Download or read book Markets and Corporate Governance in Korea written by Chung-Ho Kim and published by 자유기업원. This book was released on 2001 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance and Capital Markets in Korea written by Youngjae Lim and published by . This book was released on 2009 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Does Corporate Governance Matter written by Bernard S. Black and published by . This book was released on 2002 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Competition and Corporate Governance in Korea written by Sung-Hee Jwa and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This informative book will appeal to academics and researchers of industrial organization, economics and corporate reform as well as those involved in Asian studies."--BOOK JACKET.

Download or read book Does Corporate Governance Predict Firms Market Values Evidence from Korea written by Bernard S. Black and published by . This book was released on 2018 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: We report strong lt;igt;OLSlt;/igt; and instrumental variable evidence that an overall corporate governance index is an important and likely causal factor in explaining the market value of Korean public companies. We construct a corporate governance index (lt;igt;KCGIlt;/igt;, 0~100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In lt;igt;OLSlt;/igt;, a worst-to-best change in lt;igt;KCGIlt;/igt; predicts a 0.47 increase in Tobin's lt;igt;qlt;/igt; (about a 160% increase in share price). This effect is statistically strong (lt;igt;tlt;/igt; = 6.12) and robust to choice of market value variable (Tobin's lt;igt;qlt;/igt;, market/book, and market/sales), specification of the governance index, and inclusion of extensive control variables.We rely on unique features of Korean legal rules to construct an instrument for lt;igt;KCGIlt;/igt;. Good instruments are not available in other comparable studies. Two-stage and three-stage least squares coefficients are larger than lt;igt;OLSlt;/igt; coefficients and are highly significant. Thus, this paper offers evidence consistent with a causal relationship between an overall governance index and higher share prices in emerging markets.We also find that Korean firms with 50% outside directors have 0.13 higher Tobin's lt;igt;qlt;/igt; (roughly 40% higher share price), after controlling for the rest of lt;igt;KCGIlt;/igt;. This effect, too, is likely causal. Thus, we report the first evidence consistent with greater board independence causally predicting higher share prices in emerging markets.Post-publication version. This version accompanies a replication dataset and replication statistical code (in Stata). In the course of replication, we found several instances where we could not fully replicate the published version; these are noted below. Changes from the original are marked. These instances do not affect the core results of the paper. Most affect lt;igt;tlt;/igt;-statistics, rather than coefficients, in most of these instances, the lt;igt;tlt;/igt;-statistics are higher than originally reported.Links.

Download or read book Economic Crisis and Corporate Restructuring in Korea written by Stephan Haggard and published by Cambridge University Press. This book was released on 2003-02-26 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing technology from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups known as chaebol have dominated the economic landscape. This collection of essays by leading political scientists and economists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of economic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.

Download or read book Does Corporate Governance Predict Firms Market Values Evidence from Korea written by Woochan Kim and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We report strong OLS and instrumental variable evidence that an overall corporate governance index is an important and likely causal factor in explaining the market value of Korean public companies. We construct a corporate governance index (KCGI, 0~100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS, a worst-to-best change in KCGI predicts a 0.47 increase in Tobin's q (about a 160% increase in share price). This effect is statistically strong (t = 6.12) and robust to choice of market value variable (Tobin's q, market/book, and market/sales), specification of the governance index, and inclusion of extensive control variables. We rely on unique features of Korean legal rules to construct an instrument for KCGI. Good instruments are not available in other comparable studies. Two-stage and three-stage least squares coefficients are larger than OLS coefficients and are highly significant. Thus, this article offers evidence consistent with a causal relationship between an overall governance index and higher share prices in emerging markets. We also find that Korean firms with 50% outside directors have 0.13 higher Tobin's q (roughly 40% higher share price), after controlling for the rest of KCGI. This effect, too, is likely causal. Thus, we report the first evidence consistent with greater board independence causally predicting higher share prices in emerging markets.

Download or read book Reforming Public and Corporate Governance written by Pyŏng-man An and published by Edward Elgar Publishing. This book was released on 2002 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 13 studies were developed during a three-year research project conducted collaboratively by Hankuk University of Foreign Studies in Seoul, the University of Canberra, and the University of Exeter, and have been presented in various versions at a number of conferences. Focusing on the interaction between public administration and corporate governance, scholars of politics, business, and law analyze and evaluate the rapid changes taking place in the political economy of the three countries, the principles underlying reform in them at different stages of reform, and how the course of the reforms has been influenced by the experience of international models. Annotation copyrighted by Book News, Inc., Portland, OR

Download or read book Does Corporate Governance Predict Firms Market Values written by and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Managing Risk in Emerging Markets written by Jocelyn Bolluyt and published by . This book was released on 2007 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Crisis and Transformation of Korean Business Groups written by Sea-Jin Chang and published by Cambridge University Press. This book was released on 2003-04-28 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.

Download or read book Global Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-24 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective corporate governance, or the set of controls and incentives that drive top management, originates both outside and inside the firm and assures investors who hope to commit their capital. Essential when buying stocks in one's own country, effective corporate governance is even more important abroad, where information can be less reliable and investor influence (or protection) more limited. In this collection of articles from the Journal of Applied Corporate Finance, more than thirty leading scholars and practitioners discuss the possibilities and limitations of global corporate finance and governance systems, whether in Europe and North America or in the emerging markets of Israel, India, Korea, and South Africa. Essays discuss the political roots of American corporate finance; the structural and financial variations between international corporations; control premiums and the effectiveness of corporate governance systems; debt, folklore, and cross-country differences in financial structures; the driving forces behind the East Asian Financial Crisis of 1997; corporate ownership and control in India, Germany, France, and the United Kingdom; financial and economic lessons of Italy's privatization program; changes in Korean corporate governance; sovereign wealth funds; and the new organization of Canadian business trusts. A special roundtable discussion addresses shareholder activism in the U.K.

Download or read book The Evolution of Large Corporations in Korea written by Sung-Hee Jwa and published by Edward Elgar Publishing. This book was released on 2002-10-29 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Author Jwa provides a new economic perspective on the evolution of large corporations in Korea.

Download or read book Corporate Governance written by Ira M. Millstein and published by Organisation for Economic Co-operation and Development. This book was released on 1998 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report emphasizes that although corporate governance should remain mostly a prerogative of the companies and industries themselves, governments must provide a regulatory framework that allows them to adapt their governance practices to rapidly changing international circumstances.

Download or read book How Corporate Governance Affects Firm Value written by Bernard S. Black and published by . This book was released on 2012 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior work in emerging markets provides evidence of an association between corporate governance and firm market value (based on the trading prices of minority shares), more limited evidence of a causal relationship, but very little evidence on the channels through which governance may affect firm behavior and therefore market value, and whether governance affects only the value of minority shares or also affects overall firm value. We first confirm the association between governance and the market value of Korean public companies in a firm fixed effects framework, using panel data 1998-2004. Firms with higher scores on an overall Korean corporate governance index (KCGI) have higher Tobin's q; this result is driven by the board structure subindex of KCGI and, less strongly, by ownership parity and disclosure subindices. Shareholder rights and board procedure subindices are not significant. We then provide evidence supporting two broad channels: Reduced insider self-dealing, and hence wealth transfer from controllers to outside shareholders; and improved firm performance, and hence higher overall firm value. For self-dealing, we find that for better-governed firms, related party transactions are less adverse to firm value and firm profitability is more sensitive to shocks to industry profitability. For overall firm value; we find that for better-governed firms (i) capital expenditures and sales growth are lower, but investment is more sensitive to profitability; (ii) profitability is more sensitive to growth opportunities; (iii) dividends are higher, controlling for profits, and are more sensitive to profits. In addition, lagged board structure is associated with higher firm profitability. Board structure subindex is associated with all results except those for dividends. A 2SLS analysis (using 1999 legal rules which apply only to large firms to instrument for board structure) offers evidence that the link between board structure and these channels is likely to be causal.

Download or read book International Business in Korea written by O. Yul Kwon and published by Edward Elgar Publishing. This book was released on 2008 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study assesses that the South Korean market and business practices will maintain some sui generis characteristics because of the country's idiosyncratic culture and singular form of institutional development in the recent past. The book contains comprehensive analysis of macro-level topics (such as business opportunities, cultural influence, country risk and market configuration) and micro-level topics (including business negotiation, business ethics, management of international joint ventures and the management system).

Download or read book Korea s Economic Crisis and Corporate Governance written by Sang-u Nam and published by . This book was released on 1999 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: