Debt-ridden corporate growth and increased vulnerability was one of the causes of the 1997 financial crisis in Korea. Introduction of outside director system has been the core part of the corporate reforms following the crisis. Our estimation using instruments obtained from a natural experiment...

Previous research on the effect of board characteristics mostly examines established firms. This raises the question of whether the findings from the board characteristics literature are applicable to rapidly growing enterprises, as their corporate governance landscape can be very different from...