International Business

Course Description

Korea offers a uniquely valuable case study in international business. In two generations, Korean firms transformed from domestic enterprises serving a small post-war economy into globally dominant brands — Samsung, Hyundai, LG, SK, Posco, and a rising generation of K-beauty, K-tech, and K-content exporters. This course uses Korean firms and the Korean economic context as a living classroom for examining the strategic, cultural, financial, and operational dynamics of international business in the twenty-first century.

Drawing on Sogang's AACSB-accredited business faculty and Seoul's dense corporate ecosystem, students engage with case studies, guest lectures from practitioners, and field visits to leading firms. The course examines how Korean conglomerates compete with Western and Chinese rivals, how Korean SMEs scale internationally, how cultural and institutional factors shape strategic decisions, and what students from any national context can learn from Korea's distinctive approach to global business. The course assumes no prior business coursework — it is designed to be accessible to students from any discipline.

Aligned with the UN Sustainable Development Goals

International business is foundational to advancing SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 17 (Partnerships for the Goals). The course also engages with SDG 12 (Responsible Consumption and Production) through the lens of Korean firms' growing ESG commitments.

Key Topics

Learning Objectives

By the end of this course, students will be able to:

1. Explain why firms internationalize, and apply core frameworks (Uppsala, eclectic OLI, Born Global) to Asian enterprise.

   Assessment: Short individual brief analyzing a Korean firm's internationalization trajectory.

2. Evaluate the strategic logic of different international entry modes — export, licensing, joint venture, wholly-owned subsidiary — and assess their fit for specific firms and markets.

   Assessment: Entry-mode case analysis comparing two firms entering ASEAN markets.

3. Analyze the Korean chaebol model — its history, current configuration, governance critiques, and trajectory — and compare with the Japanese keiretsu and Chinese state-enterprise models.

   Assessment: Comparative essay (2,000 words) on chaebol vs. keiretsu vs. SOE.

4. Apply cross-cultural management frameworks (Hofstede, Trompenaars, GLOBE) to negotiation and people-management scenarios involving Korean firms.

   Assessment: Cross-cultural negotiation role-play and reflective memo.

5. Construct a coherent international strategy recommendation, integrating market analysis, entry-mode choice, financial considerations, and ESG factors.

   Assessment: Final group strategy proposal and presentation.

Course Format and Assessment Methods

Total grade is composed of the following weighted components:

Course Outline

The course is organized into the following sessions, which may be combined or expanded depending on summer vs. semester format.

1. Foundations of International Business
   The drivers of internationalization, theories of the multinational enterprise, and an introduction to the Korean economic context.
2. Modes of International Entry
   Export, licensing, franchising, joint ventures, M&A, and greenfield FDI — with comparative cost, control, and risk analysis.
3. The Korean Chaebol Model
   History of the chaebol, current configuration, governance reforms, generational succession, and chaebol responses to global pressure.
4. Comparative Asian Business Systems
   Korean chaebol, Japanese keiretsu, Chinese state-owned enterprises, and the rise of Southeast Asian family conglomerates.
5. Cross-Cultural Management
   Hofstede, Trompenaars, GLOBE, and the practical realities of managing across the Korean–Western divide.
6. Global Value Chains and Supply Strategy
   Korean firms in semiconductors, displays, batteries, and shipbuilding — and the resilience strategies emerging from US-China decoupling.
7. International Finance for the Non-Specialist
   FX exposure, hedging, transfer pricing, and capital structure in cross-border firms.
8. Marketing Across Cultures
   K-beauty, K-content, and K-food as cases in global brand-building from non-Western origins.
9. ESG and the International Firm
   How Korean firms are responding to global ESG pressure — and the gap between disclosure and practice.
10. Geopolitics and Business Strategy
    US-China competition, the Indo-Pacific economic architecture, and what it means for Korean firms — and for any firm operating in Asia.
11. Negotiation in International Business
    Korean negotiation culture, the role of relationships (jeong), and practical frameworks for cross-border deals.
12. International HR and Talent
    Expatriation, local-national management, and the war for talent in Korean and regional firms.
13. Innovation and the Korean Tech Ecosystem
    Samsung, Naver, Kakao, and the next generation of Korean tech startups.
14. Capstone: Strategy Synthesis
    Integration of frameworks across the course and final team presentations.

Field Visits and Guest Speakers

Seoul is the city as classroom. Course-related field components vary by term and availability, but examples include:

• Site visit to a major Korean conglomerate's headquarters or innovation center (Samsung, Hyundai, LG, or SK).
• Visit to a Korean SME exporter — meet the founders and operational team behind a globally competitive Korean business.
• Workshop with a Seoul-based startup founder navigating international expansion.
• Guided visit to Seoul's startup district — DMC, Pangyo, or Seongsu — for context on Korea's tech ecosystem.
• Guest lecture from a Korean business journalist or Foreign Chamber of Commerce representative.

Readings & Resources

Selected readings and resources for this course. Full syllabus and reading list provided at enrollment.

Books

Bartlett, Christopher A., and Paul W. Beamish. Transnational Management: Text and Cases in Cross-Border Management. 9th ed. Cambridge, UK: Cambridge University Press, 2024.

Cho, Hyunjoon. The Chaebol: Korea's Family-Owned Conglomerates and Their Role in the Korean Economy. London: Routledge, 2020.

Ghemawat, Pankaj. Redefining Global Strategy: Crossing Borders in a World Where Differences Still Matter. Boston: Harvard Business Review Press, 2018.

Hofstede, Geert, Gert Jan Hofstede, and Michael Minkov. Cultures and Organizations: Software of the Mind. 3rd ed. New York: McGraw-Hill, 2010.

Kim, Linsu. Imitation to Innovation: The Dynamics of Korea's Technological Learning. Boston: Harvard Business School Press, 1997.

Lee, Keun. The Art of Economic Catch-Up: Barriers, Detours and Leapfrogging in Innovation Systems. Cambridge: Cambridge University Press, 2019.

Films and Recordings

Asianometry. 2023. How Samsung Conquered Memory Chips. YouTube documentary.

Bloomberg Originals. 2024. Inside Hyundai's Bet on Electric Vehicles. Video.

Wonders Network. 2022. The Rise of Korean Tech. Documentary series.

Articles and Reports

Bain & Company. 2024. Asia-Pacific Private Equity Report.

Boston Consulting Group. 2024. What's Next for Korean Chaebols.

Khanna, Tarun, and Krishna G. Palepu. 2010. "Why Focused Strategies May Be Wrong for Emerging Markets." Harvard Business Review.

McKinsey & Company. 2024. The State of Korean Industry: 2024.

OECD. 2024. OECD Economic Surveys: Korea.

Park, Seung-Ho, and Wilbur Chung. 2014. "Cooperative Sourcing and Capability Development by Korean Chaebols." Strategic Management Journal.