This variable measures whether a focal
firm is directly managed by the family members. Since there
are possibly an appreciable number of family members in a
Chaebol, we referred to as many newspaper articles and
books as possible in an attempt to construct the complete genealogy
of all Chaebols. Then, we operationalized this variable
as a dummy which is coded one if family members
serve as registered executives or directors and zero otherwise.
As a robustness check, we alternatively operationalized this
variable after also including the positions of honorary chairman
and/or unregistered executives and found a similar