On February 28th, a retirement ceremony for Professors Soo Young Kwon, Kyung Suh Park, and Jaemin Han was held at the Ahn Young-Il Hall on the 6th floor of the LG-POSCO Building. Professor Soo Young Kwon cultivated younger scholars at the KUBS for 31 years, Professor Kyung Suh Park for 24 years, and Professor Jaemin Han for 33 years. In light of their retirement, the KUBS Newspaper interviewed them to hear their thoughts. 

“The Business School that Changed Me...Seeing My Students Succeed Was the Most Rewarding Part” 

[Interview with a Retiring KUBS Professor] Professor Kyung Suh Park 

Firstly, Professor Kyung Suh Park has achieved outstanding academic accomplishments in the field of finance through numerous papers and books, holding significant positions within the university such as Director of the Corporate Governance Research Institute, Director of the Business Management Research Institute, Head Professor of the Finance MBA, and leader of the Management Studies Asia Hub project team. Outside the university, he played a crucial role in the advancement of the business administration field by serving as President of the Korean Finance Association, Vice President of the Korean Securities Association, auditor of the Korean Financial Association, and more. Furthermore, he promoted the prestige of the KUBS both domestically and internationally through roles like Director of the Korea ESG Standards Authority, Chairman of the Korea Exchange's Listing Disclosure Committee and Index Committee, Chairman of the Public Fund Management Committee, and Research Chairman at the Korea Institute of Finance. 

Q: You graduated from the Department of Business Administration at Korea University. How were you as a student? 

A: Until high school, I was a student who only focused on studying, perhaps with a shy personality. However, upon entering KUBS, I engaged in a student society called KCC. I had the opportunity to drink with my seniors and juniors while participating in club activities and academic studies. I was from the class of '77, and back then, we often drank makgeolli without any side dishes because we often didn’t have enough money. Through these experiences, I became more active and extroverted. The unique culture at Korea University, especially the strong senior-junior relationships, changed who I am. 

Q: Was there a moment during your school days that led you to pursue a career as a scholar? 

A: Like most, I focused on having fun during the early days of my school years, so my grades were not great for a while. I had studied hard through high school, but since it was forced study, I ended up not studying much upon reaching university. After barely graduating and serving in the military, I joined a company but then had the opportunity to pursue an MBA in the United States. It was then that I became self-motivated in studying and started to find it interesting. For the first time, I found studying to be enjoyable. That was when I decided to pursue a Ph.D. 

Q: Having spent two-thirds of your life at Korea University, how do you feel about retiring? 

A: First and foremost, I am grateful to Korea University for making me who I am today. It was a precious opportunity and a great pleasure to teach my juniors in the place where I studied. Korea University has especially strong senior-junior relationships, which was a source of great satisfaction and pride for me. The most rewarding thing was seeing my students succeed in society after graduation. Even now, I feel happiest when I join them for a drink when they invite me. 

Q: You have been the director of the Corporate Governance Research Institute for a long time. Are there any memorable episodes? 

A: While there is no specific episode, the purpose of the institute led to research and policy seminars related to the governance issues of domestic companies. In this process, I often made candid remarks that business owners or major shareholders (so-called owner-managers) might not have wanted to hear, leading to somewhat uncomfortable relationships with them. It is encouraging that various governance improvement policies, such as Value-up Korea, are being considered due to the consensus among investors and policymakers that the undervaluation of domestic companies' stocks is mainly due to problems with domestic corporate governance practices. 

Q: As a prominent scholar in corporate governance, what values do you think companies should pursue in the governance (G) area of ESG management? 

A: I believe most scholars and investors agree that the goal of a company should be to maximize corporate value. However, this concept is centered around shareholders, so I also agree with the argument that the interests of various stakeholders, such as employees, the local community, and the global environment, should be considered simultaneously. Especially since Korea has achieved a certain level of economic growth and society's expectations and demands regarding various issues arising from corporate activities have significantly increased, companies failing to meet these expectations can cause various problems. 

However, outcomes like corporate social responsibility and environmental protection are difficult to measure in economic value, leading to agency problems where companies and their managers might not choose the appropriate level at which to address these issues. This problem is particularly severe in companies with low ownership concentration, as confirmed by many studies. The recent step back from emphasizing ESG management by American companies and investment firms like BlackRock reflects this context. It seems that companies need the wisdom to appropriately reflect the demands of the societies they belong to. 

Q: During your time at KUBS, you have mentored many students. Do you have any memorable episodes with your students? 

A: I remember when two of my Ph.D. students - we were discussing their ongoing paper in the lab one day as usual, when suddenly they announced that they were getting married and asked me to officiate their wedding. I still keep in touch with them and see them doing well, which makes me think how good it was to become a professor. Additionally, it's very heartwarming when I work with companies, and the person in charge greets me saying that they were a student who attended my undergraduate classes. Ultimately, seeing my students do well is the most memorable aspect. 

Q: If you were to express KUBS in one word or one sentence differently, how would you like to express it? 

A: As I mentioned before, I would like to say it is a “place that changes people.” The four years of college life at Korea University transformed me from a very introverted person to someone more proactive and adventurous. So, I’d say, “The KUBS is a place that changes people.” 

Q: Professor, having a close relationship with the KUBS, what would you like to say to all members of the business school? 

A: Based on my personal experience, I am very proud of the university culture at Korea University. It allows for passion and provides various enjoyable experiences through strong bonds with seniors and juniors as a social community. However, I feel that the unique advantages of Korea University are gradually disappearing. It would be good if the business school could support activities within the school, such as club activities, that can maintain such aspects. I hope the identity of ‘fellowship’ and the tight-knit alumni network continue in the business school, which will celebrate its 120th anniversary next year. Thank you.