Abstract
This study investigates the process by which the People's Solidarity for Participatory Democracy (PSPD), a Korean shareholder activist group strongly commended by the Western economists, became devoted to shareholder activism. A reconstruction of the PSPD's problem-solving process drawing on interview and archival data reveals that the framing of shareholder rights as an effective medium of political influence on a corporation converted this civil society organization to the power of shareholder activism. The PSPD case illustrates that any stakeholder group that realizes the power of shareholder status in influencing a company can resort to shareholder activism. This study also demonstrates that an examination of the whole problem-solving process, only a specific aspect of which the previous shareholder activism studies have focused on, can explain the emergence of shareholder activism more thoroughly. This article concludes with implications of these findings for academics, policymakers, businesspeople and stakeholder groups.
Published Version
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