Korea

What Determines the Ownership Structure of Business Conglomerates? On the Cash Flow Rights of Korea's Chaebol

When Should Bankruptcy Law Be Creditor- or Debtor-Friendly? Theory and Evidence

We examine how creditor protection affects firms with different levels of owners’ and managers’ personal costs of bankruptcy. Theoretically, we...

How Useful are Commercial Corporate Governance Ratings in Emerging Markets?

A central issue in evaluating the effects of corporate governance (CG) is how to measure it. Some researchers measure firm-level CG using...

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

We discuss empirical challenges in multicountry studies of the effects of firm-level corporate governance on firm value, focusing on emerging...

The Rise of a Network: Spillover of Political Patronage and Cronyism to the Private Sector

The misallocation of government resources to the politically connected is considered to impose substantial economic costs. We...

Predicting Firms' Corporate Governance Choices: Evidence from Korea

In a companion paper, we report evidence that a broad corporate governance index predicts higher share prices for Korean firms. Bernard Black, Hasung...

Bribes and Corporate Performance: Evidence from a Quasi-Natural Experiment

We examine how bribes may affect corporate performance using a quasi-natural experiment. Specifically, we exploit the 2016 enactment of the Improper...

Shareholder Suits and Outside Director Liability: The Case of Korea

Reforms to Korean corporate and securities law carried out in the wake of the 1997-1998 East Asian financial crisis included a mandate that boards...

Why Does Corporate Governance Affect Firm Value: Evidence on a Self-Dealing Channel from a Natural Experiment in Korea

Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little on the specific...

A Survey of Research on the Corporate Governance of Korean Firms

This article reviews research conducted from 2011-2020 on the corporate governance of Korean firms. The purpose is to promote academic...

The Effect of Board Structure on Firm Value: A Multiple Identification Strategies Approach Using Korean Data

Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an...

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for...