Chaebol

Chaebol
Hangul
재벌
Hanja
財閥
Revised Romanizationjaebeol
McCune–Reischauerchaebŏl
IPA[tɕɛbʌɭ]
Economy of South Korea
History
Business culture
Industries
Regional
Related topics

A chaebol (UK: /ˈtʃeɪbəl, ˈtʃeɪbɒl/ CHAY-bəl, CHAY-bol,[1][2] US: /ˈtʃeɪboʊl, ˈdʒɛbəl/ CHAY-bohl, JEB-əl;[3] Korean: 재벌 [tɕɛbʌɭ] ⓘ, lit. 'rich family' or 'financial clique') is a large industrial South Korean conglomerate run and controlled by an individual or family.[3] A chaebol often consists of multiple diversified affiliates, controlled by a person or group.[4] Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972.[3]

Chaebol have also played a significant role in South Korean politics. In 1988, a member of a chaebol family, Chung Mong-joon, president of Hyundai Heavy Industries, successfully ran for the National Assembly of South Korea. Other business leaders were also chosen to be members of the National Assembly through proportional representation.[5] Hyundai has made efforts in the thawing of North Korean relations, despite some controversy.[6] Many South Korean family-run chaebol have been criticised for low dividend payouts and other governance practices that favor controlling shareholders at the expense of ordinary investors.[7]

  1. ^ "chaebol". Oxford Dictionaries. Oxford University Press. Archived from the original on 27 September 2016. Retrieved 15 August 2017.
  2. ^ "CHAEBOL". Cambridge Dictionary. Cambridge University Press. Retrieved 29 April 2024.
  3. ^ a b c "Chaebol". Dictionary by Merriam-Webster. Merriam-Webster. Archived from the original on 13 June 2018. Retrieved 30 August 2011.
  4. ^ Jung, Dong-Hyeon (August 2004). "Korean Chaebol in Transition". China Report. 40 (3): 299–303. doi:10.1177/000944550404000306. S2CID 154720682.
  5. ^ Cite error: The named reference loc was invoked but never defined (see the help page).
  6. ^ "Hyundai's $500 Million Payments to North Korea: A Bribe or Business Deal?" (PDF). Korea WebWeekly. 9 February 2003. Archived from the original (PDF) on 5 September 2021. Retrieved 7 August 2012.
  7. ^ Lee, Joyce (30 October 2017). "Samsung Electronics names new-generation leaders as profit soars". Reuters. Archived from the original on 31 October 2017. Retrieved 31 October 2017.