Once devastated by the Asian crisis and criticized for flawed corporate governance practices, Korea’s leading business groups (chaebol) have staged an impressive recovery amid the global recession. This paper examines the hypothesis that their success stems partly from the government’s leadership and initiatives to radically reform the corporate governance system, and from the decisive and diligent actions of firms, and presents a case study of one of the most progressive and successful chaebol, the LG Group.
* This is an English translation of the original Japanese report (click here) released in November 2009.