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Failure of Control Environment of Daewoo Shipbuilding & Marine Engineering Co., Ltd.

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Failure of Control Environment of Daewoo Shipbuilding & Marine Engineering Co., Ltd. / Lee, H.; Wan Eun, S.; Lee, H.-Y.; Park, G.

In: Asian Case Research Journal, Vol. 23, No. 2, 01.12.2019, p. 561-593.

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Lee, H, Wan Eun, S, Lee, H-Y & Park, G 2019, 'Failure of Control Environment of Daewoo Shipbuilding & Marine Engineering Co., Ltd.', Asian Case Research Journal, vol. 23, no. 2, pp. 561-593. https://doi.org/10.1142/S0218927519500238

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Lee, H. ; Wan Eun, S. ; Lee, H.-Y. ; Park, G. / Failure of Control Environment of Daewoo Shipbuilding & Marine Engineering Co., Ltd. In: Asian Case Research Journal. 2019 ; Vol. 23, No. 2. pp. 561-593.

Bibtex

@article{00d5d9f120bc4941b9f6f13e85eb1fe8,
title = "Failure of Control Environment of Daewoo Shipbuilding & Marine Engineering Co., Ltd.",
abstract = "In July 2015, one of the biggest shipbuilding and marine engineering companies in Korea, Daewoo Shipbuilding & Marine Engineering Co., LTD (DSME), suddenly reported operating losses of 2.73 billion USD, resulting in chaos and frustration of investors and market participants. The announcement of this huge loss was the result of an accounting fraud conducted by the management team. Adam Kim, the former CEO of the company, concealed 4.5 billion dollars of losses by manipulating the accounting performances. This case exemplifies the results of the weak control environment. This paper examines the consequences of the weak control environment and ineffective monitoring activities of DSME.",
author = "H. Lee and {Wan Eun}, S. and H.-Y. Lee and G. Park",
year = "2019",
month = dec
day = "1",
doi = "10.1142/S0218927519500238",
language = "English",
volume = "23",
pages = "561--593",
journal = "Asian Case Research Journal",
issn = "0218-9275",
publisher = "World Scientific Publishing Co. Pte Ltd",
number = "2",

}

RIS

TY - JOUR

T1 - Failure of Control Environment of Daewoo Shipbuilding & Marine Engineering Co., Ltd.

AU - Lee, H.

AU - Wan Eun, S.

AU - Lee, H.-Y.

AU - Park, G.

PY - 2019/12/1

Y1 - 2019/12/1

N2 - In July 2015, one of the biggest shipbuilding and marine engineering companies in Korea, Daewoo Shipbuilding & Marine Engineering Co., LTD (DSME), suddenly reported operating losses of 2.73 billion USD, resulting in chaos and frustration of investors and market participants. The announcement of this huge loss was the result of an accounting fraud conducted by the management team. Adam Kim, the former CEO of the company, concealed 4.5 billion dollars of losses by manipulating the accounting performances. This case exemplifies the results of the weak control environment. This paper examines the consequences of the weak control environment and ineffective monitoring activities of DSME.

AB - In July 2015, one of the biggest shipbuilding and marine engineering companies in Korea, Daewoo Shipbuilding & Marine Engineering Co., LTD (DSME), suddenly reported operating losses of 2.73 billion USD, resulting in chaos and frustration of investors and market participants. The announcement of this huge loss was the result of an accounting fraud conducted by the management team. Adam Kim, the former CEO of the company, concealed 4.5 billion dollars of losses by manipulating the accounting performances. This case exemplifies the results of the weak control environment. This paper examines the consequences of the weak control environment and ineffective monitoring activities of DSME.

U2 - 10.1142/S0218927519500238

DO - 10.1142/S0218927519500238

M3 - Journal article

VL - 23

SP - 561

EP - 593

JO - Asian Case Research Journal

JF - Asian Case Research Journal

SN - 0218-9275

IS - 2

ER -