Business Group Internationalization Literature Research: Focusing on Korean Chaebols and Japanese Keiretsu

Abstract

Purpose – Business groups in Korea and Japan have different national environments. It will be possible to examine how their corporate governance affects performance and finance, and how it affects economic development and innovation through literature research related to the field of international management. Design/Methodology/Approach – This study reviewed domestic and foreign papers related to keiretsu and chaebol from 2001 to 2020. As a result, we selected and analyzed 39 foreign journals and 6 domestic journals, a total of 45 papers. Findings – It was found that interest in the impact of each factor on corporate performance, such as internationalization, resources and capabilities, business group attributes, and corporate governance, was high. It was found that research related to Asian business groups, especially chaebol and keiretsu, is so closely related to corporate performance that it cannot be considered separately. However, domestic journals only focused on chaebol research, and there was no research on keiretsu. Research Implications – It is expected that the roles and discussions of business groups will be expanded by reviewing existing literature on Korea’s chaebol and Japan's keiretsu among business groups, and reviewing comparative literature under different corporate governance structures. In addition, it will serve as an opportunity to identify the direction of academic research through a literature review of business groups in the two countries.