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A Heuristic Method for Resolving Circular Shareholding with the Objective of Voting Rights Maximization

의결권 최대화를 목적으로 하는 순환출자 해소 휴리스틱 방법

  • 박찬규 (동국대학교 경영대학 경영학부(서울캠퍼스))
  • Received : 2014.08.27
  • Accepted : 2014.11.17
  • Published : 2014.11.30

Abstract

Circular shareholding refers to a situation where at least three member firms in a business group have stock in other member firms and establish a series of ownership in a circular way. Although many studies have focused on the ultimate effect of circular shareholding on firm's value and profitability, there have been few studies which address how to resolve circular shareholding from the perspective of optimization theory. This paper proposes a heuristic method for identifying shareholdings which need to be cleared in order to settle the problem of circular shareholding in a business group. The proposed heuristic tries to maximize the sum of voting rights the controlling family has in its business group firms. The applications results confirm that the heuristic provides near-optimal solutions for most of 16 Korean large business groups involving circular shareholding.

Keywords

References

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