In marking its centenary in 2015, the Yonsei School of Business initiated studies of K-management to create a new paradigm of Korean studies of business administration by analyzing and investigating the cases and models of successful Korean firms over the last 60 to 70 years.
The history of successful Korean firms is much shorter than of firms’ in other developed countries, but nevertheless many Korean firms have established themselves in the global market. Such successful cases provide benchmarks for various foreign and local academic and educational institutions, but have been given insufficient academic analysis from the perspective of business administration.
As the first fruit of the new emphasis, Everything About Corporate Governance by Professors Kang Heum Yon of Finance, and Ho Young Lee and Sung Kyu Sohn of Accounting was published in January 2018. “Marking the centenary of YSB and initiating the next 100 years, we wanted to contribute to the development of practical business operations, studies, and education by not only introducing the study of foreign firms but also by analyzing the present conditions, environments, and strengths of the governance structure of Korean firms,” the authors said.
[From left, professors Kang Heum Yon of Finance, and Ho Young Lee and Sung Kyu Sohn of Accounting]
The authors decided to undertake a publication devoted to the governance structure of Korean firms. And based on both the theories and reality of Korean corporate governance, the content of the publication is organized into three main chapters – Chapter 1. The Stockholders and the General Meeting of Stockholders, Chapter 2. The Board of Directors, Chapter 3. Audit and the Audit Committee. By analyzing the roles and the responsibilities of stockholders, the board of directors, and audit/audit committee, the authors intended to provide Korean firms with directions as to how they should proceed. And to provide helpful insights for entrepreneurs and others, they incorporated various preceding studies about individual organizations and organized them within the topics of the major chapters.
“As the general meetings of stockholders, the board of directors, and the audit committees responsibly carry out their respective roles and closely coordinate, the value of the firm will rise, which further maximizes the social welfare,” the authors said. “We want this book to be helpful for the future studies that are related to the corporate governance.”