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Idonno Essay

2404 words - 10 pages

Global strategy of LG Electronics as a leading Korean company
Tomikazu Hiraga Senior research Fellow NLI Research Institute Economic recovery in advanced countries including Japan is still sluggish, although corporate financial performance has been recovering gradually. And companies whose business activities in emerging countries experiencing an economic boom account for a larger proportion tend to show better financial performance. Leading Korean companies have a larger presence in the world market and attract considerable attention. I will focus on LG Electronics, Inc., a leading company ranking with Samsung Electronics Co., Ltd. in the world’s electrical and electronics industries, with ...view middle of the document...

4. Zaibatsu companies are engaged in businesses in diversified business areas. Table 1 shows changes of companies groups and the LG group has occupied a higher position, although some groups failed or are downgraded due to the Asian currency and financial crisis in 1997 and 1998. Also its LG’s leader is in the third generation ahead of 1

other major zaibatsu and he introduced a holding company system, aiming at clarifying the structure of owning and controlling group companies. Total assets of the LG group with 53 affiliated companies reach 78.9 trillion won, the fourth largest in Korea’s private sector (following Samsung, Hyundai Automobile and SK) and combined market capitalization of the group’s leading four companies (LG Corp., (a holding company), LG Electronics, LG Display, and LG Chem.) accounted for approximately seven percent of the aggregate market value (KOSPI) at the end of 2009. LG Corp., a group’s core company, controls three large segments, that is, “electronics,” “chemicals,” and “telecommunications and services”. Among these, LG Electronics plays a central role in the “electronics” segment. However, the group expects LG Chemistry to play a heightened role in its battery business, one of the most important and promising business areas. Management policy of “Harmony and solidarity, Respect for human beings” Features of LG group’s management policies are as flows: 1. Relatives including the zaibatsu leader, large shareholders, carried out corporate management in collaboration 2. Its extent of diversification of business lines is relatively limited and electronics and chemicals businesses have grown mainly. 3. The group’s management has abided by its management policies of “considering human beings first” (“Harmony and solidarity, Respect for human beings”) and the group was the first zaibatsu to start recruiting employees publicly. Thus it has actively wrestled with the appointment and training of promising staff to be professional managers. 4. The group is said to have fewer relationships with politicians and less reliance on them. As a result, it managed to grow its businesses and concentrate management resources by its own policies and strategies. In Korea, many companies face difficulties in dealing with unions and labor strikes. However, “both employers and employees agreed on a pay increase for 20 years in a row without any offensive negotiations” in LG Electronics (NNA for March 9, 2009). The situation is different from Samsung Electronics which does not have a labor union. The February 26, 2005 issue of the Toyo Keizai describes corporate culture of the leading zaibatsu as “Samsung’s management, Hyundai’s guts, and LG’s harmony and solidarity.”

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LGE ranked fourth in its industry in Global 500 LGE has five segments: Home Entertainment (TVs and audio products), Mobile Communications (cellular phones and handsets), Home Appliance (home appliances), Air Conditioning, and Business Solutions (monitors, commercial...

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