Journal of the Korean Operations Research and Management Science Society (한국경영과학회지)

The Korean Operations Research and Management Science Society (한국경영과학회)
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A Heuristic Method for Resolving Circular Shareholdings of Korean Large Business Groups

대규모 기업집단의 순환출자 해소를 위한 휴리스틱 기법

  • 박찬규 (동국대학교 경영대학 경영학부(서울캠퍼스))
  • Received : 2013.10.01
  • Accepted : 2013.12.01
  • Published : 2013.12.31
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Abstract

Circular shareholding is established when at least three member firms in a business group hold stock in other member firms and form a series of ownership in a circular way. Although there have been many studies which investigated a negative effect of circular shareholding on firm's value, few studies have discussed how to resolve the problem given complicated ownership structures of large business groups. This paper is based on a mixed integer programming model, which was proposed in the author's previous research and can identify the ownership share divested in order to resolve circular shareholding. Since the optimization model becomes too complicated for large business groups and requires a sophisticated software to solve it, we propose a simple heuristic method that can find a good approximate solution to the model. Its applications to twelve Korean large business groups show that the heuristic method is not just computationally attractive but also provides near-optimal solutions in most cases.

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References

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