Historical Evolution of the South Korea’s sustainability intentions and the shift from power to responsibility in Chaebols

Cinzia Dessi

First

;andrea vincis

Second

2024-01-01

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Abstract

This study examines the historical evolution of South Korea's sustainability intentions through the influence of its Chaebols—large, family-owned conglomerates. Since the 1960s, Chaebols such as Samsung, Hyundai, LG, and SK Group have been instrumental in transforming South Korea from an agrarian society into an industrial powerhouse. Initially focused on rapid industrialization and economic growth, these conglomerates have faced significant public and academic scrutiny. Over time, there has been a marked shift towards integrating Corporate Social Responsibility (CSR) within Chaebol corporate governance (CG), driven by domestic pressures and global sustainability trends. Based on a comprehensive review of current literature, this analysis seeks to uncover how CSR has been strategically incorporated into Chaebol's governance structures and the Korean government's role in promoting socially responsible business practices to enhance sustainability policies. Understanding this historical progression is essential to appreciating how Chaebols navigate the balance between profitability and their commitment to ethical, sustainable practices, thereby shaping the socio-economic landscape of South Korea.