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Family-based business groups : Degeneration of quasi-internal organizations and internal markets in Korea

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  • Family-based business groups
  • Nam, Sang-Woo
  • Asian Development Bank Institute


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Title Family-based business groups
Similar Titles
Sub Title

Degeneration of quasi-internal organizations and internal markets in Korea

Material Type Reports
Author(English)

Nam, Sang-Woo

Publisher

Tokyo:Asian Development Bank Institute

Date 2001-12
Series Title; No ADB Institute Research Paper / 28
Pages 49
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Industry and Technology < Entrepreneurship
Holding Asian Development Bank Institute

Abstract

East Asia offers a story of both a miracle and a crisis. Behind both the miracle and crisis are family-owned and controlled business groups as the main players. They led the industrialization of their economies as a powerful engine of growth in the early phase of development. Bankruptcies of business groups or the distress of financial institutions that lent heavily to these groups partly triggered the crisis in late 1997. This paper attempts to give a consistent account of both the success and failure, focusing on two important aspects of large businesses in the region. One is the relationship with the government that intervened rather extensively in private resource allocation, and the other is their organizational structure and the operation of internal markets among their subsidiaries. It is argued that both of these factors served well to facilitate rapid and diversified expansion of investments in the early stages of development. (The rest omitted)