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Changing Faces of Network Capitalism in Korea: A Case of Corporate Board of Directors’ Network
김용학,김용민 한국사회학회 2008 韓國社會學 Vol.42 No.8
The concept of network capitalism among scholars was coined to capture unique characteristics of East Asian market (Gerlarch and Lincoln 1992; Biggart and Hamilton 1992). The goal of this paper is to examine the changing faces of network capitalism in Korea after the economic crisis in 1997 particularly focusing on the composition of corporate board of directors. Our research questions are: (1) Has the “homophily” rule of group composition dominant in the boardroom prior to the economic crisis shifted to “functional” rule after the economic crisis?; (2) What types of firms, if any, rely on homophily more heavily than others? Major findings of our paper are summarized as the following. First, corporate boardrooms in Korea are still dominated by directors who graduated from top-tier high schools and universities. We also have observed high levels of concentration of directors representing specific schools and regions. The analyses of inequality of high school, college, and region measured by Gini indices and their dominance ratios show that a strong “homophily” effects still operate in the boardroom of Korean firms throughout the observed period. Second, the homogeneity of board members began to decline before the economic crisis, but it increased as firms overcome financial difficulties. Third, larger firms tend to have a higher level of heterogeneity in the boards of directors. Older firms also have lower level of homophily in the board. And lastly, debt ratio has the significant and positive relationships with all three dominance ratios.