Apple (US) vs LVMH (France)
Korea: opposite of theory, continental law & owner management
Korean Firms
Problems
Attempts to solve problems
1) through reformation, 2) minority shareholders movement
Lessons
Dispersed Ownership
Power focus on
external stakeholders
Financing mostly from
stock market
Regulations to protect external investors
Continental Law
Concentrated Ownership
Power focus on
internal stakeholders
Financing mostly through loans
Regulations to protect
internal stakeholders
1.Under Common Law
Long-term capital from the capital market
The market monitors the corporate governance
2.Professional Management Style
Investors own the company
Managed by hired CEOs

분야