A Survey of Research on the Corporate Governance of Korean Firms

A Survey of Research on the Corporate Governance of Korean Firms

Woochan Kim, Woojin Kim, Kyung Suh Park

Series number :

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Date posted :

December 14 2021

Last revised :

December 14 2021
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  • Corporate governance • 
  • Korea • 
  • control structure • 
  • ownership structure • 
  • business groups • 
  • family firms • 
  • related-party transactions

This article reviews research conducted from 2011-2020 on the corporate governance of Korean firms. The purpose is to promote academic interest in Korean corporate governance research especially among non-Korean scholars and to provide guidance to young Korean scholars who are working in this area. We begin with the institutional features that are unique to Korea.

We explain how they allowed researchers to develop interesting hypotheses that cannot be studied elsewhere, to establish causality that is not possible in other country settings, or to obtain data that are not available elsewhere. Then, we review the studies that examine the control (ownership) and governance structures of Korean firms. We pay attention to their determinants and their consequences. Lastly, we raise methodological concerns in existing studies and also discuss research topics for future research.


Real name:
Kyung Suh Park