This paper examines chaebol firms' overinvestment practices before and after a financial crisis in Korea. In comparison to non-chaebol firms, chaebol firms significantly reduced overinvestment after the Asian financial crisis. Also, chaebol firms were less inclined to engage in earnings management for overinvestment after the financial crisis. The results suggest that governance and financial reforms focusing on chaebol firms and emphasizing long-term firm value after the crisis discouraged chaebol firms' overinvestment practices, bringing about a sharp rebound in their business performance.

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Moving forward on smart society, change of the way to solve the spatial issue used in information society is required. In order to be competitive and sustainable spatial information service, existing "spatial information open platform" strategy needs to be transformed into "spatial information social platform". The requirement for the spatial information open platform to be socialized and evolved into the spatial information social platform is investigated with respect to the characteristics of social platform P. Savalle(2010) suggested. Based on the investigation, the definition of spatial information social platform is formulated. Several roles of the government as a platformer to create and manage the spatial information social platform are suggested.