Asian Review of Financial Research Vol.35 No.1 pp.151-213 https://www.doi.org/10.37197/ARFR.2022.35.1.5
A Survey of Research on the Corporate Governance of Korean Firms
Key Words : Corporate governance,Korea,Control structure,Ownership structure,Business groups,Family firms,Related-party transactions
This article reviews research conducted from 2011-2020 on the corporate governance of Korean firms. The purpose is to promote academic interest in Korean corporate governance research especially among non-Korean scholars and to provide guidance to young Korean scholars who are working in this area. We begin with the institutional features that are unique to Korea. We explain how they allowed researchers to develop interesting hypotheses that cannot be studied elsewhere, to establish causality that is not possible in other country settings, or to obtain data that are not available elsewhere. Then, we review the studies that examine the control (ownership) and governance structures of Korean firms. We pay attention to their determinants and their consequences. Lastly, we raise methodological concerns in existing studies and also discuss research topics for future research.