민영화 이전 포항제철의 지배구조와 경영효율성

Corporate Governance and Management Efficiency of Pre-Privatized POSCO

This paper examines the governance mechanism and management efficiency of POSCO, formerly one of representative public enterprises in Korea. In this paper, we confine the time horizon from the establishment(1968) to privatization(2000). By reviewing various aspects of corporate structure and analyzing the conceptual model for governance factors, we found that POSCO has maintained an efficient governance system, a unique one compared to other public enterprises. Four factors were identified to be important for efficient governance in pre-privatized POSCO: guarantee of CEO’s term, exclusion of government intervention, enforcement of formal incentive schemes, establishment of continuous and effective monitoring system. Among these, POSCO fulfilled the first two factors, while lacking the last two factors.