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Owner-managers and firm performance during the asian and global financial crises: evidence from Korea

Author

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  • Denis Yongmin Joe
  • Dukhee Jung
  • Frederick Dongchuhl Oh

Abstract

We examine the performance of the Korean owner-managers during the 1997−1998 Asian financial crisis and the 2008−2009 global financial crisis to establish whether they overcome the unexpected exterior shocks better than employed managers. We find that the owner-managers record a significantly greater performance during the crises, and especially during the latter period. Moreover, our results suggest that such a tendency comes from the owner-managers’ superior investment decisions. Our paper thus highlights the role of owner-managers by studying their performance during the Korean economic crisis periods. (JEL G01, G32, G34)

Suggested Citation

  • Denis Yongmin Joe & Dukhee Jung & Frederick Dongchuhl Oh, 2019. "Owner-managers and firm performance during the asian and global financial crises: evidence from Korea," Applied Economics, Taylor & Francis Journals, vol. 51(6), pages 611-623, February.
    • Handle: RePEc:taf:applec:v:51:y:2019:i:6:p:611-623
    DOI: 10.1080/00036846.2018.1502870
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    Cited by:

    1. Lee, Kyounghun & Oh, Frederick Dongchuhl & Shin, Donglim & Yoon, Heejin, 2023. "Internal labor markets and corporate innovation: Evidence from Korean chaebols," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 146-162.
    2. Andrea Fracasso & Kun Jiang, 2022. "The performance of private companies in China before and during the global financial crisis: firms’ characteristics and entrepreneurs’ attributes," Economic Change and Restructuring, Springer, vol. 55(2), pages 803-836, May.
    3. Christopher Hansen & Joern Block & Matthias Neuenkirch, 2020. "Family Firm Performance Over The Business Cycle: A Meta‐Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 34(3), pages 476-511, July.
    4. Lee, Sangwon, 2022. "Internal capital markets, corporate investment, and the COVID-19 pandemic: Evidence from Korean business groups," International Review of Financial Analysis, Elsevier, vol. 80(C).

    More about this item

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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