Although corporate governance (CG) problems have been studied in advanced countries, the problems have not been studied sufficiently in emerging market countries. However, the concerns with CG problems in emerging market countries have been growing since the financial crisis of 1997. The purpose of this study is to examine the impact of ownership structure on CG of firms in South Korea as an emerging market country, through a case study on Samsung zaibatsu. In this paper, I dealt with matter as follows. The first section of this paper theoretically discusses the relationship between ownership structure and CG; it includes the CG problems in concentrated ownership structure and Korean zaibatsu. In the second section, the nation's CG system and main content of the reform will be treated. In the final section, I showed the characteristics and problems of ownership structure and CG in South Korea through a case study on Samsung zaibatsu. I could obtain the results, as a result of analyzing the above-mentioned problems. First, as for share ownership, rate of share ownership by the controlling families and affiliated firms in Korean zaibatsu remains high level. For this reason, controlling shareholders/owner-managers have kept control power until now. That is, the personal ownership of controlling shareholder has declined while their control through affiliated firms has increased. Second, as for CG, although the reform to improve the CG has been practiced in Korea since 1998, the controlling shareholder and manager of zaibatsu such as Samsung tend to resist and object to it. Consequently, it is show that the reform had no satisfactory effect. Lastly, the central CG problem in Korean of concentrated ownership structure is the monitoring of controlling shareholders/owner-manager's management and the protection of minority shareholders' interest.

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Malaysia provides us with a most interesting sample for analyzing the impacts of political, economical, social and cultural factors on business enterprising behaviors. The main reasons are as follows: 1) Malaysia is composed of three main ethnic groups, each of which has substantial percentages of population, namely Malay 62.8%, Chinese 28.3%, and Indian 7.5% in A.D. 2000. 2) Secondly, those three ethnic groups keep distinctively different values and behavior patterns and we find among them a certain different patterns of business enterprising activities and also different performances. In pre-Independence era, Chinese and their descendants established themselves in business world in spite of their humble or even miserable starts and also suffering from competitions with modernized Western mostly British capitals. In this period, most of Malay population kept their cozy life in rural areas leading self-contained life until Chinese firmly seized financial and commercial control over Malay. Most of Indian population diligently worked in large-scale rubber plantations under paternalistic protections by the owners. This behavior pattern has been kept until present days by factory workers. After the independence of Malaysia, Malay seized the political control and tried eagerly to support Bumiputera, most part of which is Malay, and who are far behind of Chinese in terms of economical status and business activities, adopting so called 'Bumiputera policy'. Chinese descendants kept hard working and pushing themselves upward on the social ladder against the political, economical and cultural (e. g. language and education) discriminations. The main part of this paper is analyses of business enterprising activities of three ethnic groups in post independence era by own researches and find out distinctively different behavior patterns. The author concluded that political and economical factors are not enough to explain the Chinese active participations in business and domination in business world of Malaysia against the reverse political wind, also the slow reactions of Malays to the government boost up policies and the slow progresses as a result. This analysis suggests that in some cases, socio-cultural factors are necessary to be taken into account in the analysis of business enterprising behaviors.

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The aim of this paper is to explain how an established firm can sustain its competitive advantage against a radical technological change. We focus on the transferability of resources already accumulated in another division to the division that faces a radical technological change, especially manufacturing technology transfer. In this paper, we look into the process of technological change in the printer business of Seiko-Epson. The printer industry had faced a radical technological change, from dot matrix to inkjet. Many firms that had competitive power in the dot matrix market lost its power by this radical change. However, Seiko-Epson succeeded in changing its technology from dot matrix to inkjet, and sustains its competitive advantage. Why could Seiko-Epson succeed in changing its technology? We found that Seiko-Epson transferred the fine pressing technology accumulated in the watch division to the printer division when they developed inkjet printer. This technology transfer played three important roles. Firstly, it becomes a detour investment, and facilitates the investment in the alternative technology, inkjet. While many firms failed to invest in the brand-new alternative technology, Seiko-Epson did not suffer from this problem, as the fine pressing technology was the existing resources that already been accumulated in the watch division. Secondly, it contributes to the quality improvement of inkjet printer, especially the printing accuracy. And thirdly, it contributes to the construction of a competitive advantage, because manufacturing technology like fine pressing is so ambiguous that other firms cannot imitate easily. Finally, we suggest that the transferability of resources from another division to the division that faces a radical technological change is an important aspect of innovation research.

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Modularization in design, production and supplier system is currently prevalent in many European and Japanese big assemblers. But modularization in the auto industry has been developed differently from region to region, and from company to company. Korean and Taiwanese companies are 'latecomers' in modularization with their unique environments and different capabilities from the advanced automakers in Japan and Europe. This paper analyzes the dynamic development forms of the modularization in the Taiwanese and Korean auto industry-latecomers' auto industry-and singles out the characteristics and development path of modularization unique to those latecomers' auto industry by case studying the major automakers in Taiwan and Korea (Kia motors and China motor co.), and comparing their modularization with that of Japanese and European major automakers. Based on our case study, the following facts and implications are revealed: First, both Korea and Taiwan promote modularization by making the most of their unique environments. Nonetheless, there are distinctive differences in the development forms of modularization between Korea and Taiwan resulted from differences in various conditions and restrictions imposed by corporations. Second, in case of Korea, the modularization is promoted internally within the established corporate groups. That results in the highly integrated sub-assembly through outsourcing. In other words, the modularization in Korea is defined as a closed modularization structured primarily by the super suppliers of the corporate groups. Third, the modularization in Taiwan is being promoted by following the international standard, which is defined as less integrated sub-assembly type of modularization in house. That is, the modularization in Taiwan is an open modularization that emphasizes the relationships among overseas makers, Taiwanese final assembler, and suppliers. Finally, based on the aforementioned analyses, it is clear that there are two types of development forms of modularization among the latecomers. As the previous studies suggest, modularization is not necessarily developed in an open system. But modularization can be developed and promoted in different forms depending on corporate strategy and national factors. That is, there are possibilities for various forms of modularization shaped by different characteristics of regions, industries, and corporations.

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Business administration has made rapid progress as the practical science. It tends to discuss mainly with managerial phenomenon of growing companies, markets and industries. But it tends not to discuss with managerial phenomenon of maturing or declining markets and industries as if they lack appeal for study. It is a long time since Japan reaches the mature society and economy. In such situation, we suppose that we need to investigate managerial phenomenon of not only growing but also maturing or declining markets and industries. By investigations of managerial phenomenon of maturing or declining markets and industries, we should find the key for avoiding decline firms which drive for long-range survival and growth, and getting rid of stagnation. This paper focuses on "the phenomenon of Market Revitalization", which transform regrowth stage from maturity or decline stage of market evolution. Based on previous researches, we search some germs of new paradigm for anatomizing the mechanism of market revitalization. We advocate "The theory of Market Revitalization", which get down to understanding the interaction with firms and market in which firms enter. The new paradigm is presumed on the logic of environmental determinism, which changes of market environment determine firm's strategy and action. But this logic doesn't dominate the new paradigm. The new paradigm emphasizes on the logic of environmental determinism and environmental formation. The logic of environmental formation focuses the aspect that firm's strategy and action form market environment toward evolution. The theory of Market Revitalization focuses on the interaction with firms and market in which firms enter. And it aims for coevolution them. It suggests great ripple effects by new directions of innovation and innovation's intensification through interlocking of actions which entering firms compete or cooperate in market.

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