Eight other leaders of chaebol (big South Korean conglomerates such as Samsung, tightly controlled by individual families), including the head of Lotte—one of South Korea’s biggest companies, with a portfolio ranging from food processing to financial services—stand accused of corruption. The company has since grown into a conglomerate operating in different industries. Chaebol is a famous South Korean term that is most commonly heard in the working field. chaebol A conglomerate of businesses, usually owned by a single family, especially in Korea. Chaebol definition, a South Korean conglomerate, usually owned by a single family, based on authoritarian management and centralized decision-making. These companies, the chaebol (meaning group or party of wealth or fortune), were also pressured to succeed on export markets, the ultimate test of their efficiency. It has strong ties with government agencies. Corruption. In Preventing currency crises in emerging markets (pp. As a result, chaebol became sprawling businesses that held a nearly two-thirds market share in South Korean manufacturing by the end of the 1990s, according to … See more. Chaebol definition: a large, usually family-owned, business group in South Korea | Meaning, pronunciation, translations and examples But increasingly these empires have come under the spotlight because of the influence they wield (the word chaebol is a combination of the Korean words for "wealth" and "clan"). chaebol meaning: one of the several large, powerful groups of companies in South Korea that are involved in various…. Dominant. ‘The transformation is still a work in progress, but if these pioneers can show the way for their peers, Korea's midsize companies may soon rival the chaebol as the country's economic engine.’ ‘One of his first acts as CEO was to change the name to Hynix, distancing the company from the Korean chaebol.’ Korean Chaebol Question 3 Korean Chaebol, meaning business association, has the following characteristics: I. Chaebol refers to the several dozen large, family-controlled Korean corporate groups, which have played a major role in the South Korean economy since the 1960s. chaebol From Longman Business Dictionary Related topics: Factories chaebol chae‧bol / ˈtʃeɪbol-bɑːl / noun ( plural chaebol or chaebols ) [ countable ] MANUFACTURING an industrial group in South Korea The Samsung Group, like other chaebol, is investing heavily in petrochemicals. The chaebol attract the best talent, have the readiest access to markets and new technologies, and can absorb any scrappy start-up that someday might pose a … A conglomerate of businesses, usually owned by a single family, especially in Korea. It literally means “financial clique” but formally known as conglemorate in English. This is because, in 1995, the top 5 Chaebols accounted for 50% of Korea’s GDP. Corporate Governance. 601-662). The won, South Korea's currency, depreciated -- the exchange rate doubling in 1997 [Korean]-- and the mighty Daewoo chaebol fell. What is a chaebol? Both Keiretsu and Chaebol are essential for the all-round growth of the Japanese and Korean economies, respectively. (2002). Learn more. But increasingly these empires have come under the spotlight because of the influence they wield (the word chaebol is a combination of the Korean words for "wealth" and "clan"). II. The study investigates two prolonged controversial issues concerning Korean Chaebols vs. non-Chaebols. The Korean Chaebol can offer the HR executive quite an international career path. Jay Y. Lee, vice chairman of Samsung Group and son of Samsung chairman, Lee Kun-Hee, was sentenced to five years in prison. Business associations such as the Federation of Korean Industries argue that it is the wrong time to try to clip the wings of the chaebol when both global and domestic demand is weakening. SEOUL -- South Korea's National Assembly passed a bill to limit power of South Korea's strong family-run conglomerates, or chaebol -- a cornerstone policy of President Moon Jae-in.