두산그룹 지주회사체제와 개인화된 소유지배구조의 강화, 1998~2011년 = The Holding Company System in Doosan Group: With Reference to Personalized Ownership Structure, 1998~2011

다국어 초록 (Multilingual Abstract)

This paper explores the ways in which Doosan Group, the 12th largest chaebol as of 2012, has strengthened its family ownership in the process of its transformation into the holding company system during the second half of the 2000s.
Doosan Corporation, formed in 1998, had since acted as the de facto holding company by holding controlling interests in major affiliated companies. The Corporation began to change into a legally-acknowledged holding company in 2006 and, three years later in 2009, had successfully adopted the new corporate governance.
The most characteristic feature in the process of the transformation was that Park Yong-Gon, the largest shahreholder, and his family members have increasingly strengthened their family ownership in Doosan Corporation and, thereby, the Group as a whole.
While Park himself saw his own shares gradually decrease as time went on, his family has, on the contrary, gradually increased its collective ownership in the Doosan Corporation especially after the Corporation publicized its plan to be reorganized as a real holding company in 2006. A total of 36 family members from not only the first generation, including Park, but also, to greater and more frequently degrees, from the second and the third generation. In this process, Park’s greatest son have emerged as the real largest shareholder although Park remained nominatively the largest shareholder. Also, a lot of family members from the third generation began to join the family ownership.
Thus, while externally streamlining the ownership structure, the holding company system has internally and encouraged and strengthened Park’s family ownership. The resulting personalized ownership structure must be contrary to the democratic corporate governance that was regarded as the main strength of the holding company system.

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