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Post-Crisis Corporate Reform and Internal Capital Markets in Chaebols Jan 15, 2012 Joon-Kyung Kim 1. Introduction The 1997 crisis of Korea prompted the government to carry out restructuring in the corporate sec tor to resto re its healt h and competitivenes s. It s strategy consisted of promoti ng competit ion and improving corporate governance, capital structure, and profita bility (Chopra et al . 2002, Keun Lee 2002 and 2003). To bring about greater competition in the corporate sector, the government liberalized the domesti c capital market and made it easier for Korean compani es to access fore ign capi tal. To imp rove corporate gove rnance, it intr oduc ed a number of measures making the corporate balance sheet more transparent, improve the accounti ng stan dards in line wit h inte rnat iona l best prac tice s, and require inde pendent external audits, full disclosure, and the provision of consolidated statements for business conglomerates. And to improve capital structure and profitability, the government pushed corporations to reduce their debt levels, increase their equity investment, and eliminate cross- subsidization of weaker affiliates. A number of years have passed since the crisis and since Korea undertook various  policy and institutional reforms in its wake. With this passage of time we are now in a  position to review and evaluate what these reforms have accomplished. In this chapter we  briefly summa rize the post-crisis reform measures and then examine if and how the financi al aspect of the chaebol organizations has changed after the financial crisis. To the latter end, we 1

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