Drawing from the notion of cultural friction and based on the agency theory rationalization of multinational enterprise (MNE) headquarter–subsidiary relationship, we examine the impact of cultural friction in foreign subsidiaries on subsidiary performance. We argue that cultural friction,...

The article examines the evolution of Korean business groups after the economic crisis. In particular, it investigates the post-crisis changes in their business structure and corporate governance system, which are argued to be major precipitating factors leading to the economic crisis. (J...