The 1997 financial crisis turns out to be a major turning point in the history of Korean chaebols. The post-crisis corporate reform has resulted in a dramatic change in the landscape of chaebols as about one half of the top 30 chaebols changed their names after the crisis. The reform was swift...

In family firms, the succession of controlling equity stake to next generation is an issue of paramount importance. This, however, can be a major challenge in the presence of heavy inheritance or gift tax burden (high tax rate and absence of tax-saving vehicles, such as trusts or foundations)...