• Fashion & Textile Research Journal
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• v.23 no.5
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• pp.598-610
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• 2021

Korean textile and fashion companies have played a major role not only in developing the Korean economy since Korea's industrialization started in the early 1960s but also in providing opportunities to form and expand chaebols (conglomerates of family-owned businesses). This study reviewed and analyzed the historical development of chaebols, which started the fiber/textile/fashion business before the 1960s and maintained their chaebol status until 2010. The Samsung, Samyang, Kolon, Taekwang, Hyosung, LG, and SK groups were included in the study, and data were collected from diverse sources, including the publications and websites of the chaebol companies, newspapers, magazines, and research articles. The strategies of the companies at the corporate and group levels were examined based on the corporate lifecycle, which consists of existence, growth, maturity, rebirth, and decline stages. The results showed that all the analyzed companies actively engaged in product line expansion during the growth stage. Vertical integration, especially backward integration, was common during the growth stage. Some groups established new companies to manage additional product lines and integration, while others pursued growth strategies mainly at the corporate level. The rebirth stage occurred in only a few companies and groups. Some seemed to be going through the decline stage, and the rest of the groups exited the textile and fashion business.

• Economic Analysis
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• v.17 no.2
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• pp.56-89
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• 2011

The sensitivity of investment with respect to cash flow is positive in imperfect financial markets. Using a switching regression model, cash flow sensitivity of investments in chaebol firms and large firms appears to be higher. Also, investments are found to be more responsive to cash flow during monetary contraction periods. These findings imply that monetary policy works through a credit channel. Furthermore, it appears that monetary policy exerts distributional effects as well as aggregate effects on that firms are unevenly affected by monetary changes.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.1-36
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• 2005

In this study, we analyzed determinant factors of leverage ratio and debt maturity for Korean firms in the simultaneous equation system using 2SLS (two stage least square) method under assumption that two variables are jointly determined in the capital structure decision. As a result of the analysis, we found that leverage ratio and debt maturity are positively related. Also, as for determinant factors of debt maturity, agency cost hypothesis, asset maturity matching hypothesis, signalling and liquidity risk hypothesis are all generally supported, and further leverage ratio are significantly positively related with firm size, but negatively related with default risk. However, when we divided samples into groups according to bank debt level and Chaebul affiliation, with contrast to existing study which worked on similar issues with OLS, we found no evidence supporting the argument that the information asymmetry problem is less severe in firms with more bank debt, whereas information asymmetry and financial constraint problems are more severe in non-Chaebul affiliated firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.2
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• pp.699-711
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• 2011

This study is to perform several major analyses to find any differences in the leverage between the pre- and post-period of the currency crisis. Moreover, another aspect is to investigate a financial aspect which has received relatively little attention to the firms and/or industries in the emerging capital markets in comparison to those in the advanced markets. The purpose of this empirical study is to confirm whether or not, it is myth or reality that Korean business conglomerate, chaebol, firms with subsidized financing from government-owned domestic financial institutions in the pre-financial turmoil, may still maintain their higher leverage, even after the crisis. It was found that firms belonging to the chaebol in Korea maintained higher average book-value and market-value based debt ratios, relative to their counterparts not belonging to the chaebol across all of the tested models. There were positive relationships of IND3(=the chemical industry) and Ind5(=the construction industry) to the book-value leverage. This study identified that there were no differences in the explanatory variables included, between the tested models (that is, without and with including the present value of an operating lease) related to each debt ratio. Since the Korean government continue to improve the corporate governance of the domestic firms in terms of accounting transparency and corporate ownership, it would be more efficient, if utilizing this "new" ratio considering an operating lease as an effective measurement of the level of leverage. In terms of the capital structure, it may also be possible for foreign firms to utilize and benefit from the results obtained in this study when operating their new businesses in Korea, given the economic circumstances such as the ongoing progress of the Korea-America FTA or the Korea-China FTA.

• Journal of Korean Electronics
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• v.19 no.11
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• pp.1-8
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• 1999

자동차, 전자, 기계, 금속, 화학 등 5대 핵심부품 소재분야의 성장잠재력이 큰 선도기업을 선정, 세계 초일류 업체로 육성하는 '스타컴퍼니'제도 도입된다. 부품산업 육성을 '포스트재벌'시대의 신산업정책으로 설정한 산업자원부는 지난 10월 6일 여의도 기계회관에서 열린 부품소재 산업 대토론회에서 이같은 '21세기 지식ㆍ디지털 산업시대에 대비한 새로운부품소재산업 육성방안'을 마련, 발표했다. 본고는 이를 요약정리한 내용임.

• 한국벤처창업학회:학술대회논문집
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• 2008.11a
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• pp.337-356
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• 2008

2008년 3월 19일 법무부로부터 포이즌 필 도입에 관한 보도 자료가 공시된 시점을 중심으로 국내 비 금융 상장사의 시장반응을 살펴보았다 그 결과 모든 기업에 대해 시장은 부정적인 반응을 보였다. 대주주 지분이 낮을수록 그리고 소액주주 지분이 높을수록 시장의 부정적인 반응은 약화되었다. 한편 재벌기업은 제외하면 독립기업보다. 그룹에 속한 기업들이 더욱 부정적인 시장반응을 보였다. 이는 계열구조가 복잡한 기업일수록 터널링의 가능성이 높기 때문에 그룹기업이 포이즌 필을 도입할 때는 대주주의 사적이익 추구가 강화된다고 시장이 해석하고 있음을 뜻한다.

• Proceedings of the Korea Society of Design Studies Conference
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• 2000.11a
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• pp.90-91
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• 2000

전통적으로 대기업구조에 의존해 왔던 우리 나라 경제가 IMF외환 위기 이후 재벌의 구조조정, 정부의 벤춰산업 육성정책에 힘입어 벤춰중심의 산업으로 신속히 재편되어가고 있다. 디자인의 경우에 있어서도 대기업의 사내 디자인 부서 (In-House desgin team)중심에서 벗어나 소규모의 독립 디자인 전문회사의 수가 급속히 증가하고 있는 실정이다. (중략)

• Journal of Korea Fair Competition Federation
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• no.89
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• pp.2-8
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• 2003

공정위 중심의 행정규제주의를 수정$\cdot$보완할 필요가 있는데, 보완의 방향을 요약하면, 독점으로 피해를 본 사업자가 공정위의 시정절차와 상관없이 원고로서 바로 법원에 제소하여 구제를 받을 수 있도록 하고, 검찰도 공익 대표자로서 중대한 공정거래법 위반사안에 대해 이를 바로 법원에 기소할 수 있도록 개편하는 것이지만, 검찰과 법원내에서 시장분석 능력과 식견을 갖춘 인력의 양성이라든가 시장에 미칠 충격 등을 감안하여 일정한 기간을 두고 단계적으로 접근하는 노력이 필요하다고 생각된다.

• Optical Science and Technology
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• v.8 no.3
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• pp.26-29
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• 2004

수많은 자연 현상들은 인간의 감각으로써는 감지할 수 없을 만큼 빠르게 일어나고 있다. 과학자들의 오랜 꿈은 이러한 빠른 현상들을 그들이 일어나고 있는 과정 중에 실시간으로 관찰하는 것이다. 그러기 위해서는 관찰하고자 하는 현상 자체보다 더 빠른 속도의 순간포착 기능을 가진 측정법을 사용하는 것이 일반적인 방법이다. 순간포착법의 역사는 이미 100여 년 전 사진기술의 초기 개발기로 거슬러 올라가는데 실제로 1872년에 Stanford 대학의 설립자인 미국 California의 철도 재벌 Leland Stanford는 빨리 달리는 말의 경우 짧은 순간에라도 네 발이 모두 땅에서 떨어지는 것을 증명하는 일에 $ 25,000의 상금을 내 걸었었다. (중략)

• KDI Journal of Economic Policy
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• v.28 no.2
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• pp.239-262
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• 2006

The paper suggests that there has been a shift in the allocation of bank credit from large firms to small firms before and after the economic crisis. The paper also suggests that the improved lending practices of financial institutions, at least partially, contributed to this shift of corporate loans from large firms to small firms. Comparing the periods before and after the economic crisis also suggests that some important changes occurred to the corporate bond market. The effect of firm size on the corporate bond market differs before and after the economic crisis. Before the crisis, the larger the firms, the more they could borrow in the corporate bond market. However, after the crisis, it is not the case. The following interpretation could be put forward. Before the crisis, investors in the corporate bond market expected that the government would rescue large firms if they face the risk of bankruptcies. However, the collapse of Daewoo Group in 1999 shattered the TBTF (Too Big To Fail) myth of the public. The liquidity crisis of Hyundai Group in 2000-2001 reinforced the disintegration of the TBTF myth.