Korean Chaebols: Corporate Values and Strategies
The article focuses on the factors contributing to the successful development of South Korean chaebols. Although they have been criticized for their Octopus Arm style of expansion, chaebols have been the backbone of Korean economic growth. Ownership and management are not separate in most Korean chaebol groups. Each is managed by a family, though the proportion of professional managers has been increasing considerably. Many Korean chaebols adopt certain tactics, such as gaining advantageous new family ties through marriage, to secure their existence and to maintain the family's dominance in management. Most Korean chaebols also owe much of their success to government support. A close relationship with the government has almost always been a prerequisite for a chaebol's survival and success. To the chaebols, corporate culture contributes a set of written or unwritten rules, beliefs, norms, guidelines, philosophies, or patterns to be followed by members of the organization. This concept is so strongly imbued that any member who fails to abide by it usually experiences feelings of guilt, isolation, or a general sense of failure to keep up. Such feelings are formed by the pressure, both internal and from other organizational members, to conform to the ideal culture.
||Korean Chaebols: Corporate Values and Strategies
Organizational Dynamics (1991)
Vol. 19, No. 4
||Lee, Sang M; Yoo, S.; Lee, T.