재벌오너 일가의 소유방정식: GS그룹과 LS그룹의 사례

Abstract

This study analyzes the ways in which GS Group and LS Group, the two major Korean chaebols(the 8th and the 16th largest chaebol as of 2014), are owned by the family members. Unlike the cases in most other chaebols, both GS Group and LS Group had a unique, similar but somewhat different, ownership structure and, more significantly, a very large number of family members, belonging to, respectively, the Huh familiy and the Koo family, were involved in the ownership. In GS Group, around half the Group companies were organized into the holding company system and GS Corporation, the holding company, was collectively owned by the six Huh families. The remaining Group companies were divided into four groups headed by each of four key companies and these four companies were owned by each of four of the six Huh families. Similarly, in LS Group, around half the Group companies were owned by LS Corporation, the holding company, which, in turn, was collectively owned by the three Koo families. The remaining Group companies were divided into three groups headed by each of three key companies and, of these three companies, one was owned by all the three Koo families, one by two of the three families, and one by one of the three families. Within a unique ownership structure, a large number of family members participated in the ownership. In GS Group, a total of 57 members from the first, second and third generation were involved in the ownership of GS Corporation and the other four key companies. They belonged to the seven families of the first generation, which, in turn, consisted of the 21 families of the second generation. In LS Group, a total of 44 members from the first, second and third generation were shareholders in one or more of LS Corporation and the other three key companies. They belonged to the three families of the first generation, consisting of the 14 families of the second generation. The ‘segmented’ ownership structure and the ‘collective and individual’ family ownership in GS Group and LS Group are unique enough and it is expected that these cases would give a new insight in the study of the corporate governance in Korean chaebols.