Exploring Thick Description in Business System Analysis: The South Korean Business System from a European Corporate Perception

• In recent years, South Korea has achieved considerable economic growth accompanied by potential business opportunities for international companies. A Free-Trade Agreement with the European Union commenced in July 2011, EU’s first Free Trade Agreement with an Asian country. This new generation of agreements goes further than previous agreements aiming to lift trade barriers and to increase trade and business relations. But despite the advantages the South Korean business system and its foundations in societal characteristics still need to be taken into account by European economic actors, when entering and exploring the market. Business system theories might provide a suitable framework to identify the specific characteristics of the South Korean business systems and the relationships between cultural, institutional and economic factors. Ten qualitative interviews have been conducted with European companies doing business in South Korea across different industries. Empirical findings resulted in a comprehensive image of the South Korean business system enriched by a European corporate assessment. It can be concluded that for a successful existence in the South Korean market European companies have to consider governmental dominance in business structures, the importance of business network relations as well as implications of strong cultural characteristics.

Ämnesord

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Business Administration (hsv//eng)

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business (hsv//eng)

Nyckelord

Free Trade Agreement European Union Korea

Business system

Business system analysis

South Korean economy

Doing business in South Korea

South Korea

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