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The Institutionalisation of U.S.-style Disclosure Practices in the Corporate Governance System of South Korea

The Institutionalisation of U.S.-style Disclosure Practices in the Corporate Governance System of South Korea

  • MINHYE ZOH
  • |
  • 통독원
  • |
  • 2021-08-30 출간
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  • 264페이지
  • |
  • 152 X 225mm
  • |
  • ISBN 9791190540377
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목차

국문초록
List of Tables
List of Figures
Acknowledgements
Author’s Preface

Chapter 1 _ Corporate Governance Institutionalisation of South Korea

South Korea’s Corporate Governance Institutionalisation since the Asian Financial Crisis of 1997

Mandatory versus Enabling Corporate Governance Framework:
Institutional and Agency Perspective

Objectives

Structure of the Volume


Chapter 2 _ Understanding Corporate Governance: Disclosure, Board of Directors, and Scandal

Corporate Governance:
Rules, Practices and Processes to Direct and Manage a Company

Information Asymmetry and Conflict of Interest

Disclosure in OECD Principles of Corporate Governance:
The Only Legal Obligation

How Disclosure Principles Evolved between 1999 and 2015

Responsibilities of the Board in OECD Principles of Corporate Governance: Ultimate Decision-Makers

Types of Corporate Scandals as a result of Information Asymmetry Impact of Corporate Scandals: Examples from the U.S. and Korea

Remarks

Chapter 3 _ Relationships between Issuer, Investor and Regulator under
Enabling and Mandatory Corporate Governance Regimes:
The Institutional and Agency Perspective

Enabling and Mandatory Corporate Governance Regimes and Key Players

Triangle Relationship under an Enabling Corporate Governance Regime

Triangle Relationship under a Mandatory Corporate Governance Regime

Institutionalisation of Different Corporate Governance Regimes Types of Institutions

Institutionalising Formal and Informal Corporate Governance

Interaction of Formal and Informal Institutions under an Enabling Regime

Interaction of Formal and Informal Institutions under a Mandatory Regime

Agency Problems under Different Corporate Governance Regimes

Principal and Agent Relationship under an Enabling Regime

Principal and Agent Relationship under a Mandatory Regime

Remarks


Chapter 4 _ Three-part Methodology

Qualitative Research Design: Comparative Research

Macro-level Institutional Analysis of Corporate Disclosure Practices in Korea

Micro-level Comparative Legal Analysis of Korean and U.S. Corporate Disclosure Practices

Comparative Legal Case Analysis of Corporate Scandals and the Effect of Disclosure Practices in Korea and the U.S.

Remarks


Chapter 5 _ Macro-level Institutional Analysis of Corporate Disclosure Practices in Korea



Institutional Setting of Korea’s Capital Market 1960-1997:
Exclusive Relationship between Regulators and Issuers

Government-Led Growth Strategy 1960s and 1970s:
Regulator as Controlling Person

Chaebol-Led Growth Strategy 1980s and 1990s:
Issuer as Controlling Person

Implications of Korea’s Missing Corporate Governance 1960-1997

Change of Institutional Setting:
The Asian Financial Crisis of 1997 and the IMF’s Role as External Regulator

Corporate Governance-related Factors that Induced the Asian Financial Crisis of 1997 in Korea

Introduction of an ‘External’ Regulator:
Role and Use of the IMF by the Korean Government

Korean Government’s Letters of Intent to the IMF:
Undertakings to Enhance Corporate Governance

Korea’s Ongoing Adoption of U.S. Mandatory Corporate Governance Practices Post-1997

Phase 1 (1997-2008): Revision of Korea’s Securities and Exchange Act as per the U.S. Securities Exchange Act of 1934

Phase 2 (2007-Present): Promulgation and Revision of Korea’s Financial Investment Services and Capital Markets Act as per the U.S. Securities Exchange Act of 1934, Sarbanes Oxley Act of 2002, and Dodd-Frank Act of 2010

Revision of the Code of Best Practice for Corporate Governance as per U.S. Legislation

Remarks


Chapter 6 _ Micro-level Comparative Legal Analysis of Korean and U.S. Corporate Disclosure Practices

Comparison of Corporate Disclosure Mechanisms in Business Reports

Similar Disclosure of Financial Data Required in the U.S. and Korea


Lacking Disclosure of Non-Financial Data in Korea

Lacking Disclosure of Corporate Governance Information in Korea

Penal Provisions against Corporate Executives for False or Non-Disclosure
Remarks


Chapter 7 _ Comparative Legal Case Analysis of Corporate Scandals and the Effect of Disclosure Practices in Korea and the U.S.

Major Characteristics of Corporate Scandals in the U.S.
and Korea 2000-2018

U.S. More False Disclosure vs. Korea More Non-Disclosure

Different ‘Types’ of False or Non-Disclosure in the U.S. vs. Korea

Repetition of Corporate Scandals by the Same Issuer in the U.S. and Korea 2000-2018

Two in the U.S. vs. Five in Korea of Issuer Repeating a Corporate Scandal

U.S.-Specific Repetition of Corporate Scandals: Inter-Category Link

Korea-Specific Repetition of Corporate Scandals:
Inter-Category Link

Punishment on Executives for Committing a Corporate Scandal in the U.S. and Korea 2000-2018

Majority of U.S. Issuers Fined vs. No Korean Issuer Fined

Majority of U.S. Executives Fined vs. Less than Half of Korean Executives Fined

Every U.S. Executive Served more than 50% of Sentence vs. More than Half of Korean Executives Served 0%

Korea-specific Reduced Penalties:
Suspended Term and Presidential Pardons

U.S. Executives after committing a Corporate Scandal:
Prohibition to serve as Director or Officer

Korean Executives after committing a Corporate Scandal:
Majority of Executives returned to Office

Implications of Punishments on Executives for Committing a Corporate Scandal in the U.S. and Korea

Remarks


Chapter 8 _ Conclusion: Korea’s Corporate Governance Institutionalisation

How did Korea Institutionalise Corporate Disclosure Practices?
An Institutional Analysis

To what extent did Korea incorporate U.S.
Corporate Disclosure Practices? A Comparative Legal Analysis

How Effective are Korean and the U.S.
Corporate Disclosure Practices in reducing Corporate Scandals?
A Comparative Legal Case Analysis

Application to Economies that received the IMF Bailout Package


Bibliography

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