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기업 경영권 시장과 헤지펀드 : The Market for Corporate Control and Hedge Fund Activism in Korea
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 김화진 | - |
dc.date.accessioned | 2009-10-05T06:40:49Z | - |
dc.date.available | 2009-10-05T06:40:49Z | - |
dc.date.issued | 2007 | - |
dc.identifier.citation | 법학, Vol.48 No.1, pp. 236-279 | - |
dc.identifier.issn | 1598-222X | - |
dc.identifier.uri | http://lawi.snu.ac.kr/ | - |
dc.identifier.uri | https://hdl.handle.net/10371/10105 | - |
dc.description.abstract | The year 2006 opened the new era of the market for corporate control in
Korea. Carl Icahn and his hedge fund allies surprise attack on KT&G in early 2006 reignited policy discussions in respect of the market for corporate control and takeover defenses. According to the liberalist economists, a hostile takeover attempt puts a rein on directors and managers, thereby serving as an effective external controlling mechanism. The Korean government has been subscribing to the proposition and diligently pursuing legislative measures to vitalize the market for corporate control. The need for takeover defensive mechanisms as demanded by large companies was exaggerated. Liberalists view that Korean companies that belong to large corporate groups are already free from any hostile takeover attempts because the recourse is available for them through the means of circular shareholdings and complicated ownership structure. They also argue that KT&G became the target of Carl Icahn and the hedge fund because its dispersed ownership with professional management and because it did not belong to a large business conglomerate. The threat imposed on KT&G in the end benefited the shareholders and other interest parties and increased the value of the company and the social welfare, as well. In view of the on-going discussions, this article analyzes KT&Gs fight against Carl Icahn and his allies. This article, in particular, focuses on the role of takeovers in the improvement of the corporate governance of Korean companies as exemplified by the KT&G case and other recent takeover cases. Also, this... | - |
dc.description.sponsorship | 이 논문은 서울대학교 법학발전재단 출연 법학연구소 기금의 2007학년도 학술연구비
의 지원을 받았음. | - |
dc.language.iso | ko | - |
dc.publisher | 서울대학교 법학연구소 | - |
dc.subject | 경영권 | - |
dc.subject | 헤지펀드 | - |
dc.subject | 위임장 경쟁 | - |
dc.subject | Proxy Contest | - |
dc.subject | Shareholders Meeting | - |
dc.subject | Corporate Control | - |
dc.subject | 주주총회 | - |
dc.subject | Hedge Fund | - |
dc.subject | M&A | - |
dc.title | 기업 경영권 시장과 헤지펀드 | - |
dc.title.alternative | The Market for Corporate Control and Hedge Fund Activism in Korea | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | Kim, Hwa Jin | - |
dc.citation.journaltitle | 법학 | - |
dc.citation.endpage | 279 | - |
dc.citation.number | 1 | - |
dc.citation.pages | 236-279 | - |
dc.citation.startpage | 236 | - |
dc.citation.volume | 48 | - |
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