This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...

The nature of the group structure creates conflicts of interest for directors who have to reconcile both commercial and personal conflicts with this legal duty. This article examines the fiduciary duty of directors to act in the best interests of their company and highlights the complexities of...