The developments of Shareholder and Creditor Protection in Korea - "Law and Finance" Revisited

Abstract

Although it is widely acknowledged that the benefits of corporate governance reform could be substantial, systematic evidence on such reforms is scant. This paper document and evaluate a contemporary corporate governance reform by constructing 18 measures of shareholder and creditor protection for Korea for the period 1998-2014. The measures reveal that shareholder protection has been strengthened whereas creditor protection has been weakened.