The impact of family ownership and capital structures on productivity performance of Korean manufacturing firms: Corporate governance and the “chaebol problem” |
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| Institution: | 1. Department of Finance and Economics, Mississippi State University, P.O. Box 9580, Mississippi State, MS 39762, USA;2. Department of International Business and Management, Dickinson College, Althouse Room 103, P.O. Box 1773, Carlisle, PA 17013, USA;1. Department of Business Administration, Kangwon National University, Chooncheon, Kangwon-do, Republic of Korea;2. Management School, Lancaster University, Lancaster LA1 4YX, United Kingdom;3. Business School, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul, Republic of Korea;4. School of Management, University at Buffalo, Buffalo, NY 14260, USA |
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| Abstract: | This paper examines the relationship between corporate governance and productivity performance, focusing on family ownership and capital structure. Paying particular attention to chaebols, or large business groups with entrenched family control, diversified business structure, and heavy debt-dependence, we find the positive relationship between family ownership concentration and productivity performance to be much stronger in chaebol firms than in non-chaebol firms. Moreover, high debt reliance (or low equity–asset ratio) is shown to be negatively related to productivity performance in non-chaebol firms but positively in chaebol firms. J. Japanese Int. Economies 20 (2) (2006) 209–233. |
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