표제어Korea's Corporate Governance : Issues and Reforms

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사전유형소장기록

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설명Throughout Korea's government-led economic development until the 1980s, the government frequently intervened in the market by instituting industrial development programs and allocating financial resources based on corporate performance in investment and exports. The extensive involvement of the government in monitoring business performance, the frequent bailing out of ailing businesses, and stock market intervention to maintain market stability provided effective protection against downside risks for investors, who naturally felt little need for corporate transparency or close monitoring of corporate performance. Furthermore, heavy reliance on debt-financing resulted in the concentration of corporate ownership. With less government intervention in the market through financial deregulation, investors now have to assume greater investment risks and thus have greater incentive to closely monitor corporate performance. Banks and other financial institutions are becoming more concerned about corporate creditworthiness and performance. In the new economic environment, the principal-agent relationship of the past between the government and firms is shifting to one that is between the manager and other corporate stakeholders.

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생산자이영기 외

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날짜1999-04-01

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기록유형문서류

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기록형태보고서/논문

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주제정치경제

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