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- 2021
- Working Paper
Governance Transparency and Firm Value: Evidence from Korean Chaebols
By: Akash Chattopadhyay, Sa-Pyung Sean Shin and Charles C.Y. Wang
We examine Korean business groups' transition from circular-shareholding structures to (relatively simple) pyramidal-shareholding structures between 2011 and 2018. When firms were removed from ownership loops, chaebol families' control or incentive conflicts in them...
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Keywords:
Business Groups;
Cross Shareholding;
Circular Shareholding;
Pyramidal Ownership;
Governance Transparency;
Ownership Transparency;
Earnings Response Coefficient;
Business Conglomerates;
Corporate Governance;
Valuation;
Business Earnings
Chattopadhyay, Akash, Sa-Pyung Sean Shin, and Charles C.Y. Wang. "Governance Transparency and Firm Value: Evidence from Korean Chaebols." Harvard Business School Working Paper, No. 22-012, September 2021. (Revised November 2021.)
Suraj Srinivasan
Suraj Srinivasan is a Professor in the Accounting and Management area at Harvard Business School. He is currently the course-head for the HBS required course Financial Reporting and Control. He also teaches to executives, Strategic Financial Analysis for... View Details
- 25 May 2010
- First Look
First Look: May 25
controlling shareholder to list equity. Higher valuations support listings associated with greater agency costs. We test the predictions that follow from this idea on a sample of publicly listed corporate subsidiaries in Japan. When there...
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Martha Lagace
- Web
Named Fellowship Funds - Alumni
Middle East. Alghanim is the CEO of Alghanim Industries, a multinational firm that is one of the largest privately owned companies in the Gulf region. He is also chairman of Gulf Bank, a founding shareholder of Perella Weinberg Partners,...
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- 07 Jul 2019
- HBS Case
Walmart's Workforce of the Future
executives made it clear that Walmart was equally committed to the complex, costly effort required to train its human workers. “I want to be clear that we don’t believe technology is the answer to everything,” McMillon stated in a 2017 annual View Details
- 14 Jan 2019
- Op-Ed
These 4 CEOs Created a New Standard of Leadership
contribute to society in meaningful ways, not just profit from it. They believed that organization had to benefit all stakeholders: their customers, employees, shareholders, and communities and that this approach would result in sustained increases in revenues,...
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- 22 Nov 2023
- News
So You Want to Join a Startup
GB: I talk about the idea of hunting. Because I think the hunter is patient. They have a specific prey in mind. They seek out that opportunity and then they wait for the right moment. And I think so much of what happens in people's careers is that something View Details
- Web
Curriculum - Business & Environment
Takeover Bid (A) Key concepts: Decision Making, International Business, Mergers and Acquisitions, Value Creation Under Polman's leadership, Unilever focused on long-term shareholder value accretion with a multi-stakeholder approach that...
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- 17 Jan 2012
- First Look
First Look: January 17
stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on bonds also predict returns on bond-like stocks; investor...
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Sean Silverthorne
- Web
The Disruptive Voice - Forum for Growth & Innovation
solutions to the capitalist's dilemma, along with the observation that if people understand the dilemma, they are then better equipped to respond to the challenges that it presents. 112. The Microstress Effect: A Conversation with Rob View Details
- Web
Advisory Board - Entrepreneurship
- Heinz History Center. He is a member of the Boards of Highmark Blue Cross Blue Shield, The Pittsburgh Cultural Trust, The Urban League of Pittsburgh, Sewickley Academy, and the Extra Mile Education Foundation. He also sits on the...
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- 11 Aug 2008
- Research & Ideas
Strategy Execution and the Balanced Scorecard
management processes, such as those to develop the strategy, translate the strategy, and orchestrate the senior management strategy review meetings. Many of these processes are new to the organization. Since they cross existing business...
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by Martha Lagace
- 02 Oct 2006
- Research & Ideas
Negotiating in Three Dimensions
customer relationships, dealing with large shareholders and creditors, as well as initiating and managing cross-border strategic alliances. It is true inside the firm where people from different functional areas and divisions need to...
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by Martha Lagace
- 24 Apr 2006
- Research & Ideas
Managing Alignment as a Process
strategic guidelines to shape strategies at lower levels of the organization. Board and shareholder alignment: The corporation's board of directors reviews, approves, and monitors the corporate strategy. Corporate office to corporate...
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- 12 Nov 2021
- News
Alumni Business Leaders on Confronting the Climate Change Challenge
That is why we introduced pep+ (PepsiCo Positive), our strategic end-to-end transformation, with sustainability at the center of how we will create value for our shareholders and all our stakeholders. Climate action across our supply...
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- Person Page
Read excerpts from DENIAL
The Edifice Complex: Denial at Sears
Book Excerpt: Denial at Sears (BusinessWeek.com, February 26, 2010)
From Denial: Why Business... View Details
- 01 Jun 1998
- News
Long-Term Interest: Bill Crozier, a Banker Pegged to the Customer
BankBoston in January, is impressed not only by the size of the deal but perhaps even more by what it represents: the crossing of industry lines. "With this merger, universal banking - long the style of major banks in many other countries...
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Eileen K. McCluskey
- 03 Jul 2018
- What Do You Think?
Should CEO Satya Nadella Cancel Microsoft’s Contract with ICE?
moral leadership, it needs to carefully examine and discuss issues that cross the line from legal to immoral. Microsoft needs to show its employees that it takes the issue of separation ( of families by ICE) seriously. How it does that...
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- 18 Jul 2005
- Research & Ideas
Time to Rethink the Corporate Tax System?
could be welcome. Moreover, if shareholders are the recipients of all this value, then this would just be a transfer from tax authorities to shareholders. Unfortunately, the evidence is more mixed on the degree to which View Details
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by Ann Cullen
- 05 May 2003
- Research & Ideas
Sharing the Responsibility of Corporate Governance
tripwire that is often triggered before a person crosses the line and violates the law. A manager who becomes accustomed to disregarding his or her inner voice in the name of shareholders is more likely to...
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by Carla Tishler