Korean Companies on World Markets
Routledge – 2012 – 184 pages
Throughout the last several decades, Korean companies have entered the world markets in a wide range of manufacturing industries with great success. How did they achieve this exceptional performance? This book uncovers the secret of their performance through a comprehensive analysis of the Korean management system. It explains to an international audience how it has developed, why it works so well, and what non-Koreans can learn from it.
The book analyzes the management of Korean firms from three different perspectives. First, a historical perspective is applied by showing how Tiger Management has emerged and how it has been continuously advanced over the last 50 years. The breathtaking stories of how Korean companies, seemingly coming from nowhere, have challenged their Western and Japanese competitors on the world markets are told. Second, the cornerstones of Tiger Management are analyzed from a functional viewpoint, showing that the success of Korean companies rests on a smart combination of business strategy, leadership, and human resource management practices. Finally, the present and future of Tiger Management is discussed by showing how Korean companies have adapted to changes in their business environment at home and abroad, and what non-Korean companies can learn from their Korean rivals.
The book gives an up-to-date analysis of Korean management practices from a global perspective. It identifies the success factors of Korean companies: long term, aggressive and persisting business planning, speed, flexibility, strong leadership, strong teamwork, and high investment into human skills and capabilities. It illustrates how these management practices complement each other and provides non-Korean companies with signposts how they can adopt them.
‘Tiger Management is a book designed to highlight and discuss success factors of those Korean firms that have risen to prominence in the global market place. With impressive balance, the author also discusses risks and downsides of Korean management such as over-diversification and over-reliance on top leadership. Overall, however, the book illustrates the many strengths of Korean management. As such, the book ‘Tiger Management’ offers a refreshing and contrasting perspective to the many previous publications that predominantly emphasized the weaknesses of Korean firms.’ —Felix Reimann, Assistant Professor of International Business, WHU, Otto Beisheim School of Management
Part 1: Introduction 1. Tiger Management: The Growth and Competitiveness of Korean Firms Part 2: The Rise of Korean Companies and Tiger Management 2. The Seeds of Tiger Management: Foundations of Korean Capitalism 3. Rising Tiger: The Early Growth Stages 4. Globalizing Tigers: Korean Companies Entering the World Markets 5. Struggling Tigers: The Asian Financial Crisis 6. Revitalized Tigers: Korean Companies in the Twenty-first Century Part 3: Cornerstones of Tiger Management 7. Tiger Strategy: How Korean Companies Compete 8. Tiger Leadership: How Korean Executives Lead their Companies 9. Recruiting, Training and Rewarding Tiger Employess: Korean Style Human Resource Management Part 4: The Present and Future of Tiger Management 10. Tiger Management in the World: The Challenge of Globalization 11. Dynamic Korea: Domestic Challenges for Tiger Management 12. Studying Tiger Management: Lessons for Non-Korean Companies
Martin Hemmert is Professor of International Business at Korea University Business School in Seoul. Previously, he has held teaching or research positions at the University of Cologne, University of Duisburg-Essen, Hitotsubashi University, DIJ Tokyo, and the National University of Singapore. He has published six books and numerous articles in peer reviewed international journals. His current research interests include the management of Korean firms and international comparative research on technology alliances.