Enhancing Firm Value through Governance Reform and Shareholder Activism in Korea : A Comparison with Japan

다국어 초록 (Multilingual Abstract)

Recently, the Korean capital market has experienced significant structural transformation driven by institutional reforms, including amendments to the Commercial Act and the introduction of the Corporate Value-up Program. This study examines how activism affects corporate governance and firm value under these conditions, and projects the future trajectory of activism in Korea through comparison with Japanese cases.
The governance reform period following Abenomics in Japan is set as a comparative baseline. In this research, activist campaigns are classified into three archetypes: capital policy and shareholder return, business restructuring, and governance improvement.
The findings show that recent institutional pressures strengthen the feasibility of activist demands. Activist interventions are linked to short-term and long-term value improvement. Korean firms are expected to follow a conditional convergence path with Japan’s governance reform trajectory, moving from defensive responses toward selective acceptance.
Additionally, the study examines how Generative AI may reshape activist targeting and corporate defense by functioning as an information-processing infrastructure.

목차 (Table of Contents)

• CHAPTER 1. Introduction 1
• 1.1 Research background and rationale 1
• 1.2 Purpose of the research 3
• 1.3 Research questions and analytical propositions 4
• CHAPTER 2. Literature Review 6
• 2.1 Definition of terms 6
• 2.2 Theoretical background 8
• 2.3 Literature review and research gap 10
• 2.4 Analytical Framework 12
• CHAPTER 3. Methodology 15
• 3.1 Research design 15
• 3.2 Procedures for Data Collection and Analysis 16
• 3.3 Data collection and analysis procedures 18
• 3.4 Validity and limitations 20
• CHAPTER 4. Macro-institutional Analysis 22
• 4.1 National, market, and regulatory contexts 22
• 4.2 Opportunity factors for activist funds 31
• CHAPTER 5. Case Studies 35
• 5.1 Individual case analysis 35
• 5.2 Academic and managerial implications 44
• 5.3 Future of activism: The role of AI 46
• CHAPTER 6. Conclusion and future directions 50
• 6.1 Conclusion 50
• 6.2 Limitations and future research directions 54
• References 56
• 국문초록 60