Earticle

초록

영어

This study investigated ownership/governance structure, financial behavior and performance of Korean conglomerates. Since the restriction on conglomerates` equity in subsidiaries was lifted, total equity of conglomerates and shareholdings of member firms have increased sharply. As a result, shareholdings of the founder and his family have reduced and they could control the entire group only with less than 10% equity. On the other hand, cross debt guarantee has been phased out thanks to the consistent government policy. This study also found that the more unrelated diversification, the lower profitability. Conglomerates but SK and Samsung were inefficient portfolios in that return on equity ranged from 1.7% to 4.7% which was much lower than opportunity costs of capital. Current ratios of 5 largest conglomerates were around 90%, which were also much lower than around 130% of major countries. Financial expenses to sales were around 6% which was 3 to 6 times of those of competitors, and thus a main cause reducing the competitive power of Korean firms. While return on total capital was 1.3% for SK, it ranged from -0.4% to 0.1% for other conglomerates, which was much lower than 3.5% for Japanese firms and 4.2% for Taiwanese firms. Accordingly, changes in goal of firm management and management paradigm of conglomerates are required. In particular, managerial power should be shifted from founders to boards of directors who represent shareholders. Various monitoring systems need also be introduced. And, profitability rather than expansion should be emphasized.

목차

요약
 I. 머리말
 II. 기업과 기업집단의 지배구조
  1. 기업의 주인
  2. 기업의 경영권
  3. 주주의 경영자 감시(
 III. 기업집단의 금융행태
  1. 계열사 출자
  2. 상호채무보증
  3. 재무구조
 IV. 기업집단의 경쟁력과 경영성과
  1. 다각화와 경쟁력
  2. 재무비율과 경쟁력
  3. 기업집단의 경영성과
 V. 맺음말
 〈참고문헌〉
 Abstract

키워드

저자

• 김석진 [ Seok Chin Kim | 경북대학교 경영학부 교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330