재벌총수의 사법처리가 대규모 기업집단 계열사들의 경영에 미치는 영향

초록

This study evaluates the impact of criminal prosecution of controlling shareholders on the performance and investment of Korean business conglomerates (chaebol). Using the difference-in-differences approach by Callaway and Sant’Anna (2021) to address heterogeneous treatment effects, we analyze data from 11 chaebol leaders prosecuted between 2003 and 2013. The results show no significant deterioration in key performance indicators following prosecution. Instead, capital expenditures increased significantly, particularly beginning three years after prosecution. These results remain robust even after accounting for firm and industry characteristics, including firm size and age. The findings stand in marked contrast to evidence from Western economies, where corporate misconduct typically triggers severe market discipline. Our results suggest the emergence of alternative governance mechanisms, particularly through the adoption of professional management systems, that effectively maintain organizational stability and continuity.

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