• Journal of Korea Fair Competition Federation
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• no.36
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• pp.38-38
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• 1998

• Journal of Korea Fair Competition Federation
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• no.161
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• pp.6-13
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• 2012

• Journal of Digital Convergence
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• v.15 no.1
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• pp.209-216
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• 2017

The merits and demerits of the chaebol in Korea has been subjected to considerable debate in recent years. In accounting research, many papers have been concentrating on tunneling that be designated as expropriation of minority shareholders by controlling shareholders. Although majority previous paper suggested related-party transaction has a negative effect to firm value, some research on related-party transaction argued it has a positive effect, also. We assume that they can't consider compositive meaning of related-party transaction and result of prior studies are mixed. In this setting, we investigate the relation between earnings management and related-party transaction which be known as strategy for tunneling by considering controlling shareholder's ownership.

• Journal of Venture Innovation
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• v.7 no.1
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• pp.167-182
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• 2024

The aim of this study is to empirically explore the operational spillover effect among companies within chaebol groups, prominent corporate conglomerates in South Korea. Chaebols are known for their horizontal and vertical integration, fostering close collaboration among their constituent companies from a supply chain standpoint. Existing literature highlights the sharing of tangible and intangible resources within chaebol structures, leading to increased efficiency by minimizing transaction costs through resource sharing. This research investigates whether operational management performance within chaebol structures can be transmitted through cooperative resource utilization. To achieve this objective, we categorize leading companies and affiliate companies within chaebols and examine whether the operational management performance of leading companies significantly influences that of affiliate companies. Data on conglomerates, as defined by the Korea Fair Trade Commission, were collected, along with information on companies within these groups. Subsequently, the company with the highest revenue within each group was identified as the leading company, while the remaining companies were designated as affiliate companies. Our analysis reveals a significant positive relationship between the performance of inventory and facility resource management of leading companies and that of affiliate companies. This study sheds light on the transfer of operational management performance within conglomerates from a managerial perspective, underscoring the importance of reinforcing cooperation systems within the chaebol group. Furthermore, this research contributes to the academic discourse by delineating conglomerates from an operational management perspective and empirically demonstrating the transfer effect of operational management performance.

• Journal of Technology Innovation
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• v.30 no.3
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• pp.1-34
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• 2022

This study examines the effect of CEO age on the value relevance of R&D which is the relationship between R&D expenditures and firm value. The value relevance of R&D expenditures is higher in companies with current older CEOs, while the relationship in companies with younger CEOs is lower than that of other companies. These results suggest that older CEOs tend to be conservative and make prudent R&D investment decisions. Because they make systematic investment decisions with rich experience, they are expected to have higher investment performance in the market. On the other hand, young CEOs choose risky investments in order to have their abilities highly evaluated in the labor market. The market places a high degree of risk on the R&D decision-making of young CEOs. Next, we analyze whether the age of the replaced CEOs affects the relationship between R&D expenditures and firm value. The result shows that the change of management increases the effect of R&D expenditure on firm value. However, in the case of being replaced by a younger CEO, this positive relationship becomes lower than that of other companies, showing results consistent with the case of the current younger CEO. The samples are analyzed by dividing them into conglomerates and non-conglomerates. In conglomerates, the age of the replaced CEOs does not affect the value relevance of R&D expenditures. Only non-conglomerates showed a negative (-) effect on the replaced younger CEOs. These results suggest that conglomerates maintain the stability of R&D management and performance so that the performance of R&D expenditures is not significantly affected by the age of the replaced CEOs. The reason is that mutual checks and support are coordinated within the group through decentralization of work and systematization of decision-making. This study shows evidence that the relationship between R&D expenditure and firm value according to the age of the replaced CEO is a phenomenon that only occurs in non-conglomerates. This phenomenon suggests that conglomerates are stably managing their R&D performance regardless of the change of CEOs or the characteristics of the CEOs.

• The Korean Journal of Financial Studies
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• v.14 no.1
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• pp.57-81
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• 2008

본 논문은 현재 존폐의 논란이 일고 있는 출자총액제한제도의 효과를 실증적으로 검토한다. 상호출자제한기업과 출자총액제한기업을 비교한 결과 차이가 없어 출자총액제한제도가 기업의 투자를 위축시켜 국내 대기업에게 불리한 경쟁 환경을 조성하고 있다는 재계의 주장은 지지되지 않는 것으로 나타났다. 한편 독립기업의 투자가 출자총액제한기업을 포함한 대기업집단 소속 기업의 투자보다 많은 것으로 미루어보아 투자 저해 문제는 출자총액제한제도만의 문제이기보다는 대기업집단을 규제하는 제도 전체의 문제로 인식해야 할 것으로 판단된다. 출자총액제한제도가 대규모기업집단의 순환출자구조를 개선시켜 소유-지배 괴리도를 낮추고 기업의 지배구조를 향상시킨다는 공정거래위원회의 주장도 지지되지 않았다. 따라서 출자총액제한제도의 유효성에 대한 재검토와 더불어 정책 목적을 달성하기 위한 새로운 제도의 도입을 고려해야 할 것으로 판단된다.

• Journal of Korea Fair Competition Federation
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• no.39
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• pp.14-17
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• 1998

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.428-443
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• 2018

Recently, many firms have been more interested in how the competitiveness of the supply chain can be enhanced, rather than that of the respective company. The purpose of this study is not only to investigate the relationships among the trust between companies, the supply chain integration, and the supply chain performance, but also to demonstrate how the firm size and the absorptive capacity can moderate these relationships. To conduct the hypothesis test including the causal relations between two factors and the moderating effects, 111 data were collected through a survey. As a result, the supply chain performance was positively affected by the supply chain integration as well as the trust between the companies. In addition, the trust had a significant effect on the supply chain performance. The result of the moderating effect of firm size indicates that, compared with a larger group, a smaller group has a stronger relationship between the trust and the supply chain performance, while the relationship between the supply chain integration and the supply chain performance is much stronger in the large group than the small group. As for the moderating effect of absorptive capacity, a higher absorptive group has stronger relationships between the trust and supply chain integration, and supply chain integration and supply chain performance than a lower absorptive group. The findings would provide significant implications for supply chain partners with different sizes and absorptive capacity.

• Journal of Korea Fair Competition Federation
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• no.132
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• pp.40-46
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• 2007

• 월간 기계설비
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• s.255
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• pp.62-63
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• 2011

대규모 기업집단의 계열사 간 내부거래에 대한 공시 범위 확대 등을 내용으로 하는 공정거래법시행령 개정(안)이 지난 9월 26일 입법예고(기간: 9월 26일~10월 17일)되었다. 이밖에도 기업결합의 사전신고 범위를 확대하고 상습 법위반 사업자에 대한 자진신고 감면 제한 근거조항 마련 등 시행령 운용과정에서 나타난 미비점을 보완했다. 이번 개정안은 법제처 심사 및 차관회의 국무회의 등 관련 절치를 거쳐 확정 공포되며 금년 12월 말부터 시행될 예정이다.