This book explores the strategies that chaebols - Korean business groups - have pursued, examines their structures, and assesses their performance. It highlights the strengths of chaebols that enabled their fast growth, as well as the weaknesses that waylaid them when the Asian crisis occurred.
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'The strength of this book lies in its thorough examination and detailed analysis of the conglomerates' internal operations, their pre-1997 business performance, and the advantages and disadvantages of their growth strategies.' The Business Economist
Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
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Taschenbuch. Condición: Neu. Druck auf Anfrage Neuware - Printed after ordering - This book explores the strategies that chaebols--Korean business groups--have pursued by examining their structures and assessing their performance. It highlights the strengths of chaebols that enable their fast growth, as well as the weaknesses that waylaid them when the 1999 Asian crisis occurred. Sea-Jin Chang asserts that the Korean government's restructuring efforts have not been successful and demonstrates why measures that overhaul chaebols' financial structures and strengthen their systems are necessary. He predicts that they will emerge again as stronger, more focused global players. Nº de ref. del artículo: 9780521025195
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Condición: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. This book explores the strategies that chaebols - Korean business groups - have pursued, examines their structures, and assesses their performance. It highlights the strengths of chaebols that enabled their fast growth, as well as the weaknesses that waylai. Nº de ref. del artículo: 446921525
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