S-Space Graduate School of International Studies (국제대학원) Dept. of International Studies (국제학과) Theses (Master's Degree_국제학과)
A Comparative Study: The Impact of managing partners and foreign stockholding on corporate enterprise value in Japanese and Korean firms : 비교 연구: 일본과 한국의 경영자가 보유한 주식이 회사 가치에 미치는 영향
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- Kim Hyun Chul
- 국제대학원 국제학과
- Issue Date
- 서울대학교 대학원
- 학위논문 (석사)-- 서울대학교 국제대학원 : 국제학과, 2014. 8. Kim Hyun Chul.
- Japan and Korean firms are highly competitive in similar fields. However, the
structure of the corporate governance is different, especially structure of the
shareholders. Japan has a Main Bank system in which bank can be a big
shareholder. On the other hand, in Korea, owner has a dominant power over
the whole group companies.
Managers basically try to expand and improve the value of the company in
both Japan and Korea. It means that Alignment effects are bigger than
Entrenchment effects in both countries.
Also, there is a certain point in which Entrenchment effects can be bigger than
Alignment effects. In the range, managers try to enjoy their position and
would satisfy their assets enough. Thats why in both countries managers
shareholdings can be negative. However, once shareholdings are bigger than ii
around 50%, manager would consider their firms assets as their own private
assets. In this case, alignment effects will show up again.
Eventually both Japan and Korea show similar results in terms of impacts of
managers shareholdings on firms value even the structure of corporate
governance is different.
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