Please use as much explanation as possible, please.
Chaebols have been an important constituent of the South Korean economy ever since the early 1960s. They've had a huge role in transforming the country's humble agrarian economy into one of the world’s biggest and have been supported by the government very generously too, until of late - where following a series of high-profile corruption scandals the government is distancing itself and imposing reforms (by way of antitrust laws, banning subsidiary cross-shareholding, allowing a greater voice to minority shareholders etc.). Even so, chaebols continue to be South Korea's most powerful driving force. They still account, quite heavily, for its investments towards research and development, and are still the top hirers. So practically speaking, yes - they're still functional in a huge way [although as you'll see in the following answers, this ownership style comes with a lot of problems and governance inefficiencies]
Chaebol families often use their monopolistic clouts to trample small and medium enterprises, and copy their innovations instead of developing their own. They're also involved in large scale corruption scandals - including bribery, embezzlement and tax evasion.
The problems with Chaebols are:
The inefficiency of Chaebols lies in their distorted governance system that's designed to follow only the private interests of the founding families. They need to look beyond selfish pursuits and enhance human capital management to facilitate creativity and innovation. In other words, agility and creative innovation - which are the need of the present - the very basis of success in national and international business - do not gel well with an authoritarian style.
Please use as much explanation as possible, please. Thank you Chaebol and family ownership in Korea The word chaebol is...