두산그룹 지주회사체제와 개인화된 경영지배구조의 강화, 1998~2011년

Abstract

This paper reveals how Doosan Group, 12th largest chaebol as of 2012, has been increasingly controlled by the Park Yon-Gon family 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. The Corporation declared in 2006 that it would be changed into a legally-acknowledged holding company within three years and, in 2009, had successfully adopted the new corporate governance. In this process, Park Yong-Gon, the largest shahreholder, and his family members have increasingly strengthened their family control as well as their family ownership. In ownership, the Park family had gradually increased its collective shares in Doosan Corporation until the first half of the 2000s and, after the declaration of 2006, had firmly established the family dominated-ownership structure. By comparison, the family control, after having undergoing several fluctuations, had been safely achieved only after the transformation of 2009. For several years after Doosan Corporation was formed in 1998, the Park family, in cooperation with professional managers, remained deeply involved in the management. However, the family's involvement began to be weakened from 2003 and the bitter quarrel on control between the two family members in 2005 led to the total collapse of the family control in 2006～2008, during which professional managers managed the Corporation. However, after Doosan Corporation was formally transformed into a legal holding company in 2009, the Park family regained its control and had since firmly established the family-dominated management structure by controlling not only the Corporation but also a larger number of affiliated companies. In the end, the holding company system has enabled the Park family to strengthen personalized ownership and management structure, which, however, turns out contrary to the democratic corporate governance that is regarded as the main strength of the holding company system.