• 지역연구
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• 제9권1호
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• pp.79-99
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• 1993

This paper identifies the mechanisms governing the industrial location changes in Korea by focusing upon the emergence of the country's large conglomerate business organizations (chaebols). As the country has distinctive industrial organization, production systems, and government-business relations, this study tries to develop an ideal conceptual framework for the analysis of industrial location changes in Korea. It perceives the Korean economy as a system within which 'space-organizing', lage business organizations interact over time with government, smaller firms and multinational corporations at different geographical scales. The usefulness of the model is assessed using a case study of Korea's most representative chaebol, the Samsung Group. This study identifies chaebols as the dominant institutions in Korean society. Their growth and business strategies have been influenced by the Korean Government through its power to allocate capital resources. Regional dynamics of industry and labor, therfore, have been strongly influenced by changes in the location, industrial structure, and production system of chaebols. With econmic power concentrated within a few giant business groups and their major areas of operation restricted, unbalanced regional development has resulted. Dissatisfaction from residents in less-developed areas has pressured the Government to advise chaebols to disperse their production facilities. Most small and medium-sized firms are closely linked to large corporations through subcontracting. By forming hierarchical subcontracting. By forming hierarchical subcontracting systems, chaebols have indirectly exploited scattered, part-time, home-based, female and lower-paid laborers organized by subcontractors. Further, chaebols have expanded their business arena to encompass overseas locations in a bid to overcome the problem of a small domestic market, trade regulations and increased market, trade regulations and increased labor costs. Through their international business networks Korea's local and regional economies are integrated into the world economy. Indeed, the identification of the changing relationships of chaebols with both the Korean Government and smaller firms is the key to explaining the nations's spatial dyanmics of industry and labor.

• Journal of Korea Trade
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• 제25권4호
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• pp.108-127
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• 2021

Purpose - On the basis of knowledge transfer theory, we empirically explored how three types of human resource (HR) innovation knowledge exchange within a Chaebol drive the global subsidiary performance of the headquarters (HQ) of a Chaebol's globally affiliated companies. Design/methodology - Using a sample of 176 Korean HQ firms of the top 53 Chaebols and 1,061 of their foreign manufacturing subsidiaries (n = 1,061), we tested the relationship between the exchange of explorative and exploitative sustainable HR innovation knowledge among HQ firms of Chaebols, their subsequent transfer of technical HR knowledge via technical schemas, and the subsequent impact on the global subsidiary performance. Findings - The Chaebols' decisions about the three strategic knowledge management options (i.e., the degree of exchange of explorative and exploitative technological HR innovation knowledge and the extent of HQ-subsidiary HR knowledge transfer) have highly significant relationships with the global subsidiary performance. The results help explains the conditions under which the explorative versus exchange of exploitative sustainable HR innovation knowledge pays off by showing the moderating role of the degree of HQ-to-subsidiary technical HR knowledge transfer, at least in the case of the Chaebol as one representative type of the emerging-market business groups. Originality/value - As the first of its kind in the field of sustainable HR innovation knowledge management at the business group level, the present study makes a clear contribution in demonstrating how the performance of Chaebols' manufacturing subsidiaries depends greatly on their strategy for management of knowledge, as reflected in the choices they make about sharing both explorative and exploitative sustainable HR innovation knowledge among HQ firms and the subsequent transfer of HQ's sustainable HR innovation knowledge to the foreign subsidiaries.

• 지식경영연구
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• 제19권3호
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• pp.113-134
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• 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.

• 한국경제지리학회지
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• 제2권1_2호
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• pp.145-167
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• 1999

본 논문의 목적은 (1) 한국 가전 대기업들의 진입과 퇴출과정을 유럽통합과 확대과정의 맥락에서 살펴보는데 있으며, (2) 그 과정이 각기 다른 지리적 규모(세계적, 지역적(EU), 국가적, 지방적 규모)와 얼마나 역설적으로 상호 얽혀있는가를 밝히는데 있다. 1980년대 이후 급격하게 증가된 한국 가전 대기업들의 對EU 해외직접투자는 EU의 강화된 무역지역주의에 대응한 결과였다. 이러한 방어적 투자는 관련 대기업의 계열사들 및 중소협력업체들의 시기적으로 다른 진입을 통하여 이루어 졌으며, 결과적으로 EU내 기업전략으로써 방어적 유럽화를 창출시키는 계기가 되었다. 그럼에도 불구하고, 방어적 진입은 이후 대기업들의 생산의 일부가 (1) EU 무역규제의 변화에 민감하게 반응하면서, (2) EU내 투자유치 지역에서의 비용경쟁력유지에 실패함으로써 (입지이전을 통한) 퇴출로 이어졌다. 결국, 한국 대기업들의 진입과 퇴출과정은 통합유럽을 향한 EU의 무역, 산업, 외국인투자 및 지역정책들이 일관된 방향으로 결합되지 못하면서 야기되었으며, 이와 같은 맥락에서 그 과정들은 세계적-지역적-국가적-지방적 연결체라는 상호 얽힌, 역설적 구조속에서 진행되고 있다.

• 기술혁신연구
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• 제5권1호
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• pp.15-43
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• 1997

This paper investigates empirically the relationship between various business portfolio properties (particularly technological properties) and chaebol's performance using data on the 50largest chaebols in Korea. In addition to the traditional indexes to measure diversification such as entropy index, we calculated inter-industry technological similarity using R'||'&'||'D expenditure data by industry and 1990 Input-output Table in korea, and obtained chaebol-level technological relatedness and internal transaction proportion from chaebols' business profile, inter-inustry technological similarity and 1990 input-output table. We applied factor analysis on 13 business portfolio property indexes and showed that they could be grouped into 3 dimensions. diversification scope, inter-business relatedness and degree of vertical integration. In this paper, using 50 largest chaebols' financial data (1989-1994), we analyzed empirically the effect of business portfolio properties on ROS(Return On Sales) which is conventional index for firm performance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness in not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI(Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and VI are significant and positively related to the dependent variable. Third, the interaction term between TR and VI is significant and negatively affects TFP growth, meaning that TR and VI are substitutes. These results suggest strategic directions on restructuring business portfolio. As VI is increased, chaebols will get more profit. A higher level of either TR or VI will increase TFP growth rate, but increase in both TR and VI will have a negative effect on TFP growth. To summarize, certain business portfolio properties such as VI and TR can be considered "resources" themselves since they can affect profit rate and productivity growth. VI and TR have a synergy effect of change in profit rate and productivity growth. VI increases ROS and productivity growth, while TR increases productivity growth representing a technological synergy effect.t.

• 국제지역연구
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• 제17권4호
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• pp.23-42
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• 2013

본 연구는 1999년부터 2006년까지 한국 상장기업(제조기업으로 한정) 454개사를 대상으로, 기업지배구조(재벌기업, 가족기업 여부)가 기업의 국제화 수준에 미치는 영향을 소유지분 집중도의 조절효과를 중심으로 분석하고 있다. 실증분석결과 재벌기업과 가족기업의 기업지배구조는 기업의 국제화수준에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 소유지분 집중도의 조절효과를 검증한 결과 소유지분집중도가 높을수록 재벌기업의 지배구조가 국제화 수준에 미치는 정(+)의 영향이 약화된다는 증거가 발견되었다. 하지만 소유지분 집중도가 가족기업의 지배구조와 국제화 간의 관계에는 아무 영향을 미치지 않는 것으로 나타났다. 이러한 분석결과는 재벌기업과 가족기업의 경우 그렇지 않은 기업보다 국제화에 긍정적인 영향을 미칠 수 있지만, 소유지분 집중도가 높은 경우 높은 위험회피 성향으로 인해 재벌기업이 국제화에 미치는 정의 영향이 약화될 수 있다는 것을 시사한다.

• 한국의류산업학회지
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• 제23권5호
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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.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 1996년도 제10회 동계학술발표회 논문집
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• pp.265-295
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• 1996

This paper investigates empirically the relationship between various business portfolio properties (particularly technological properties) and chaebol′s performance using data on the 50 largest chaebols in Korea. In addition to the traditional indexes to measure diversification such as entropy index we calculated inter-industry technological similarity using R&D expenditure data by industry and 1990 Input-output Table in Korea, and obtained chaebol-level technological relatedness and internal transaction proportion from chaebols′business profile, inter-industry technological similarity and 1990 input-output table. We applied factor analysis on 13 business portfolio property indexes and showed that they could be grouped into 3 dimensions, diversification scope, inter-business relatedness and degree of vertical integration. In this paper, using 50 largest chaebols′financial data (1989-1994), we analyzed empirically the effect of business portfolio properties on ROS (Return On Sales) which is conventional index for firm performance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness is not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI (Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and f[ are significant and positively related to the deepened variable. Third, the interaction term between TR and VI is significant and negatively affects TFP growth, meaning that TR and VI are substitutes. These results suggest strategic directions on restructuring business portfolio. As VI is increased, chaebols will get more profit. A higher level of either TR or W will increase TFP growth rate. but increase in both TR and VI will have a negative effect on TFP growth. To summarize, certain business portfolio properties such as VI and TR can be considered "resources" themselves since they can affect profit rate and productivity growth. VI and TR have a synergy effect of change in profit rate and productivity growth. VI increases ROS and productivity growth, while TR increases productivity growth representing a technological synergy effect.

• 한국산학기술학회논문지
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• 제15권1호
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• pp.86-98
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• 2014

본 연구의 주제는 국내자본시장관련 재무적인 측면에서 장기적인 이슈가 되고 있는 대규모기업집단(소위 '재벌')소속 계열사들의 자본구조 결정에 대한 재무적 특성요인들의 시대적 변화양태를 분석하는 것이며, 이와 관련하여, 1997년의 아시아 금융위기와 2009년 미국발 국제금융위기 등의 주요 금융 사건들의 발생에도 불구하고, 지속적이고 강건성있는 유의적 재무적 특성을 파악하는 것이 연구의 주된 목적이라고 판단한다. 이를 통하여, 국내 기업 뿐만 아니라, 향후 국내자본시장의 선진시장으로의 분류상 진입가능성과 부합하여, 점진적으로 증가될 것으로 예상되는 외국자본의 국내 직접투자 시 적정자본구조 설정에 대한 참고적 기여도도 추가적인 목적이 될 수 있다. 본 문에서는 재벌계열사들의 부채비율관련, 3가지의 가설들이 설정, 검정되었으며, 다음의 주요 결과들이 도출되었다. 첫째, 시계열자료 사용관련, 패널자료분석 결과 장부가와 시장가기준 부채비율에 영향을 주는 통계상 유의적 결정요인들로서는 수익성, 순이익의 변화도(즉, 위험도), 그리고 비부채적 법인세 감면효과 등으로 판명되었다. 두 번째 가설관련, 프로빗 모형을 이용한 재벌계열사와 비재벌계열사들의 자본구조에 영향을 줄 수 있는 차별적 구성요인들 검정관련, 수익성과 잉여현금흐름에 대한 변수들이 통계적 유의성을 보였고, 마지막 가설에서는 제조업의 수익성분석에서 전통적으로 활용되었던 '듀퐁시스템'을 부채비율 관점에서 응용하여, 이에 대한 구성요인들을 모수 그리고 비모수의 통계적 분석을 활용하여 분석한 결과, 차입금의존도(부채/자산총계) 만이 유일한 유의성을 나타낸 것으로 분석되었다.

• 한국산학기술학회논문지
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• 제16권10호
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• pp.7118-7125
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• 2015

본 논문에서는 현재 국내외적으로 재무분야에서 중요 이슈가 되고 있는 주제들 중, 대기업의 현금유동성 적정수준에 대한 존재 여부와 이와 관련한 상대적으로 과도한 현금유보 기업들의 재무적 특성들을 실증적인 방법을 통하여 검정, 분석하였다. 2가지의 관련 가설들이 설정되었으며, 전자는 다항함수모형과 잔차변수모형를 이용한 현금유동성의 존재 여부를 추정하는 것이고, 후자의 검정에서는 로짓회기모형을 활용한, 현금유보비율 기준 상대적으로 높은 기업과 낮은 기업들 간의 통계적 유의성이 있는 차별적 재무변수들을 분석하였다. 표본기업들로서는 국내 재벌 계열사들이며, 표본기간은 2009년부터 2013년 (5년간)으로 설정되었다. 학문적 그리고 실무적인 측면에서 본 연구가 기여할 수 있다고 판단되는 시사점으로는 기존의 현금유동성 관련 선행연구들에서 판명된 재무적 유의변수를 사용하여, 상충이론에 의거한 국내 재벌기업들의 최적의 현금유동성 수준의 존재를 검정하였다는 점이며, 이를 통하여 주주들의 목표인 기업가치의 극대화에 최종적으로 기여할 수 있다는 점이라 판단된다.