This study conducted empirical research in 1987 and 1997 to elucidate how the management characteristics of Korean firms have changed over time, and the following features emerged. First, regarding the business environment, variables such as product market diversity, product market competitiveness, market volatility, labor mobility, and stakeholder influence showed significant differences, while product market information quantity and government regulation variables did not show significant differences. Second, regarding management objectives, the order of priority in 1987 was market share expansion, new product development, increase in return on investment, and improvement of financial structure, whereas in 1997, increase in return on investment emerged as the top priority. Third, regarding management strategy, only diversification, internationalization, confrontational competition, cost efficiency, and diverse information gathering showed differences in the longitudinal study, while strategic organizational management, strategic resource accumulation, innovation orientation, and analytical strategy formulation did not show differences. Fourth, regarding organizational structure and processes, centralization, information behavior and value behavior, compromise, autonomous control and performance-based control, and internal promotion variables showed clear differences in the longitudinal study, whereas formalization and decision-making style variables did not show significant differences. Finally, regarding the personal characteristics of managers, only planning and organizational ability, and performance or experience variables showed significant differences, while general manager characteristics, value leadership, interpersonal skills, and innovation leadership did not show differences.