Financial Crisis and Transformation of Korean Business Groups: The Rise and Fall of Chaebols - Image 1

£46.14

Cambridge University Press Financial Crisis and Transformation of Korean Business Groups: The Rise and Fall of Chaebols

Name: Financial Crisis and Transformation of Korean Business Groups: The Rise and Fall of Chaebols
Brand: Cambridge University Press
Price: 46.14 GBP
Availability: InStock

39 b/w illus. 24 tables

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Description

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.

Product Specifications

Brand: Cambridge University Press
Model: 39 b/w illus. 24 tables
Format: hardcover
ASIN: 0521814359
Category: Books > Subjects > Business, Finance & Law > Accounting > International
Domain: Amazon UK
Release Date: 28 April 2003
Listed Since: 22 December 2006

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Cambridge University Press Financial Crisis and Transformation of Korean Business Groups: The Rise and Fall of Chaebols

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