Public sentiment toward the chaebol (a group of massive, mostly family-run business conglomerates) is ambiguous: while there is pride in their economic success, there is also widespread animosity toward them.
Gangnam IT business district in Seoul: Korean giant business is facing downturn. — CC by 2.0
The government justified the decision by claiming that Korea's most significant company needed him back at the helm to boost Samsung's flagging performance. He was duly appointed not long after his release from jail. However, public sentiment toward the chaebol is ambiguous: while there is pride in their economic success, there is also widespread animosity toward them.
The Korea Corporate Governance Improvement Fund and the National Pension Service are building up equity stakes in chaebol firms. They play an active role in defending the interests of minority shareholders and opposing self-serving decisions by family majority owners. Samsung is one of the chaebol companies that powered Korea's surging economy between 1961 and 1997 and continue to dominate the country's domestic economy.
Consider Hanjin’s trajectory. The owner of Korean Air Lines and Hanjin Heavy Industries, a major shipbuilder, Hanjin attracted global infamy in 2014 with the 'nut rage' incident. Heather Cho, a KAL vice-president and daughter of Hanjin Chairman Cho Yang-Ho, scolded and repeatedly struck a flight attendant who served her macadamia nuts in a canned package instead of a plate when departing JFK airport in New York City.
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