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Interlocking Ownership in the Korean Chaebol

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  • Dong‐Woon Kim

Abstract

This paper analyses how a dominant entrepreneur of the Korean chaebol is able to exercise control, despite having a tiny shareholding, through strategic interlocking ownership. The entrepreneur organises his intimate group, consisting of three clusters of in‐house shareholders, and they together have controlling interests in only a few subsidiaries, mainly public companies. These central subsidiaries, as quasi‐holding companies, control most other member companies. The resultant ownership structure resembles a grid, in which individual subsidiaries’ ownership structures are intermingled.

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  • Dong‐Woon Kim, 2003. "Interlocking Ownership in the Korean Chaebol," Corporate Governance: An International Review, Wiley Blackwell, vol. 11(2), pages 132-142, April.
    • Handle: RePEc:bla:corgov:v:11:y:2003:i:2:p:132-142
    DOI: 10.1111/1467-8683.00014
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    Cited by:

    1. Yang, Chang & Chen, Xin & Chen, Xian, 2021. "Vertical interlock and stock price crash risk," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    2. Yong-Shik Kim, 2023. "The Association between Voluntary Carbon Disclosure and Accounting Comparability: Examining the Moderating Effect of Korean Business Groups," Sustainability, MDPI, vol. 15(6), pages 1-17, March.
    3. Douglas R. Gress & Jessie Poon, 2008. "Extra‐Firm Networks And Korean Investment In The United States," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 99(3), pages 269-280, July.
    4. Alejo Sison & Joan Fontrodona, 2013. "Participating in the Common Good of the Firm," Journal of Business Ethics, Springer, vol. 113(4), pages 611-625, April.
    5. Luciano Rossoni & Cezar Eduardo Aranha & Wesley Mendes-Da-Silva, 2018. "The Complexity of Social Capital: The Influence of Board and Ownership Interlocks on Implied Cost of Capital in an Emerging Market," Complexity, Hindawi, vol. 2018, pages 1-12, February.
    6. Luciano Rossoni & Cezar Eduardo Aranha & Wesley Mendes-Da-Silva, 2018. "Does the capital of social capital matter? Relational resources of the board and the performance of Brazilian companies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 153-185, March.
    7. Kuo-Pin Yang & Gavin M. Schwarz, 2016. "A Multilevel Analysis of the Performance Implications of Excess Control in Business Groups," Organization Science, INFORMS, vol. 27(5), pages 1219-1236, October.
    8. Dayanandan, Ajit & Donker, Han & Nofsinger, John, 2019. "The role of caste for board membership, CEO, and interlocking," Pacific-Basin Finance Journal, Elsevier, vol. 54(C), pages 29-41.

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