• 지식경영연구
• /
• 제19권3호
• /
• pp.113-134
• /
• 2018

This study examines the roles of intangible and tangible resources of Korean business groups on internationalization by their member firms. Specifically, we argue that not all affiliates receive same benefit from group-level resource sharing. Instead, the effect of group-level knowledge sharing on affiliates' internationalization depends on individual affiliates' relative financial positions within a business group. Using samples of business groups in Korea, chaebols, hereafter chaebols, we find that foreign market knowledge at the group level has a positive impact on the internationalization of affiliated firms while the product knowledge has no impact. Furthermore, we also find evidences that an affiliate with high level of financial capacity receives internal pressures to stay in domestic market to secure internal capital market and support other sister affiliates' international activities.

• 산업경영시스템학회지
• /
• 제45권3호
• /
• pp.204-213
• /
• 2022

Most of the prior studies on the servitization of manufacturing companies have been actively studied, focusing on the performance and cases of servitization at the single company level. According to the results, most of the servitization at the single company level has been expanded based on the relevance of the company's core products. However, the form of companies that form a large axis of the Korean economy is a large-scale business group, and these business groups incorporate service affiliates for various purposes, so they show different characteristics from that of a single corporate. In addition, since the purpose of forming a business group is different for each business group, the service relevance between affiliates within the business group is different. Therefore, this study aims to examine the effect of service relevance between affiliates within a business group on the management performance of each business group. To this end, an empirical analysis will be conducted using panel data for 10 years from 2011 to 2020 for a total of 98 affiliates listed on KOSPI and KOSDAQ of 9 domestic business groups. Based on these results, the direction for improving management performance and establishing future servitization strategies for large business groups in Korea will be expected to be made.

• 한국IT서비스학회지
• /
• 제14권3호
• /
• pp.49-65
• /
• 2015

As South Korean large business groups, also known as Chaebol, have broadened their influence in the domestic economy, it is important to analyze the influence of internal transactions among Chaebol affiliates on their performance. In this paper, relationship between internal transactions and efficiency of Chaebol affiliates has been analyzed. Top five Chaebol groups in South Korea are selected; they include Samsung, Hyundai Motors, LG, SK, and Lotte group. Based on internal transactions among affiliates, social networks are constructed for each Chaebol group to analyze centrality, network structures and cliques. Data Envelopment Analysis (DEA) was conducted to examine the efficiency of the Chaebol affiliates. Then, correlations between the degree centrality and the efficiency of Chaebol affiliates were analyzed, and the network structures of Chaebol groups are presented. The result shows that positive correlations between degree centrality and efficiency are observed among four Chaebol Groups. This paper shows that the Social Network Analysis (SNA) techniques can be used in the empirical research for the analysis of internal transactions of Chaebol groups.

• 지식경영연구
• /
• 제16권1호
• /
• pp.171-191
• /
• 2015

This paper investigates how internal knowledge dependency and its interaction with external knowledge adoption affect innovation performance in Korean companies. We categorize innovation performance into exploratory innovation and exploitative innovation. Especially, we examine business group effects as group headquarters and sister subsidiaries holistically form the boundary of the firm. Our empirical results first suggest that the degree of internal knowledge dependency is positively associated with exploitative innovation, but negatively with exploratory innovation. Second, internal knowledge dependency is more negatively related to exploratory innovation in independent firms than in business group affiliates. Third, independent firms' adoption of external knowledge tends to strengthen the positive relationship between internal knowledge dependency and exploitative innovation. Finally, exploitative external knowledge search appears to strengthen the negative relationship between internal knowledge dependency and exploratory innovation in both types of firms.

• 국제지역연구
• /
• 제22권4호
• /
• pp.77-98
• /
• 2018

본 논문의 목적은 제조업, 특히 철강기업의 공급망 경쟁력 확보를 위한 최적의 메커니즘 사례를 연구함으로서 그 시사점을 찾고자 하는 것이다. 이를 위해 본 논문에서는 국내 대표 글로벌 철강그룹의 계열사를 대상으로 그 사례를 살펴보았다. 지금까지의 기업 전략연구는 주로 대형 그룹사의 모기업을 중심으로 이루어져 왔으나, 이번에는 대그룹 계열사에 대한 전략적 한계점과 특성을 고려하여 ser-M기반에서 공급망관리 메커니즘을 다루도록 하며, 이를 통해 글로벌 철강업체 및 대기업 계열사에 적절한 메커니즘을 탐색해보고자 한다. 연구결과, 대기업 그룹의 계열사는 그룹 모기업의 필요에 의해 건립되는 경우가 많아 모기업(S) 중심의 메커니즘이 작동되기 쉽다. 따라서 계열사 입장에서 통제 가능한 내부 자원(R)을 최대한 활용하는 메커니즘이 적합한 것으로 나타났다. 본 논문의 ser-M기반 공급망 메커니즘 연구는 글로벌 철강 제조업 공급망 사례를 중심으로 메커니즘을 살펴보았다는데 의미가 있으며, 또한 국내 대표그룹 계열사에 대한 사례연구란 점에서 그 의의를 찾을 수 있다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.373-381
• /
• 2021

This study aims to investigate the impact of financial distress on the cash holding of non-financial companies in Indonesia as the largest emerging economy among ASEAN countries. Furthermore, the sub-sample business group to be investigated were divided into two, groups namely affiliated and non-affiliated groups. This was carried out to ascertain the difference in the impact of financial distress on cash holding between both groups. Sample collection was based on all firms listed on the Indonesian Stock Exchange (IDX) during 2008-2017, comprising 137 firms. The results showed that using the two-step system Generalized Method of Moments (GMM), the coefficients for financial distress (Z-Score) indices were positive and significant for all models. Therefore, the higher the Z-Score value, the lower the company's financial distress and vice versa. This implies that the lower the company's financial distress, the lower the cash holding. Furthermore, a positive and significant impact of the Z-Score on cash holding for non-affiliated groups was discovered. This implies that there are differences in the amount of cash holding between affiliated and non-affiliated groups. This result indicates that non-affiliated groups hold more cash during financial distress. However, these results had cash policy implications, particularly for non-affiliated groups.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권5호
• /
• pp.749-759
• /
• 2021

We investigate the relationship between ownership control disparity and future firm value in high-technology industries, and whether the effect of ownership control disparity on future firm value is differentiated when high-tech industry firms belong to chaebol groups. Using 11,848 firm-year observations of Korean firms listed on the stock market from 2006 to 2019, we employ univariate analysis and Heckman 2 stage analysis to test our hypotheses. We define high-technology industries as ICT industries based on the Korean Standard Industrial Classification. We measure future firm value using average Tobin's q for the next three years and ownership control disparity using the shareholding ratio of affiliated companies. Our univariate test results show that mean of Tobin's q is higher in ICT firms than non-ICT firms and firms largely owned by affiliates. In multivariate test, we find that the ICT firms with higher ownership control disparity are positively associated with future firm value. However, this association is lessened when firms belong to a chaebol group. Based on our findings, we suggest ownership control disparity has an additional positive effect on future firm in high-technology industries. The negative impact of chaebol groups on the association suggests the possibility of diversification discount in business group.

• 아태비즈니스연구
• /
• 제11권4호
• /
• pp.1-19
• /
• 2020

Purpose - This study analyzes the intertemporal patterns in personnel decisions made between a supervisor and a subordinate to understand potential supervisor bias in the decisions. A correlation between the current and the most recent personnel decisions made for a subordinate by a current supervisor captures certain relationship-embedded and time-invariant factors in effect. The characteristics speak to the nature of a supervisor bias arising from a relationship, or favoritism. Design/methodology/approach - This study manually collects the executive profile data from annual reports of key Samsung Group affiliates and compile a longitudinal sample of 3,675 executive-years. It mainly explores the logistic regression analysis. Findings - The study finds that a supervisor' previous promotion award to a subordinate does not improve but decreases the likelihood of promotions in ensuing years, suggesting the containment of favoritism; and that the time since the last promotion award to a subordinate by the current supervisor increases the likelihood of both promotions and dismissals of the subordinate. Research implications or Originality - The findings are generally consistent with the theory suggesting that incentive schemes that align interests between an individual and an organization will contain the form of a supervisor bias.

• 한국건축시공학회지
• /
• 제19권4호
• /
• pp.373-382
• /
• 2019

정부 및 산하기관들은 건설업의 산업재해율을 감소시키기 위해 안전문화를 정착하고자 하였지만 한계에 도달하였다. 이에, 많은 연구자들은 안전분위기라는 개념을 도입하고 있으며 안전분위기가 안전성과에 영향을 미친다고 보고하였다. 하지만, 기업 규모에 따라 조직문화, 기업유형이 다름에도 불구하고 하나의 규모만으로 안전 분위기 수준을 일반화 하고 있다. 이에 본 연구에서는 건설 기업 규모별 안전 분위기 인식 수준을 분석하고자 한다. 또한, 개별문항 평가 분석과 조직이론, 기업유형, 한국 건설업의 실태를 고찰하여 문제점을 도출하였다. 본 연구의 결과는 향후 건설 기업 규모별 안전 분위기와 안전행동의 상관관계에 대한 연구의 기초자료로 활용될 것이다.

• 아태비즈니스연구
• /
• 제12권1호
• /
• pp.195-208
• /
• 2021

Purpose - The primary objective of this paper is to empirically examine whether the engagement of socially responsible activities in corporations affect the tendency of tax-avoidance by using the sample of Korean companies. We are particularly interested in Chaebol-affiliated firms, which are a special type of Korean conglomerates. Design/methodology/approach - This study is based on a sample of 5,496 firm-year observation data from 2011 to 2017 by using the ESG ratings from the Korea Corporate Governance Service(KCGS), a ESG rating agency in Korea. For our analysis, the firms were separated into 1,547 Chaebol-affiliated firms and other 3,949 firms. All financial and firm data were extracted from Fn-guide, which provides financial information for Korean listed firms. Findings - We find that CSR is generally positively related to the effective tax rate, which indicates a lower level of tax avoidance for more socially responsible firms. In particular, a positive relationship of social score with GAAP ETR was observed. Research implications or Originality - We find that the positive relationship is robust to the group of chaebol and non-chaebol affiliates unlike extant literature.