GS그룹의 소유구조, 2005-2013년

Abstract

This paper delineates the ways in which GS Group (Chang-Soo Huh, the representative owner) has been owned by the Huh families in 2005-2013. The Group adopted the holding company system from its inception of 2005, which is the first of its kind among Korean chaebols. However, unlike the cases in many other chaebols, only less than half (26-45%) of the member companies in GS Group have been organized into the holding company system. The reason is that the Group was owned ‘jointly’ on one hand and ‘individually’ on the other. GS Corporation, the holding company, was financially contributed by the seven Huh families and, at the same time, four major companies outside the holding company system (GS Construction, Cosmo & Company, Samyang Tongsang, and Sungsan) were respectively by each of four of the seven families. As the result, within GS Group, five holding company systems have coexisted: one was the legally-acknowledged holding company system led by GS Corporation; and, the remaining four were de facto holding company systems led, respectively, by the other four major companies. The paper focused on the ownership structure in GS Group. More information on the ownership structure needs to be collected and, furthermore, an analysis of the management structure should be made in order that the governance structure in GS Group could be fully revealed. Also, it is expected that case and comparative studies of other chaebols with the holding company system would follow and that discussions, in terms of both policy and theory, would be made with regard to how the holding company system could be efficiently adopted and constructed.