Owner-managers and firm performance during the asian and global financial crises: evidence from Korea

Denis Yongmin Joe, Dukhee Jung and Frederick Dongchuhl Oh

Applied Economics, 2019, vol. 51, issue 6, 611-623

Abstract: We examine the performance of the Korean owner-managers during the 1997−1998 Asian financial crisis and the 2008−2009 global financial crisis to establish whether they overcome the unexpected exterior shocks better than employed managers. We find that the owner-managers record a significantly greater performance during the crises, and especially during the latter period. Moreover, our results suggest that such a tendency comes from the owner-managers’ superior investment decisions. Our paper thus highlights the role of owner-managers by studying their performance during the Korean economic crisis periods. (JEL G01, G32, G34)

Date: 2019
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DOI: 10.1080/00036846.2018.1502870

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