• 프린팅코리아
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• v.12 no.5
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• pp.48-57
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• 2013

인쇄사는 가족기업의 형태로 운영되는 경우가 매우 많다. 그렇다고 우리나라 인쇄사만 영세하고 가내수공업 같아 가족기업의 형태로 운영되는 경우가 많을 것이라고 생각하면 오산이다. 우리나라보다 훨씬 bah가 큰 미국의 인쇄사도 90% 이상이 가족기업이고, 심지어는 포츈지 선정 500e 기업의 37%가 가족기업에 해당된다는 통계도 있다. 이처럼 가족기업은 생각보다 훨씬 다양한 모습으로 산업계에 뿌리 내리고 있으며, 매우 우수한 경영성과를 올리고 있다.

• Journal of Family Resource Management and Policy Review
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• v.25 no.3
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• pp.17-30
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• 2021

The purpose of this study was to examine the effectiveness of family-friendly management in 501 family-friendly certified firms and to analyze organizational and social outcomes outlined by the firms. In addition, this study aimed to discover ways to promote family-friendly management by investigating the effects of ongoing support to certified firms, including family-friendly consulting and workplace training. The results showed that certified firms administer family-friendly workplace policies at a satisfactory level, while their management of policy indices and outcomes were not effective. The finding suggests that family-friendly management indices need to be aligned with firms' substantial outcomes. An improved organizational image and trust were major organizational outcomes of family-friendly management, and an enhanced CEO perception and a culture centered on gender-equality were significant social outcomes. These outcomes need to be promoted to attract organizations to engage in family-friendly management. The finding further implies the important roles of organizations in cultivating family-friendly environments in society. Finally, the certified firms with ongoing consulting and training support exhibited higher levels of family-friendly management and organizational and social outcomes. This study sheds light on the importance of long-term, systematic efforts by organizations in fostering family-friendly management and achieving organizational and social outcomes.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.3
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• pp.518-526
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• 2017

This study analyzed the impact of family firms and their characteristics on how they use debts to analyze the decision-making process of Korean family firms. For analysis, we classified the characteristics of family firms into three categories, through the influence of the relationship between the lack of funds and net debt issuance, which was confirmed as the 'packing order theory' of family firms. There was a total of 4,503 enterprises in the Korean Exchange (KRX). The period of analysis was 10 years, between 2004 and 2014. To summarize, Shyam-Sunder and Myers (1999) validated the packing order theory by presenting a model of family businesses that showed greater applicable to higher packing order theory than a model of non-family businesses. Moreover, the results also confirmed the application of the packing order theory by the family stronger corporate governance and ownership structure. The ownership and governance characteristics of the ruling family has also shown the applicability of higher packing order theory.

• Journal of Venture Innovation
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• v.6 no.2
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• pp.21-39
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• 2023

The study investigates the impact of family ownership heterogeneity on the internationalization decisions of family-owned enterprises from ICT sectors in South Korea. The study uses prospect theory to explore the relationship between ownership structure and internationalization. The study finds that as performance improves, the ultimate owner (CEO) is negatively related to internationalization, while other family members are positively related, demonstrating the heterogeneous behavior of family members. The study suggests that the ultimate owner (CEO) tends to avoid risks associated with internationalization, while other family members are willing to take risks. To better understand the various risk behaviors of family firms regarding internationalization, the inherent heterogeneity of family firms, particularly in light of different risk behaviors between the ultimate owner (CEO) and other family members, may explain the inconsistent results in studies on the effect of family ownership on internationalization.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.2
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• pp.674-680
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• 2013

This paper investigates the impact of liquidity constraints on investment expenditures of family and non-family firms. We analyze the ownership structure of family firms to determine whether family control alleviates or exacerbates investment-cash flow sensitivity in domestic firms. To examine the impact of liquidity constraints on investment expenditures of family and non-family firms, we used a financial data of 644 Korea Exchange traded companies over the 2000 - 2010 period. We estimated a time-series and cross-sectional regression model, using samples of family firms and non-family firms. The results show that cash flow is not associated with investment expenditure in family firms, whereas cash flow has a positive impact on investment in non-family firms. Our results show that lower or no investment-cash flow sensitivities in family-controlled firms are mainly attributable to lower agency costs through strong monitoring activities of family members. Higher investment-cash flow sensitivities are observed in non-family firms with more agency problems. This suggests that investment-cash flow sensitivities would be useful measures of liquidity constraints.

• International Area Studies Review
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• v.17 no.4
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• pp.23-42
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• 2013

This paper examines the effects of corporate governance on internationalization in Korean firms. Using the data from 454 Korean manufacturing firms listed in the Korean Stock ExchanFge (KSE) from 1999-2006, we analyzed the role of corporate governance on internationalization in Korean firms, including Chaebols (Korean business groups) and family firms. In addition, we investigated the moderating effect of concentration of ownership on internationalization. The results of the analysis showed a positive association between corporate governance in Chaebols and family firms and internationalization. Interestingly, the influence of ownership concentration overpowered the ambivalent behaviors of Chaebols, leading to less internationalization. We conclude that corporate governance in Chaebols and family firms is important to internationalization strategy.

• Journal of the Korea Convergence Society
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• v.9 no.12
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• pp.301-311
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• 2018

The purpose of this research was to examine the perceptions of CEOs and HR managers on family-friendly management and family-friendly company certification in small- and medium-size businesses. Six CEOs and HR managers participated in focus group interviews. Five themes were identified: provision of various family-friendly workplace policies, recognition of the need for family-friendly management, difficulty introducing family-friendly management and family-friendly workplace policies, willingness to acquire family-friendly company certification, and ways to expand family-friendly management and family-friendly company certification. All participants agreed on the need for family-friendly management and provided different family-friendly workplace policy suggestions for employees regardless of their interests in acquiring family-friendly company certification. However, they also had difficulties introducing family-friendly workplace policies. This finding suggests that different incentives are needed to encourage companies to expand family-friendly workplace policies.

• Korean small business review
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• v.39 no.1
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• pp.1-39
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• 2017

The first generation of the business that had been founded in 1960~1970s faces the situation to consider the succession of the family business developed by devotion of their whole lives in the critical timing to the next generation. In the process of selecting the party of family business succession, it is required to consider a variety of succession types including smooth transfer to the other family member or the employee of the company, selling the company, or hiring external specialist. Foreign countries acknowledge the importance of the succession in the family owned company to perform multiple studies on the influential factors to the succession, distinction, and types of family business succession; and they utilize the results for the related policy development and the support of family owned business succession. However, few studies have been conducted on the succession of the domestic family owned business and majority of them are related to the types of succession. Considering its share and influential power in the domestic economy, it is necessary to develop the guideline and the policies to solve many issues on the succession of the family owned business by systemic studies. Hence, the impact of the main characteristics in the family owned business on the types of its succession was analyzed in this study focusing on five domains of Socioemtional Wealth (SEW) in view of Behavioral Agency Theory by Gomez-Mejia et al. (2007) using the data from 540 family owned small-to-medium sized businesses so as to analyze the issues on their business succession. Upon the empirical analysis results, it was confirmed that they were influenced to the selection of succession type by family succession > internal employee succession > external succession, for the variables of social contribution which were non-financial characteristics, internal employee succession > family succession > external succession for the intellectual properties, and family succession > external succession for the management participation of the family. The distinction of social contribution were influenced the most to the selection of the succession types. Financial factors, business performance, and R&D investment variables were not significantly influenced to their selection of the succession types. In case of simultaneous management, the family succession rate was high and it showed the control effect to strengthen selecting family owned business with R&D investment, social contribution, and company history variables. The behavioral agency theory used in this study was confirmed with high explanation power on the family owned business succession. The family owned business showed the tendency to maintain SEW, and non-financial factors such as accumulated know-how and social contribution based on the long term history were significantly affected to the succession in the small-to-medium sized family owned businesses, unlike general large sized listed companies. The results of this study are expected to be helpful practically for the succession of the family owned business and to suggest the guideline for the development of governmental policy.

• Proceedings of the Korean Family Resource Management Association Conference
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• 2000.05a
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• pp.40-50
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• 2000

• Journal of the Korea Convergence Society
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• v.10 no.4
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• pp.175-182
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• 2019

The purpose of this study is to test whether credit rating agencies highly evaluate the credit ratings of corporate bonds based upon management participation and ownership share by family governance in ownership structure forms. The samples of this study for empirical analysis were 1,449 non-financial companies listed on Korean Exchange from 2011 to 2016, over whose firm/year data this study conducted regression analysis. The results of empirical analysis in this study are as follows. First, family businesses had positive effects on the evaluation of corporate credit ratings. Second, if the ownership share of family businesses was higher, corporate credit ratings were higher. This result means that high ownership share in family businesses has very positive effects on the credit ratings of related businesses. It is meaningful that this study tested the effect that family businesses can alleviate agency problems and reduce information asymmetry. Furthermore, it is also academically meaningful that this study can contribute to future studies on the role of ownership structure.