Restructuring conglomerates: the evolution of the Korean chaebols
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2001
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | VIII, 270 S. graph. Darst. |
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Datensatz im Suchindex
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| adam_text | Contents in Brief
Contents in Brief. I
Table of Content II
Table of Exhibits V
Table of Abbreviations VII
1 Introduction 1
2 Theoretical foundation The conceptual framework 17
3 Environmental Background 29
4 Analysis of the chaebols 76
5 Identification of potential weaknesses 109
6 Chaebols restructuring efforts case studies 127
7 Conclusion and theoretical implications 204
Appendix 239
References 247
I
Table of Content
Contents in Brief. n
Table of Content V
Table of Exhibits vn
Table of Abbreviations 1 Introduction 1.1 The research object 1.2 Context and aim of research 1.3 Structure and layout 14 Scientific foundations 1.5 Research design and methodology 2 Theoretical foundation The conceptual framework 2.1 Toward a conceptual framework Research on organizational change 19
2.2 The concept of dominant logic 22
2.3 Theory of corporate restructuring 25
2.4 The conceptual framework 29
3 Environmental Background 29
3.1 The emergence of the chaebols 3.1.1 The formation of the chaebols 1945 to early 1960s 3
3.1.2 The rise of the chaebols Early 1960s to mid 1980s 3.1.3 Consolidation and further growth Mid 1980s to mid 1990s 43
45
3.2 Traditional environmental composite 46
3.2.1 Chaebols traditional political environment 3.2.2 Chaebols traditional economic environment 3.2.3 The developmental state 56
3.3 Towards a new environmental composite 3.3.1 Developments conflicting with the traditional political economic system 57
67
3.3.2 Implications for chaebols1 political and economic environment 72
3.3.3 The emergence of a new political economic system II
4 Analysis of the chaebols 76
4.1 Business portfolio 76
4.1.1 Scope of business 77
4.1.2 Level of diversification 78
4.1.3 Patterns of diversification 79
4.1.4 Reasons underlying diversification 81
4.2 Financial structure 83
4.2.1 Equity ownership and structure 83
4.2.2 Sources of capital and capita] structure 87
4.2.3 Cross payment guarantees 89
4.2.4 Reasons underlying financial structure 90
4.3 Corporate governance model 91
4.3.1 Elements of corporate governance 91
4.3.2 The tripod of internal control mechanisms 94
4.3.3 External control mechanisms 105
4.3.4 Reasons underlying corporate governance model 107
5 Identification of potential weaknesses 109
5.1 Business portfolio 109
5.1.1 Diversification and corporate performance the theoretical viewpoint 109
5.1.2 Potential weaknesses with respect to the business portfolio 112
5.2 Financial structure 113
5.2.1 Financial structure policy the theoretical viewpoint 113
5.2.2 Potential weaknesses with respect to the financial structure 115
5.3 Corporate governance model 117
5.3.1 Elements of good corporate governance OECD principles 119
5.3.2 Potential weaknesses with respect to corporate governance model 120
6 Chaebols restructuring efforts case studies 127
6.1 Introduction to case study research 127
6.1.1 Aim of case study research 127
6.1.2 Structure and methodology 128
6.1.3 Selection of case study candidates 131
6.2 Case study Samsung 134
6.2.1 Company profile 134
6.2.2 Restructuring of business portfolio 141
in
6.23 Restructuring of financial structure 147
6.2.4 Management of restructuring process 149
6.25 Evaluation I52
6.3 Case study Daewoo 157
6.3.1 Company profile 157
6.3.2 Restructuring of business portfolio 163
6.3.3 Restructuring of financial structure 166
6.3.4 Management of restructuring process 16
6.3.5 Evaluation 169
6.4 Case study Hanwha 1^
6.4.1 Company profile I74
6.4.2 Restructuring of business portfolio I77
6.4.3 Restructuring of financial structure 182
6.4.4 Management of restructuring process 6.4.5 Evaluation I85
6.5 Case study Jinro 189
6.5.1 Company profile 189
6.5.2 Restructuring of business portfolio I94
6.5.3 Restructuring of financial structure ^6
6.5.4 Management of restructuring process 199
6.5.5 Evaluation 200
7 Conclusion and theoretical implications ^ *
7.1 Synthesis of research results 204
7.1.1 The chaebols point of departure 2(M
7.1.2 The evolution of the chaebols case study results 215
7.1.3 The emergence of a new dominant logic 219
7.2 Implications for the theory W
7.2.1 Validation and extension of underlying theory ^
7.22 Operationalization of underlying theory 232
7.3 Final remarks 235
Appendix 239
Appendix A: Interview partners 239
Appendix B: Interview guideline 2*^
References 247
IV
Table of Exhibits
Exhibit 1 Research context 3
Exhibit 2 Research questions 5
Exhibit 3 Structure and layout of thesis 6
Exhibit 4 Applied scientific theories / assumptions 8
Exhibit 5 The concept of dominant logic and complex adaptive systems 21
Exhibit 6 Corporate restructuring framework 24
Exhibit 7 Conceptual framework Part 1 25
Exhibit 8 Conceptual framework Part II 26
Exhibit 9 Theoretical frameworks of organizational change 28
Exhibit 10 Allocation of industrial base 31
Exhibit 11 Development of GNP and exports 36
Exhibit 12 Top ten Korean export items 38
Exhibit 13 Chaebols share of the economy 39
Exhibit 14 Traditional environmental composite 46
Exhibit 15 Patterns of state intervention 48
Exhibit 16 College education of business and government leaders 50
Exhibit 17 Towards a new environmental composite 57
Exhibit 18 Liberalization of capital markets excerpt of measures 63
Exhibit 19 Liberalization of factor markets — imports and exports 65
Exhibit 20 liberalization of factor markets removing FDI restrictions 66
Exhibit 21 Business domains of the top ten chaebols 77
Exhibit 22 Chaebols diversification strategy 80
Exhibit 23 Chaebols ownership structure 84
Exhibit 24 Samsung s cross shareholding structure 85
Exhibit 25 Ownership patterns 87
Exhibit 26 Debt/equity ratio of top ten chaebols 88
Exhibit 27 Cross payment guarantees of top ten chaebols 89
Exhibit 28 Owning family and CEO representation 95
Exhibit 29 The chairman s office services and roles 96
Exhibit 30 Lucky Goldstar executives and their influence 97
Exhibit 31 Board of directors review of legal setting 103
Exhibit 32 Family participation in boards of directors 104
Exhibit 33 OECD principles of corporate governance 120
Exhibit 34 Case study candidates: key parameters 128
Exhibit 35 Definition of quantitative indicators 130
Exhibit 36 Samples for analyses 133
V
Exhibit 37 Samsung: Structure of group 138
Exhibit 38 Samsung: Change in business portfolio 143
Exhibit 39 Samsung: Number of affiliates 144
Exhibit 40 Samsung: Revenue Composite 147
Exhibit 41 Samsung: Leverage, debt and equity 148
Exhibit 42 Samsung: Cross guarantees 149
Exhibit 43 Samsung: Management of restructuring process 150
Exhibit 44 Samsung: Development of share price 153
Exhibit 45 Samsung: Revenue and profit 154
Exhibit 46 Daewoo: Structure of group 161
Exhibit 47 Daewoo: Change in business portfolio 164
Exhibit 48 Daewoo: Number of affiliates 165
Exhibit 49 Daewoo: Leverage, debt and equity 166
Exhibit 50 Daewoo: Cross guarantees 167
Exhibit 51 Daewoo: Development of share price 169
Exhibit 52 Daewoo: Revenue and profit 170
Exhibit 53 Hanwha: Change in business portfolio 179
Exhibit 54 Hanwha: Number of affiliates 180
Exhibit 55 Hanwha: Revenue composite 181
Exhibit 56 Hanhwa: Leverage, debt and equity 182
Exhibit 57 Hanwha: Cross guarantees 183
Exhibit 58 Hanwha: Management of restructuring process 184
Exhibit 59 Hanwha: Development of share price 186
Exhibit 60 Hanwha: Revenue and profit 187
Exhibit 61 Jinro: Number of affiliates 195
Exhibit 62 Jinro: Revenue composite 196
Exhibit 63 Jinro: Leverage, debt and equity 197
Exhibit 64 Jinro: Cross guarantees 198
Exhibit 65 Jinro: Management of restructuring process 1
Exhibit 66 Jinro: Development of share price 201
Exhibit 67 Jinro: Revenue and profit 202
Exhibit 68: Synthesis I environmental composite 206
Exhibit 69: Synthesis II Chaebol characteristics/old dominant logic 210
Exhibit 70: Synthesis III identified weaknesses 213
Exhibit 71: Case study candidates background 215
Exhibit 72: Synthesis IV Case study results 216
Exhibit 73: Elements of chaebols new dominant logic Business portfolio 224
Exhibit 74: Elements of chaebols new dominant logic Financial structure 227
Exhibit 75: Levers enabling organizational transformation 232
VI
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| title | Restructuring conglomerates the evolution of the Korean chaebols |
| title_auth | Restructuring conglomerates the evolution of the Korean chaebols |
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