originated in the United States, has become a global phenomenon as institutional investors diversified their portfolio internationally (Davis and Thompson, 1994; Useem, 1996).

Banks or external labor markets) that are taken for granted in developed countries. For example, creating an internal capital market is unnecessary and redundant if the banking system is well developed. There is also no need to utilize the internal labor market if the demand is met by a sufficient supply of high-quality personnel such as MBA graduates or technicians. The second line of research points out that active market interference by governments of developing countries has also greatly impacted the creation of business groups.

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