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What drives Korean firms to downsize under the global financial crisis?

Drawing upon the Korea Workplace Panel Survey (KWPS) data, this study examines how Korean firms responded to the global financial crisis (GFC), and in particular, what factors induced Korean firms to adopt downsizing actions. Analysis reveals that Korean firms are driven to implement downsizing due to experience with prior episodes of redundancy action, rather than due to economic considerations of business difficulties. The institutionalized norm of downsizing in the common cognitive mode of management was found to be an unstable entity influenced by the social pressure of public opinion, and particularly challenged by the oppositional force of the anti-downsizing point of view.