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[SK Awards Interview] Professor Minjae Koo: In an Era of Uncertainty, Diverse Cultural Backgrounds

[SK Awards Interview] Professor Minjae Koo: In an Era of Uncertainty, Diverse Cultural Backgrounds Improve Forecast Accuracy Uncertainty does not affect everyone equally. As U.S. firms faced growing import competition from China, most analysts saw their forecast accuracy decline. Yet some were less affected than others. Professor Minjae Koo focused on precisely that difference. His research suggests that the cultural context behind the numbers — and analysts’ own cultural backgrounds — can shape how information is processed in capital markets. Professor Koo, who joined Korea University Business School (KUBS) in 2025, received his second SK Award for the study, “Forecasting Under Uncertainty: Import Penetration and Analysts’ Cultural Advantage.” The study empirically examines how international competition affects the role of information intermediaries. In an era when geopolitical tensions have become a daily reality, the research shows that diversity can be more than a value — it can also provide a tangible competitive advantage. The following is an interview with Professor Koo about the research and the award. Q1. Congratulations on being recognized with the SK Awards. Could you share your thoughts on the award? First, I would like to express my sincere gratitude for this meaningful award. It is a great honor to have my research recognized at Korea University. I would also like to take this opportunity to extend my deep appreciation to my co-authors, who worked with me on this research, and to everyone who supported our work. Q2. Could you briefly introduce the research for which you received the award? This study analyzes how Chinese import penetration affects the earnings forecast accuracy of financial analysts covering U.S. firms. In particular, we examined whether Chinese analysts have an informational advantage in such an environment. Our empirical analysis shows that the more U.S. firms were affected by Chinese import penetration, the more analysts’ forecast accuracy declined overall. However, the decline in forecast accuracy was substantially smaller among Chinese analysts. This suggests that cultural background and contextual knowledge can improve analysts’ ability to process information in complex international competitive environments. Q3. What motivated you to begin this research? The international competitive landscape has shifted rapidly due to recent developments such as the U.S.–China trade tensions and the restructuring of global supply chains. I became interested in whether these macro-level changes might affect not only firm performance and corporate strategy but also how information is produced in capital markets. The study began with the question, “How do international economic shocks change the role of information intermediaries?” The research ultimately showed that cultural background can play an important role in complex international environments. Q4. What impact do you expect this research to have on society or industry? This study demonstrates the value that cultural diversity and expertise can bring to financial markets as globalization deepens and geopolitical risks increase. For companies and financial institutions, the findings highlight the importance of professionals with diverse cultural backgrounds and international perspectives, alongside strong technical capabilities. From a policy perspective, the study also highlights the role of human capital in reducing information asymmetry amid rising international tensions. Q5. Since joining KUBS in 2025, you have already received the SK Awards twice. Is there a secret behind these consecutive achievements? I wouldn’t say there is any particular secret. I believe these achievements were made possible by strong teamwork with my co-authors and constructive feedback from reviewers and editors. Through this study, I was reminded once again that research is not a solitary journey, but a collaborative process that becomes increasingly refined through diverse perspectives and constructive critique.   Q6. Many students today are interested in pursuing careers in accounting. What message would you like to share with them? Accounting is no longer just a discipline that records numbers. In class, I often refer to Nietzsche’s famous statement: “There are no facts, only interpretations.” I understand this to mean that even identical numbers can be viewed and interpreted differently through various lenses. In today’s increasingly dynamic and fast-changing world, I believe such interpretation can become even more complex. Therefore, I would encourage students interested in accounting careers — whether in financial accounting, auditing, or management accounting — to broaden their horizons. They should explore not only fields directly connected to accounting, such as international politics and ESG, but also subjects that may seem less related at first glance, including literature and philosophy. Doing so can help them develop stronger intuition and critical thinking skills. I believe a humanities-based perspective can be very helpful when making broader, more strategic decisions.   About the Paper :   In 2026, “Forecasting Under Uncertainty: Import Penetration and Analysts’ Cultural Advantage,” co-authored by Professor Minjae Koo of Korea University Business School, was accepted for publication in the Journal of International Business Studies. The paper also earned Professor Koo an SK Award. The study examines how analysts’ earnings forecast accuracy shifts as U.S. firms face mounting import competition from China and identifies cultural background as an important factor in information processing under complex international competition. The milestone is especially meaningful as it marks Professor Koo’s second SK Awards since joining KUBS in 2025.   “Forecasting Under Uncertainty: Import Penetration and Analysts’ Cultural Advantage” This study empirically analyzes how import competition from China affects the earnings forecast accuracy of analysts covering U.S. firms. The analysis finds that analysts’ forecasts grew less accurate as U.S. firms faced higher exposure to Chinese import competition. However, Chinese analysts were relatively less affected by this negative impact and delivering more accurate forecasts than their non-Chinese peers.   This informational advantage was even more pronounced when analysts had strong industry expertise or extensive experience covering Chinese firms, and it became stronger during periods of intensifying U.S.–China tensions. Furthermore, the study finds that investors recognized these differences and responded more strongly to forecasts issued by Chinese analysts. By demonstrating that cultural background and expertise can serve as important informational assets in international competitive environments, the study offers new insights into the role of information intermediaries in global capital markets.   ▶ View the full paper: “Forecasting Under Uncertainty: Import Penetration and Analysts’ Cultural Advantage”   KUBS Student Reporter Reporting and Photography by Yeontae Kim

2026.08.14홍보팀

[SK Research Award Interview] Professor Heechan Song: People Who Shape Their Own Stories amid Precar

[SK Research Award Interview] Professor Heechan Song: People Who Shape Their Own Stories amid Precarious Lives A chance encounter at a Buddhist temple in Thailand eventually paved the way for an academic paper. Professor Heechan Song's research was not planned from the outset. During the COVID-19 pandemic, when venues in Bangkok were forced to close and many workers returned to their hometowns, Song sat down and talked with them as a Buddhist monk. The stories he heard—not as a researcher taking notes, but as one person listening to another—would later become the seeds of his research. Shortly after joining Korea University Business School as a new faculty member in 2026, Song was honored with the SK Research Award. His award-winning paper, "Constructing Agency Under Persistent Precarity: Shame, Anger, and Compassion in the Self-Narratives of Thai Sex Workers," explores how people create meaning in their work and lives despite precarious conditions shaped by poverty and social stigma. Rather than focusing on the familiar business-school concerns of organizations and performance, the study asks questions about the human desires, emotions, and dignity that lie beneath them. The following is a conversation with Professor Song about his research and the award.   Q1. Could you briefly introduce your award-winning paper? Thailand has a substantial population engaged in sex work. I wanted to understand what this profession truly means to them. For example, I wanted to examine how they approach their work, how they think about emotions such as love, and how they view the clients who come to see them. Ultimately, the study looks at how they understand and give meaning to their occupation.   Q2. What led you to study the narratives of Thai sex workers? When I was living as a monk in Thailand, the COVID-19 pandemic began, and the establishments where sex workers worked in Bangkok were shut down. Many of the people who had worked there returned to their hometowns after the shutdown. At the time, I was residing as a monk in one of the areas they had returned to, which naturally led me to cross paths with many of them at the temple. As we talked, they began to tell me about the work they did. Some were deeply ashamed of their work, while others regarded it simply as an occupation. Some also approached it with the mindset that they should do their best to provide a good service. Those conversations made me want to study how they understood their work and what kind of mindset they brought to it.   Q3. Because the study deals with sensitive personal experiences, building trust with the participants must have been particularly important. How did you form relationships with them and invite them to share their stories? Researchers usually begin by designing and preparing a study in advance. That is not normally how I conduct my research. I tend to begin by observing what happens in everyday life. While I was living as a monk, I interacted with them frequently. Because I built connections with them human-to-human rather than as a researcher, they felt comfortable opening up and readily shared their stories. Later, when I decided to conduct a formal study and asked how they felt about participating, they readily gave their consent. I am still close friends with one of the participants. They are now very successful in Dubai and earn more than I do. They recently visited Korea, and we spent some time together.   Q4. The emotions of "shame, anger, and compassion" are central to the paper. How did these emotions emerge during the interviews? When it comes to shame, participants generally exhibited a low sense of agency, and their narratives were relatively straightforward. When I asked why they were doing this work, they often said that they had no choice because they needed to earn money. It was a response that we might have expected: they felt ashamed and described the work as something they had been forced to do by their circumstances. In contrast, some participants whose narratives were centered on anger expressed strong hostility toward Buddhism. Some felt neglected due to their parents’ heavy reliance on Buddhism, and over time, these cumulative experiences appeared to morph into deep-seated anger. They expressed resentment and hostility toward many different people. Interestingly, when I compared their incomes, the participants in this group earned the most. Their resentment seemed to be accompanied by a stronger tendency to view their relationships with others in instrumental terms. Another participant, whose narrative was anchored compassion, remarked, "Professor, you sell your intellect, while we sell our bodies - at the core, there isn’t all that much difference." She was satisfied with her occupation and tried to treat the people who came to see her well. She seemed to feel compassion both for herself and for her clients. She also said, "People do not necessarily come here only to satisfy their sexual desires. They also have various emotional needs."   Q5. Are there any research topics or projects that you would like to pursue in the future? First, I am drawn to Bhutanese artists who paint thangkas. Although they are creators of arts, their work simultaneously serves a religious purpose. Because Buddhism holds such great significance in Bhutan, I would like to examine what meaning they attach to the act of painting and how they understand their lives as artists. Second, I am also interested in people from North Korea. While I was living at a temple, I met a man from North Korea. He told me that while escaping the country, he encountered an unscrupulous broker, and his wife and daughter were trafficked elsewhere. The experience caused him severe trauma, and he eventually became a monk in Laos. My conversations with him led me to think about the meaning of freedom. He explained that  having had virtually no exposure to personal freedom in North Korea, he struggled to make choices even in Laos - a socialist nation lacking the rigid rationing system he had known back home. In connection with this issue, I would like to study how North Korean defectors living in South Korea build relationships with South Koreans and what kinds of experiences they have in the workplace.   About Professor Song's Award-Winning Paper In 2026, Professor Heechan Song of Korea University Business School received the SK Research Award for his paper, "Constructing Agency Under Persistent Precarity: Shame, Anger, and Compassion in the Self-Narratives of Thai Sex Workers." The study examines how Thai sex workers understand and create meaning in their work and lives while living under precarious conditions shaped by poverty and social stigma. The significance of the study lies in illuminating how individuals navigating unstable circumstances interpret their labor and forge meaning in their lives. The study analyzes how Thai sex workers living under persistent precarity use self-narratives to make sense of their work and lives. Song focuses on how the participants' past life experiences and current work experiences are connected through three central emotional themes: shame, anger, and compassion. Based on these findings, the study identifies three distinct types: "passive fantasizers," who demonstrate low levels of agency; "empowered victims," who transform anger into self-oriented agency; and "compassionate carers," who construct other-oriented agency through acceptance and empathy. The study demonstrates that even under precarious living conditions, individuals interpret their work and construct different forms of agency in their own ways.   ▶ Read the full paper: "Constructing Agency Under Persistent Precarity: Shame, Anger, and Compassion in the Self-Narratives of Thai Sex Workers" KUBS Student Press / Reporting and Photography by Jinyoung Kim  

2026.08.10홍보팀

From 600 Students to a Global Top-30 Vision: KUBS Honors Senior Faculty and Connects Generations

From 600 Students to a Global Top-30 Vision: KUBS Honors Senior Faculty and Connects Generations Korea University Business School (KUBS) held a reception to show appreciation for senior faculty and connect generations on May 13 at Ahn Young Il Hall in the LG-POSCO Building. Held during the week of Teachers' Day, the event was organized to express gratitude to senior professors who have dedicated many years to the development of KUBS, while encouraging interaction between current and senior faculty. The event included an opening ceremony, remarks by a senior faculty representative, a presentation on school updates, a commemorative photo session, a luncheon, and a campus tour. A total of 10 senior professors and around 60 current faculty members were in attendance. Reunited after many years, the professors warmly greeted one another and reminisced about their shared history at the school. The senior professors in attendance, introduced during the ceremony, were Professor Emeritus Chung Jee (Finance), Professor Emeritus Yoon Dae Euh (Global Business), Professor Emeritus Kyu-Seung Whang (LSOM), Professor Emeritus Young-Sup Yun (Finance), Professor Emeritus Ho Jin Kang (Global Business), Professor Emeritus Jang Rho Lee (Global Business), Professor Emeritus Jin Kyu Lee (Management), Professor Emeritus Hyoung Koo Moon (Management), Professor Emeritus Manwoo Lee (Accounting), and Professor Emeritus Doo-Hee Lee (Marketing). Speaking on behalf of the senior professors, Professor Emeritus Chung Jee reflected on the time when he first entered the university 68 years ago. "When I entered the school, there were only 12 full-time professors and just over 600 students. Today, I understand there are nearly 100 full-time professors and around 500 international students. This is truly remarkable progress." He said, expressing pride in the growth of his alma mater. He added,"I sincerely hope that KUBS will strengthen its presence beyond Asia to enter the global top 30, and further into the global top 10, so that the status of Korea University may shine even brighter." Professor Emeritus Jee also urged KUBS faculty members to teach students with the spirit of “bettering the world through education”, expanding beyond Korea University’s founding ideal of “contribution to the nation through education”, especially amid today's increasingly uncertain global environment. His remarks resonated strongly with those in attendance. In the report that followed, Dean Eonsoo Kim shared KUBS's recent achievements and future vision. "The growth and international standing of KUBS today were made possible by the foundation of education and research that our senior professors built over many years." He said, expressing his gratitude. He then explained that KUBS is further accelerating its internationalization efforts by expanding the proportion of international students while continuing to achieve outstanding results in major global university rankings. His remarks were met with warm applause. Dean Kim also introduced “3C 4Tech” as KUBS's long-term vision, combining the 3Cs-Curiosity, Collaboration, and Contribution-with education in four core technologies: AI, semiconductors, robotics, and energy. He also shared updates on the KUBS 120th Anniversary fundraising campaign, which has been actively underway since last December. During the luncheon, former Korea University President Yoon Dae Euh offered a toast, praising the achievements that have shaped KUBS into the institution it is today. In particular, he mentioned Korea University alumni holding leadership positions across the business community and encouraged faculty members to strengthen partnerships with industry. Representing the alumni association, alumnus Cheolwon Choi (International Trade, Class of 1988) also gave a toast. Reflecting on his years with many of the faculty members in attendance, he shared his thoughts on the direction KUBS should take in the future, drawing on his own leadership experience and adding further meaning to the occasion. After the official program, the senior professors embarked on a campus tour guided by KUBE, the KUBS student ambassador. The tour included newly established facilities on campus, including the Eugene Investment & Securities Data Hub in the LG-POSCO Building and the KUBS Trading Zone in Hyundai Motor Hall. As they revisited familiar places across campus, the senior professors also offered advice to faculty members, emphasizing the importance of continued scholarly dedication and stronger ties with industry. KUBS plans to continue creating opportunities for intergenerational exchange among faculty, building on these efforts to shape new directions for future business education.   KUBS Student Press _ Reporting by Yeontae Kim  

2026.08.05홍보팀

“Technology Is Not the Answer” - Judgment Is: 2026 Global Residency Asia for OneMBA Explores Busines

 “Technology Is Not the Answer”  Judgment Is: 2026 Global Residency Asia for OneMBA Explores Business Education in Korea The Executive Education Center at Korea University’s Graduate School of Business Administration hosted “2026 Global Residency Asia for OneMBA” from May 19 to 22. A total of 45 OneMBA students from leading business schools overseas, including Toulouse Business School in France, FGV São Paulo School of Business Administration in Brazil, and Xiamen University in China, visited Korea to gain firsthand insights into the country’s business education ecosystem and corporate practices. OneMBA is a global MBA program jointly operated by three business schools around the world. Global Residency is a core component of the program, through which participants visit each partner university sequentially and experience local business environments and academic perspectives. The Seoul program was designed to offer a multifaceted view of Korea’s digital innovation landscape through lectures, group presentations and discussions, and company visits. Does the Market Choose Better Technology? On May 20, the second day of the program, Professor Byung Cho Kim delivered a lecture titled “Digital Transformation: Theory and Practice” in Room 301 of Hyundai Motor Hall. Designed to examine the essence of digital transformation through theoretical frameworks and real-world cases, opened with Professor Kim stressing that an understanding of technology management should precede any discussion of digital transformation. He described technology management as “a field that considers how to commercialize technology and what technologies should be developed for future businesses,” emphasizing the need to view digital transformation and artificial intelligence not simply as technological trends, but from the perspective of business strategy. The lecture explored various cases showing how innovation has transformed companies and industries. Alongside examples of smartphones opening up new business ecosystems, Professor Kim also introduced industries that had contracted amid the tide of innovation. Describing innovation as “a double-edged sword,” he pointed out that technological change can unlock new opportunities while disrupting established industries. If so, does the market always choose better technology? Professor Kim addressed this question through the case of Gibson’s automatic tuning system. Although the system was functional and reasonably priced, it failed to gain market acceptance because it clashed with the authenticity, emotional connection, and user experience cherished by musicians. Through this case, Professor Kim explained that digital transformation is not merely about adopting better technology, but a process that must also consider consumer experience and the mindset of members within an organization. After the lecture, students continued the discussion on topics including the impact AI may have on future generations and the ethical boundaries of AI use. What If AI Becomes the Judge, and Why Did Nike Fail? On the morning of May 21, the following day, the program took on a completely different format. The group presentation session was conducted in a way that allowed students to analyze cases, present their arguments, and examine one another’s logic. Before the presentations began, the faculty emphasized the vital importance of peer learning, encouraging students to actively ask questions and exchange opinions. G3 used the film Mercy to present on the theme “When the Machine Becomes the Judge,” discussing the possibilities and limitations of AI judges. G7 presented “Nike’s Digital Transformation Struggle: When Owning the Customer Relationship Was Not Enough,” focusing not just on the digital transformation itself, but on its execution speed and strategic approach. While Professor Kim’s lecture the previous day had provided a theoretical framework, the presentation session gave students an opportunity to develop arguments around that framework in their own words. Rather than maintaining a one-way division between presenters and audience members, the session emerged as a dynamic platform for participants to cross-pollinate ideas and accelerate mutual learning. Can the Language of the Classroom Translate to the Corporate Field? The discussions developed in the classroom continued through company visits. On the afternoon of May 21, participants visited NC AI, where they took part in a company introduction, a Q&A session, and an office tour. On May 22, they visited Hyundai Motor Company’s Yangjae headquarters, where they participated in a corporate tour and attended briefings on Hyundai Motor and HMG Smart City. These visits allowed participants to see firsthand how the digital transformation theories and cases explored in the classroom are being implemented in actual corporate settings in Korea. “Global Residency Asia for OneMBA” is an educational program that enables global OneMBA students to learn about Korea’s business environment and innovation strategies. Through this program, Korea University’s Graduate School of Business Administration continues to foster global knowledge exchange with elite institutions worldwide, thereby broadening the horizons of international business education.    KUBS Student Press |Reporting by Chaewoo Lee, Hyunji Lee / Photography by Dajin Kim, Hyunji Lee

2026.07.30홍보팀

Exploring Careers in Public Financial Institutions – JOB多한 Night Series 7 Concludes Successfully

Exploring Careers in Public Financial Institutions – JOB多한 Night Series 7 Concludes Successfully Exploring Career Opportunities in Public Institutions and Public Financial Organizations, A Forum for Career Exploration and Networking with Alumni in the Financial Sector Hosted by the Korea University Business School Student Council, the Korea University Business School Alumni Association, and the Korea University Economics and Finance Association (KEFA), the seventh JOB多한 Night was held at 6 p.m. on Monday, May 11, in SUPEX Hall at the LG-POSCO Building. JOB多한 Night is a career mentoring program in which Business School alumni from a wide range of industries share their career journeys and practical advice with current students. This year's event was centered around the theme "Careers in Public Institutions and the Path to Becoming a Financial Professional." The guest speakers included Hyunseung Lee, a senior expert in the Trust Department at NongHyup Bank; Hyunsoo Kim, a senior investigator on the Virtual Asset Analysis Team at the Financial Supervisory Service; and Won Cha, deputy general manager of the Real Estate and Infrastructure Investment Department at the Korean Teachers' Credit Union. The first speaker was Hyunsoo Kim, a senior investigator on the Virtual Asset Analysis Team at the Financial Supervisory Service (FSS). Kim explained the role of the FSS by contrasting financial regulatory authorities with private financial institutions. He also offered practical advice for students interested in pursuing careers at the FSS, emphasizing the importance of being able to clearly articulate both their motivation and qualifications when facing the classic interview question, "Why do you want to work for a financial regulator rather than a private financial institution?" Next, Won Cha, deputy general manager of the Real Estate and Infrastructure Investment Department at the Korean Teachers' Credit Union, introduced career opportunities in mutual aid associations and the field of alternative investments. He explained that the Korean Teachers' Credit Union manages funds contributed by teachers and other education professionals, using investment returns to support member welfare while maintaining the organization's long-term financial stability. He also highlighted the growing importance of alternative investments—including real estate and infrastructure—in the investment portfolios of mutual aid organizations. "I had never studied alternative investments at university or while preparing for professional exams," he noted, emphasizing that expertise in the field is ultimately built through hands-on experience. The final presentation was delivered by Hyunseung Lee, a senior expert in the Trust Department at NongHyup Bank. Under the theme "Understanding Public Financial Institutions, Investment Funds, and Mutual Aid Associations," Lee shared insights drawn from his career in the financial industry. Having previously worked at the Military Mutual Aid Associations and Shinyoung Asset Management, he now develops investment strategies and oversees ETF-related business at NongHyup Bank. Drawing on his own career experience, Lee offered a realistic perspective on working in public financial institutions. He suggested that these organizations may be particularly well suited to students who value stability or are motivated by public service. He also emphasized the importance of speaking with professionals and thoroughly researching prospective employers before applying. "Many people begin their careers without fully understanding what an organization is really like," he said. Following the presentations, students engaged in an extensive Q&A session with the three speakers. Drawing on their firsthand experience in the financial industry, the speakers provided practical advice and encouragement while answering a wide range of questions about careers in finance, recruitment, and the skills required in today's workplace. Through this year's JOB多한 Night, students gained a deeper understanding of career opportunities in public institutions and public financial organizations. In addition to receiving practical guidance for planning their careers, they also had the opportunity to build valuable connections with alumni working in the field. The organizers announced that JOB多한 Night will return in the fall semester of 2026 with a diverse lineup of new themes for Korea University students.   KUBS Student Press Reporting by Jinyoung Kim, Photography by Hyunji Lee and Jinyoung Park  

2026.07.28홍보팀

Interview with Professor Woochan Kim, Recipient of the Hongjo Order of Service Merit - Leading Corp

[Interview with Professor Woochan Kim, Recipient of the Hongjo Order of Service Merit] Leading Corporate Governance Reform with Unwavering Conviction     On April 1, Professor Woochan Kim received the Hongjo Order of Service Merit at the 25th Fair Trade Day ceremony, hosted by the Korea Fair Trade Commission, in recognition of his contributions to establishing a fair and competitive market order. Having long been at the forefront of corporate governance reform, Professor Kim has consistently raised critical questions about Korea’s corporate governance system. More recently, he has expanded his work into the policymaking arena by serving on a number of national advisory bodies and committees. In this interview, Professor Kim reflects on the path he has taken, shares his views on corporate governance reform and economic growth, and offers advice to students. Below is an edited transcript of the interview.   Q1. Congratulations on receiving the Hongjo Order of Service Merit. Could you share your thoughts on receiving the honor? First, I would like to express my gratitude to everyone who has supported me. The achievements for which I received this honor were the result of a collective effort by my colleagues and me. I could never have received this honor without the support of the full-time research fellows at the Solidarity for Economic Reform and the Economic Reform Research Institute. I would like to extend my sincere thanks to all of them.   Q2. You were recognized for your efforts to curb self-dealing and improve related regulations through your work as Director of the Economic Reform Research Institute and in other roles. What does this honor mean to you personally? The path of corporate governance and chaebol reform that I have pursued has never been an easy one. Because the issues we address are deeply connected to structural interests within our society, bringing about change requires considerable time and patience. At times, I found myself wondering, “Why am I doing this?” or “Could I be doing something wrong?” Receiving this honor validated the path I have taken and reassured me that I have been moving in the right direction.     Q3. Was there a defining moment that first sparked your interest in corporate governance and led you to make it your lifelong work? I gradually found myself drawn to the field. I first learned about corporate governance while studying abroad. During my doctoral studies, I attended a guest lecture by Professor Andrei Shleifer of Harvard University’s Department of Economics. Hearing him explain corporate ownership structures was what first drew my attention to the field.Then the Asian financial crisis occurred. At the root of the crisis was the chaebol problem. Korean banks borrowed funds in foreign currencies, converted them into Korean won, and lent the money to chaebol groups. The chaebol groups failed to use those funds effectively and were unable to repay their debts, which contributed to the financial crisis. That was when I realized that the chaebol issue was a problem of national importance. After becoming a professor, I joined the People’s Solidarity for Participatory Democracy and participated in the minority shareholder movement with Professor Hasung Jang. I found it rewarding to take direct action, such as attending shareholders’ meetings and filing shareholder derivative suits. I later joined the Solidarity for Economic Reform when it was established and have remained involved ever since.   Q4. On March 31, you stepped down as the founding Director of the Economic Reform Research Institute, which you had led since its establishment. What led you to step down after such a long tenure? We would also like to know the most valuable takeaway from your time as Director. Our work began with the Economic Democratization Committee of the People’s Solidarity for Participatory Democracy. In 2006, several of us who had worked together left the organization and founded the Solidarity for Economic Reform. Soon afterward, we concluded that its activities needed to be supported by empirical policy research, and we launched the Economic Reform Research Institute in 2009. I served as its founding Director for 17 years. I had been considering stepping down for several years, and as my external responsibilities suddenly increased this year, I decided that it was time to leave the position. One of the most important lessons I learned while leading the institute was that capable members are more important than anything else if an organization is to function effectively. The members of our organization are exceptionally capable experts who work largely behind the scenes. No matter what I ask them—even about subjects I know little about—they can provide an answer within minutes. I also learned how important it is for capable individuals to share common values. Everyone at the institute shares the same mission and sense of purpose: improving corporate governance. Because of this shared commitment, we have been able to resolve differences of opinion without much difficulty. I believe I was able to achieve many meaningful results over the past 17 years because I had the opportunity to work with such talented and committed people.   Q5. In March, you were appointed as a member of the Growth Economy Subcouncil of the National Economic Advisory Council. How do you believe corporate governance is connected to the country’s medium- and long-term economic growth strategy? The central challenge in achieving sustainable economic growth is determining how efficiently we can use the capital and labor available to us. Corporate governance reform is therefore essential to improving the efficiency of capital.Shareholders provide capital to a company with the expectation that its managers will use it efficiently. In many cases, however, managers invest in non-core businesses or hold real estate unrelated to the company’s operations. In many cases, returning such funds to shareholders through dividends would represent a more efficient allocation of capital. If shareholders then invest those dividends in more productive companies, the efficiency of capital allocation across the economy as a whole will improve.     Q6. You were also appointed vice chair of the Financial Consumer Protection Advisory Committee at the Financial Supervisory Service. In your role as a champion for financial consumers, is there a particularly urgent issue that you would like to address? It would be difficult to single out just one urgent issue. Financial consumer protection can be broadly divided into four areas. First, there is the problem of mis-selling in the design and sale of financial products. Second, there is financial crime. As technology continues to advance, the number of victims of phishing scams has been increasing. Third, the threat of cyberattacks is also growing. Finally, there is the need to promote inclusive finance and shared growth initiatives. Financial support and protection for vulnerable groups are equally important. All of these issues are important, so it is difficult to say that any one of them is more urgent than the others. The Financial Consumer Protection Advisory Committee is the highest-level advisory committee within the Financial Supervisory Service, demonstrating how seriously the agency regards financial consumer protection.   Q7. You also lead research at Korea University as Director of the Asian Institute of Corporate Governance. What unique contribution can a university research institute make to society that national advisory bodies or civic organizations cannot? The Asian Institute of Corporate Governance is Korea’s first and virtually only university-affiliated research institute dedicated to corporate governance. Taking advantage of its position within a university, the institute contributes through academic research rather than policy research. In addition to traditional corporate governance issues, we have broadened the scope of our work by supporting research projects related to environmental, social, and governance issues. We also feature internationally renowned professors at our annual online symposium.   Q8. Last November, the second National Corporate Governance Competition for Students was held by the Korea Corporate Governance Forum and the Asian Institute of Corporate Governance. Was there a particular reason or concern that led you to organize the competition? Were there any student proposals from the competition that particularly stood out to you? The first competition was open only to students at Seoul National University School of Law. However, the number of participants fell short of our expectations. For the second competition, we therefore opened it to undergraduate students in order to encourage broader participation. The fundamental purpose of the competition is to encourage university students to take a greater interest in corporate governance issues and understand their importance. Many students participated in the second competition, so I believe we accomplished that objective. All of the participants presented outstanding ideas, but the Gold Prize-winning team was the most memorable. What distinguished the team was that it proposed an idea that controlling shareholders could also accept. Most of the other teams made proposals that were unlikely to be accepted in practice, but the Gold Prize-winning team presented an approach that could also provide economic benefits to controlling shareholders. I found that particularly impressive.   Q9. What issues do you hope Korea University Business School students who aspire to enter the field of corporate governance research will consider during their university years? After graduation, many business school students enter fields that provide professional services to companies. In many cases, however, their work ultimately serves the interests of controlling shareholders or individual executives. I hope students recognize that there is also a third path. They can choose to stand with shareholders and pursue work that contributes to corporate governance reform. This field remains very small at present, but it may grow considerably in the future. I hope students will also consider careers in this direction.   Q10. While concluding some of your previous responsibilities, you have also taken on many new positions. Do you see this period as a turning point in your life? Finally, what is your next goal or challenge? I do not think of it as a particularly significant turning point. I have continued to do the same kind of work, and I intend to keep doing it in the future. As for my next challenge, I am considering a new form of publication that is neither a conventional printed book nor a standard e-book. I am thinking about creating a book using Notion, which would allow me to incorporate multimedia content, include a variety of links, and continually revise and update the material. Corporate governance reform involves a complex web of interests and can therefore become a lonely struggle. Nevertheless, Professor Kim has continued this work steadily, regarding it both as a mission and as something he genuinely enjoys.The path he has followed with unwavering conviction is far from over. He continues to move forward, taking on the challenges that remain unresolved.   KUBS Student Press | Reporting by Jinyoung Kim

2026.07.24홍보팀